Salesforce’s (CRM) Buy Rating Reiterated at Needham & Company LLC

Salesforce (NYSE:CRM)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They presently have a $400.00 price objective on the CRM provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 44.44% from the company’s current price.

A number of other equities analysts have also commented on CRM. Scotiabank cut their price objective on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research note on Monday, March 17th. Guggenheim raised shares of Salesforce from a “sell” rating to a “neutral” rating in a research note on Monday, April 21st. UBS Group decreased their price objective on shares of Salesforce from $320.00 to $300.00 and set a “neutral” rating for the company in a research report on Tuesday. Stifel Nicolaus dropped their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, BMO Capital Markets decreased their price target on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $349.87.

Salesforce Trading Up 1.4%

NYSE CRM opened at $276.93 on Wednesday. The firm has a market capitalization of $266.24 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The business’s 50-day moving average price is $268.29 and its two-hundred day moving average price is $306.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce has a 12 month low of $212.00 and a 12 month high of $369.00.

Insider Buying and Selling

In related news, insider Miguel Milano sold 705 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total value of $197,005.20. Following the transaction, the insider now owns 9,323 shares in the company, valued at approximately $2,605,219.12. This represents a 7.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider R David Schmaier sold 6,959 shares of the firm’s stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $1,762,784.29. Following the completion of the sale, the insider now directly owns 36,090 shares of the company’s stock, valued at $9,141,957.90. This represents a 16.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,553 shares of company stock worth $12,897,323. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Bernard Wealth Management Corp. purchased a new stake in Salesforce during the fourth quarter valued at about $25,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce in the fourth quarter worth about $27,000. Arlington Trust Co LLC raised its position in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the period. Compass Financial Services Inc purchased a new stake in shares of Salesforce during the 4th quarter valued at approximately $30,000. Finally, Capital A Wealth Management LLC boosted its holdings in Salesforce by 450.0% in the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider’s stock worth $30,000 after buying an additional 90 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.