Salesforce (NYSE:CRM) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Salesforce (NYSE:CRM) in a research report sent to investors on Wednesday,Benzinga reports. Needham & Company LLC currently has a $375.00 price objective on the CRM provider’s stock.

CRM has been the subject of several other research reports. Jefferies Financial Group increased their price target on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Evercore ISI restated an “outperform” rating and set a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. Phillip Securities reiterated an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. JMP Securities reissued a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a report on Tuesday, December 3rd. Finally, UBS Group upped their target price on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $378.86.

Salesforce Trading Up 2.2 %

Shares of CRM opened at $343.65 on Wednesday. The stock’s 50-day moving average price is $323.14 and its 200 day moving average price is $279.01. The company has a quick ratio of 1.11, a current 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. The firm has a market capitalization of $328.87 billion, a price-to-earnings ratio of 56.52, a P/E/G ratio of 3.21 and a beta of 1.30.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same quarter in the previous year, the company posted $1.62 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, research analysts predict that Salesforce will post 7.48 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be given a $0.40 dividend. The ex-dividend date is Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.47%. Salesforce’s payout ratio is 26.32%.

Insider Buying and Selling

In other Salesforce news, CEO Marc Benioff sold 317,105 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total value of $109,965,671.90. Following the transaction, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Mason Morfit sold 722,300 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total value of $249,995,253.00. Following the sale, the director now owns 3,192,009 shares of the company’s stock, valued at approximately $1,104,786,234.99. This represents a 18.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,189,056 shares of company stock valued at $405,093,170. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Infrastructure Capital Advisors LLC bought a new position in Salesforce during the third quarter worth about $27,000. Clear Investment Research LLC increased its holdings in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the period. Godsey & Gibb Inc. raised its position in shares of Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce during the second quarter worth approximately $33,000. Finally, Stephens Consulting LLC increased its stake in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares during the period. Institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

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.