Cantor Fitzgerald Reiterates “Overweight” Rating for Salesforce (NYSE:CRM)

Salesforce (NYSE:CRM)‘s stock had its “overweight” rating reaffirmed by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $325.00 price objective on the CRM provider’s stock. Cantor Fitzgerald’s price objective suggests a potential upside of 26.77% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Westpark Capital reissued a “buy” rating and issued a $320.00 price target on shares of Salesforce in a research note on Wednesday, May 28th. Canaccord Genuity Group lowered their price target on Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. Northland Securities lowered their price target on Salesforce from $423.00 to $396.00 and set an “outperform” rating for the company in a research note on Thursday, May 29th. Morgan Stanley reissued an “overweight” rating and issued a $404.00 price target (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Finally, UBS Group reduced their target price on Salesforce from $300.00 to $260.00 and set a “neutral” rating for the company in a report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average target price of $341.47.

Salesforce Stock Up 0.7%

Shares of Salesforce stock opened at $256.37 on Thursday. The firm has a market cap of $245.09 billion, a price-to-earnings ratio of 40.12, a P/E/G ratio of 2.31 and a beta of 1.37. The stock has a 50-day simple moving average of $257.34 and a 200-day simple moving average of $269.67. Salesforce has a 52-week low of $226.48 and a 52-week high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. The business had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%.The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.44 EPS. On average, equities research analysts expect that Salesforce will post 7.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the company’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $248.56, for a total value of $559,260.00. Following the sale, the chief executive officer directly owned 11,911,571 shares in the company, valued at $2,960,740,087.76. This represents a 0.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 59,327 shares of company stock valued at $15,201,738 in the last quarter. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of Salesforce

A number of large investors have recently bought and sold shares of CRM. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce during the fourth quarter worth $25,000. Accredited Wealth Management LLC bought a new stake in shares of Salesforce during the fourth quarter worth $27,000. Painted Porch Advisors LLC grew its holdings in shares of Salesforce by 260.0% during the second quarter. Painted Porch Advisors LLC now owns 90 shares of the CRM provider’s stock worth $25,000 after purchasing an additional 65 shares during the last quarter. Evolution Wealth Management Inc. bought a new stake in shares of Salesforce during the second quarter worth $27,000. Finally, Wood Tarver Financial Group LLC bought a new stake in shares of Salesforce during the fourth quarter worth $35,000. 80.43% of the stock is currently owned by institutional investors.

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.