Salesforce (NYSE:CRM) PT Raised to $290.00

Salesforce (NYSE:CRM) had its target price lifted by TD Cowen from $285.00 to $290.00 in a report released on Thursday morning, Benzinga reports. They currently have a hold rating on the CRM provider’s stock.

Other analysts also recently issued research reports about the stock. Wells Fargo & Company boosted their target price on shares of Salesforce from $250.00 to $275.00 and gave the stock an equal weight rating in a research report on Thursday. Raymond James boosted their target price on shares of Salesforce from $325.00 to $350.00 and gave the stock a strong-buy rating in a research report on Thursday. Citigroup boosted their target price on shares of Salesforce from $260.00 to $290.00 and gave the stock a neutral rating in a research report on Monday, August 26th. DA Davidson boosted their target price on shares of Salesforce from $230.00 to $250.00 and gave the stock a neutral rating in a research report on Thursday. Finally, Oppenheimer boosted their target price on shares of Salesforce from $280.00 to $300.00 and gave the stock an outperform rating in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $304.41.

Salesforce Stock Down 1.6 %

Shares of Salesforce stock opened at $252.90 on Thursday. The firm’s 50 day moving average price is $254.44 and its 200-day moving average price is $271.13. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a market cap of $245.06 billion, a P/E ratio of 45.49, a PEG ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the firm earned $1.63 EPS. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts predict that Salesforce will post 7.52 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Buying and Selling at Salesforce

In related news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $235.99, for a total transaction of $660,772.00. Following the completion of the transaction, the insider now owns 115,762 shares in the company, valued at approximately $27,318,674.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Salesforce news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $235.99, for a total transaction of $660,772.00. Following the completion of the sale, the insider now directly owns 115,762 shares in the company, valued at approximately $27,318,674.38. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $235.71, for a total value of $3,535,650.00. Following the transaction, the chief executive officer now directly owns 12,362,327 shares of the company’s stock, valued at approximately $2,913,924,097.17. The disclosure for this sale can be found here. Insiders have sold a total of 112,964 shares of company stock valued at $27,956,647 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ruedi Wealth Management Inc. grew its position in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. Signature Resources Capital Management LLC acquired a new position in Salesforce during the fourth quarter worth $26,000. Piscataqua Savings Bank grew its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares in the last quarter. Red Tortoise LLC acquired a new stake in shares of Salesforce in the 1st quarter worth $33,000. Finally, Clear Investment Research LLC raised its holdings in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the period. Institutional investors and hedge funds 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.