Salesforce (NYSE:CRM) Price Target Raised to $290.00

Salesforce (NYSE:CRM) had its price objective raised by Citigroup from $260.00 to $290.00 in a report published on Monday morning, Benzinga reports. Citigroup currently has a neutral rating on the CRM provider’s stock.

A number of other equities research analysts have also recently weighed in on CRM. Stifel Nicolaus dropped their price target on shares of Salesforce from $350.00 to $300.00 and set a buy rating for the company in a research report on Thursday, May 30th. Bank of America boosted their target price on Salesforce from $288.00 to $316.00 and gave the company a buy rating in a research report on Friday, August 16th. Piper Sandler restated a neutral rating and set a $250.00 price target on shares of Salesforce in a research report on Friday, July 12th. Needham & Company LLC reaffirmed a buy rating and issued a $345.00 price objective on shares of Salesforce in a research note on Thursday, May 30th. Finally, Barclays decreased their target price on Salesforce from $355.00 to $305.00 and set an overweight rating on the stock in a research note on Thursday, May 30th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Salesforce has an average rating of Moderate Buy and an average target price of $301.91.

Salesforce Trading Down 0.8 %

Shares of Salesforce stock opened at $256.91 on Monday. The stock has a 50 day moving average of $253.98 and a 200 day moving average of $271.54. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $248.95 billion, a price-to-earnings ratio of 46.21, a PEG ratio of 2.22 and a beta of 1.29. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $1.92 EPS for the quarter, beating the consensus estimate of $1.73 by $0.19. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.63 EPS. As a group, research analysts predict that Salesforce will post 7.47 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th were issued a $0.40 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.62%. Salesforce’s payout ratio is 28.78%.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director G Mason Morfit bought 428,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was bought at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the acquisition, the director now owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The disclosure for this purchase can be found here. Insiders sold a total of 112,964 shares of company stock worth $27,956,647 in the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently made changes to their positions in the company. Signature Resources Capital Management LLC purchased a new stake in Salesforce in the 4th quarter valued at approximately $26,000. Ruedi Wealth Management Inc. grew its holdings in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank raised its position in Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC lifted its holdings in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares during the period. Finally, Red Tortoise LLC purchased a new stake in shares of Salesforce during the 1st quarter worth $33,000. Hedge funds and other 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.