Salesforce (NYSE:CRM) Given New $340.00 Price Target at JPMorgan Chase & Co.

Salesforce (NYSE:CRM) had its price target increased by JPMorgan Chase & Co. from $310.00 to $340.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the CRM provider’s stock.

Several other research firms have also issued reports on CRM. Sanford C. Bernstein lifted their price target on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. BMO Capital Markets increased their price target on shares of Salesforce from $305.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Finally, Wedbush raised their target price on shares of Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $326.19.

Salesforce Stock Performance

Shares of CRM stock opened at $325.70 on Wednesday. The company’s fifty day moving average price is $291.21 and its 200-day moving average price is $267.72. The stock has a market cap of $311.37 billion, a PE ratio of 56.64, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a 12 month low of $212.00 and a 12 month high of $348.86.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned $1.63 earnings per share. On average, equities analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s payout ratio is presently 27.83%.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 3,970 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total value of $1,178,057.80. Following the completion of the sale, the insider now owns 119,402 shares of the company’s stock, valued at $35,431,349.48. This trade represents a 3.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $255,905.13. Following the transaction, the chief financial officer now directly owns 52,930 shares in the company, valued at approximately $15,100,399.70. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 136,117 shares of company stock worth $39,085,562 over the last three months. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

Large investors have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC grew its holdings in shares of Salesforce by 13.6% in the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after purchasing an additional 6,938 shares during the last quarter. Aljian Capital Management LLC boosted its position in Salesforce by 16.1% in the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after buying an additional 1,834 shares during the period. AIA Group Ltd grew its stake in Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after acquiring an additional 1,962 shares in the last quarter. Harvest Portfolios Group Inc. increased its position in shares of Salesforce by 13.6% during the third quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock worth $24,387,000 after acquiring an additional 10,656 shares during the period. Finally, XN LP raised its stake in shares of Salesforce by 24.2% during the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after acquiring an additional 90,616 shares in the last quarter. 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.