Salesforce (NYSE:CRM) Price Target Raised to $325.00

Salesforce (NYSE:CRM) had its target price hoisted by Wedbush from $315.00 to $325.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the CRM provider’s stock.

Other analysts have also issued research reports about the company. Citigroup boosted their price target on Salesforce from $260.00 to $290.00 and gave the company a neutral rating in a research note on Monday, August 26th. Truist Financial reaffirmed a buy rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Macquarie reduced their price objective on Salesforce from $330.00 to $275.00 and set an outperform rating on the stock in a research note on Friday, May 31st. Loop Capital restated a hold rating and issued a $270.00 target price on shares of Salesforce in a research note on Thursday, September 19th. Finally, Erste Group Bank reiterated a hold rating on shares of Salesforce in a research report on Wednesday, September 11th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $308.03.

Salesforce Price Performance

Shares of NYSE:CRM opened at $276.64 on Friday. The firm has a market capitalization of $268.06 billion, a PE ratio of 49.76, a PEG ratio of 2.39 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 1-year low of $193.68 and a 1-year high of $318.71. The business’s 50 day moving average is $256.26 and its 200-day moving average is $265.02.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share 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 company earned $1.63 earnings per share. The business’s revenue was up 8.5% compared to the same quarter last year. Sell-side analysts predict that Salesforce will post 7.54 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.58%. Salesforce’s dividend payout ratio (DPR) is currently 28.78%.

Insider Activity

In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of the firm’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the sale, the director now directly owns 1,363 shares in the company, valued at $376,624.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at $376,624.16. The disclosure for this sale can be found here. Insiders sold 72,185 shares of company stock worth $18,708,571 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Spartan Planning & Wealth Management boosted its stake in shares of Salesforce by 66.3% during the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after buying an additional 625 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in Salesforce by 1.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after purchasing an additional 95 shares in the last quarter. XN LP increased its position in shares of Salesforce by 24.2% during the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after purchasing an additional 90,616 shares during the last quarter. M&G Plc bought a new stake in shares of Salesforce during the 1st quarter worth approximately $2,178,000. Finally, First Foundation Advisors boosted its holdings in shares of Salesforce by 38.0% in the 1st quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock valued at $249,000 after buying an additional 228 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.