Salesforce (NYSE:CRM) Trading Up 0.4% – Here’s Why

Salesforce, Inc. (NYSE:CRM)’s stock price rose 0.4% on Friday . The stock traded as high as $292.72 and last traded at $292.14. Approximately 708,540 shares traded hands during trading, a decline of 89% from the average daily volume of 6,402,033 shares. The stock had previously closed at $291.11.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CRM. Loop Capital reiterated a “hold” rating and issued a $270.00 target price on shares of Salesforce in a report on Thursday, September 19th. Oppenheimer increased 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, August 29th. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Bank of America reissued a “buy” rating and set a $325.00 price objective on shares of Salesforce in a research report on Friday, September 6th. Finally, Canaccord Genuity Group boosted their target price on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $310.74.

Salesforce Stock Up 0.8 %

The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a 50 day simple moving average of $265.84 and a 200-day simple moving average of $263.84. The stock has a market cap of $284.32 billion, a P/E ratio of 52.54, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate 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 period in the previous year, the company earned $1.63 earnings per share. The company’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.55%. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Activity at Salesforce

In other news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Brian Millham sold 2,037 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $248.75, for a total transaction of $506,703.75. Following the sale, the chief operating officer now owns 1,947 shares of the company’s stock, valued at $484,316.25. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the transaction, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 80,612 shares of company stock worth $21,429,961. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in the business. Ruedi Wealth Management Inc. lifted its position in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank boosted its position in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Red Tortoise LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at about $33,000. Clear Investment Research LLC increased its position in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce in the second quarter valued at approximately $33,000. 80.43% of the stock is 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.