Salesforce (NYSE:CRM) Stock Price Up 2.7% – Here’s Why

Salesforce, Inc. (NYSE:CRM) shares rose 2.7% during trading on Tuesday . The stock traded as high as $329.94 and last traded at $327.57. Approximately 1,943,676 shares traded hands during trading, a decline of 57% from the average daily volume of 4,476,940 shares. The stock had previously closed at $319.07.

Wall Street Analyst Weigh In

CRM has been the topic of several analyst reports. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a research report on Friday, December 13th. Northland Securities reaffirmed an “outperform” rating and set a $440.00 target price (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Guggenheim lowered shares of Salesforce from a “neutral” rating to a “sell” rating and set a $247.00 price target on the stock. in a research report on Monday, January 6th. Piper Sandler reaffirmed an “overweight” rating and set a $405.00 price objective on shares of Salesforce in a report on Wednesday, December 18th. Finally, Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $376.05.

Salesforce Trading Up 1.4 %

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day simple moving average of $336.25 and a 200-day simple moving average of $290.19. The stock has a market capitalization of $309.65 billion, a price-to-earnings ratio of 53.22, a PEG ratio of 3.21 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same period in the prior year, the business earned $1.62 EPS. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

Insider Transactions at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R David Schmaier sold 1,785 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $344.00, for a total transaction of $614,040.00. Following the completion of the transaction, the insider now owns 19,116 shares in the company, valued at approximately $6,575,904. This trade represents a 8.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,177,617 shares of company stock worth $403,542,975 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brendel Financial Advisors LLC acquired a new stake in Salesforce in the 4th quarter worth about $2,084,000. Moseley Investment Management Inc. raised its holdings in Salesforce by 29.4% in the 4th quarter. Moseley Investment Management Inc. now owns 3,524 shares of the CRM provider’s stock valued at $1,178,000 after acquiring an additional 801 shares in the last quarter. Acropolis Investment Management LLC acquired a new stake in shares of Salesforce during the 4th quarter worth $122,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in Salesforce by 186.3% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,420 shares of the CRM provider’s stock worth $475,000 after buying an additional 924 shares in the last quarter. Finally, Park Avenue Securities LLC raised its position in shares of Salesforce by 18.1% in the 4th quarter. Park Avenue Securities LLC now owns 30,708 shares of the CRM provider’s stock valued at $10,267,000 after buying an additional 4,704 shares in the last quarter. 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.