Salesforce (NYSE:CRM) Shares Up 1.9%

Shares of Salesforce, Inc. (NYSE:CRM) rose 1.9% during mid-day trading on Thursday . The company traded as high as $261.22 and last traded at $260.95. Approximately 4,755,729 shares changed hands during trading, a decline of 47% from the average daily volume of 9,006,645 shares. The stock had previously closed at $256.19.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wolfe Research restated an “outperform” rating and issued a $365.00 price target on shares of Salesforce in a report on Tuesday, April 16th. Wells Fargo & Company reduced their price target on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. Oppenheimer lowered their price objective on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Barclays reduced their target price on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Finally, Mizuho cut their price target on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Salesforce Trading Up 1.9 %

The firm has a market capitalization of $252.86 billion, a P/E ratio of 46.93, a PEG ratio of 2.25 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $258.72 and a 200-day moving average of $276.32.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same period in the prior year, the company posted $1.15 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.61%. The ex-dividend date is Tuesday, July 9th. Salesforce’s dividend payout ratio is currently 7.19%.

Insider Buying and Selling

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Amy E. Weaver sold 5,864 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $274.77, for a total transaction of $1,611,251.28. Following the completion of the transaction, the chief financial officer now directly owns 45,231 shares in the company, valued at $12,428,121.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 499,152 shares of company stock worth $136,281,661. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

A number of hedge funds have recently made changes to their positions in CRM. Graypoint LLC raised its stake in shares of Salesforce by 0.3% during the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after purchasing an additional 36 shares during the period. Chase Investment Counsel Corp increased its holdings in Salesforce by 0.3% during the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after buying an additional 36 shares during the last quarter. JFS Wealth Advisors LLC raised its position in Salesforce by 11.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after acquiring an additional 36 shares during the period. Opes Wealth Management LLC boosted its stake in Salesforce by 2.9% in the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after acquiring an additional 37 shares during the last quarter. Finally, Prentice Wealth Management LLC grew its position in shares of Salesforce by 1.7% during the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after acquiring an additional 38 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

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.