Salesforce (NYSE:CRM) Stock Price Up 0.3%

Salesforce, Inc. (NYSE:CRM)’s stock price was up 0.3% during mid-day trading on Wednesday . The company traded as high as $249.16 and last traded at $248.72. Approximately 959,516 shares traded hands during trading, a decline of 85% from the average daily volume of 6,599,152 shares. The stock had previously closed at $248.06.

Wall Street Analyst Weigh In

Several brokerages have commented on CRM. TD Cowen raised their price target on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Piper Sandler lifted their target price on Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Oppenheimer increased their price target on Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Bank of America restated a “buy” rating and set a $325.00 price objective on shares of Salesforce in a research note on Friday. Finally, Raymond James increased their target price on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $304.41.

Salesforce Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $235.02 billion, a PE ratio of 43.66, a P/E/G ratio of 2.22 and a beta of 1.29. The stock’s 50-day moving average is $254.78 and its 200 day moving average is $270.11.

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 business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the business posted $1.63 earnings per share. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Salesforce, Inc. will post 7.52 earnings per share for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. The ex-dividend date was Tuesday, July 9th. Salesforce’s payout ratio is presently 28.78%.

Insiders Place Their Bets

In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,920,275.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Craig Conway sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the completion of the transaction, the director now directly owns 6,855 shares in the company, valued at $1,642,732.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,920,275.57. The disclosure for this sale can be found here. Insiders have sold 83,692 shares of company stock valued at $21,006,957 over the last three months. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

A number of hedge funds have recently modified their holdings of CRM. Ruedi Wealth Management Inc. boosted its stake in Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares in the last quarter. 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 valued at $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC raised its position in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares in the last quarter. Red Tortoise LLC acquired a new position in Salesforce in the first quarter worth about $33,000. Finally, Stephens Consulting LLC lifted its stake in Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the period. 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.