Salesforce (NYSE:CRM) Given Outperform Rating at Oppenheimer

Oppenheimer restated their outperform rating on shares of Salesforce (NYSE:CRM) in a research report sent to investors on Thursday, Benzinga reports. Oppenheimer currently has a $330.00 target price on the CRM provider’s stock, up from their prior target price of $300.00.

Several other research firms also recently weighed in on CRM. JPMorgan Chase & Co. lifted their target price on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Truist Financial reiterated a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Roth Mkm restated a “buy” rating and issued a $335.00 target price on shares of Salesforce in a report on Thursday, August 29th. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Finally, Piper Sandler downgraded Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $312.51.

Salesforce Price Performance

Shares of NYSE:CRM traded up $5.62 on Thursday, reaching $292.38. 1,037,389 shares of the company traded hands, compared to its average volume of 6,323,548. The stock has a market capitalization of $283.32 billion, a PE ratio of 51.57, a P/E/G ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company’s 50 day moving average is $268.70 and its 200-day moving average is $263.24. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. As a group, analysts anticipate that Salesforce will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

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

Insider Activity at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $257.28, for a total transaction of $1,080,576.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $30,251,239.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $257.28, for a total transaction of $1,080,576.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at approximately $30,251,239.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,812 shares of company stock worth $23,418,916 in the last 90 days. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Salesforce

Institutional investors have recently added to or reduced their stakes in the company. Prentice Wealth Management LLC lifted its position in shares of Salesforce by 1.5% in the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock worth $686,000 after acquiring an additional 37 shares during the period. Fox Hill Wealth Management raised its stake in shares of Salesforce by 4.0% in the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after purchasing an additional 38 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its position in Salesforce by 0.8% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after purchasing an additional 38 shares during the period. Fulton Bank N.A. boosted its stake in Salesforce by 0.4% during the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock worth $2,537,000 after buying an additional 38 shares in the last quarter. Finally, CRA Financial Services LLC increased its holdings in Salesforce by 3.4% in the 3rd quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock valued at $318,000 after buying an additional 38 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

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.