Salesforce (NYSE:CRM) Shares Up 1.8%

Shares of Salesforce, Inc. (NYSE:CRM) traded up 1.8% during mid-day trading on Friday . The company traded as high as $265.59 and last traded at $263.36. 1,404,326 shares changed hands during trading, a decline of 79% from the average session volume of 6,543,026 shares. The stock had previously closed at $258.59.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Citigroup reduced their price target on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Piper Sandler restated a “neutral” rating and set a $250.00 price objective on shares of Salesforce in a research report on Friday, July 12th. Royal Bank of Canada restated an “outperform” rating and set a $350.00 price objective on shares of Salesforce in a research report on Friday, May 24th. Finally, DA Davidson cut their price objective on Salesforce from $300.00 to $230.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $291.50.

Salesforce Price Performance

The company’s 50 day moving average price is $252.09 and its 200-day moving average price is $272.13. The company has a market capitalization of $255.82 billion, a PE ratio of 47.48, a PEG ratio of 2.22 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the company earned $1.15 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.61%. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Buying and Selling

In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the sale, the insider now directly owns 115,762 shares of the company’s stock, valued at approximately $31,170,076.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the business’s 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 completion of the transaction, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. In the last three months, insiders sold 142,964 shares of company stock valued at $35,273,059. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Institutional investors have recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. lifted its holdings in Salesforce by 186.7% in the 1st 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. Signature Resources Capital Management LLC acquired a new position in Salesforce in the 4th quarter worth $26,000. Piscataqua Savings Bank lifted its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares in the last quarter. Red Tortoise LLC acquired a new position in Salesforce in the 1st quarter worth $33,000. Finally, Clear Investment Research LLC lifted its holdings in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.