Salesforce (NYSE:CRM) PT Raised to $290.00

Salesforce (NYSE:CRM) had its price objective boosted by TD Cowen from $285.00 to $290.00 in a research report released on Thursday morning, Benzinga reports. They currently have a hold rating on the CRM provider’s stock.

A number of other research analysts have also weighed in on the company. Mizuho reduced their price objective on Salesforce from $345.00 to $300.00 and set a buy rating for the company in a research report on Thursday, May 30th. Raymond James upped their price target on shares of Salesforce from $325.00 to $350.00 and gave the stock a strong-buy rating in a research note on Thursday. Robert W. Baird lifted their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an outperform rating in a report on Thursday. Jefferies Financial Group cut their price target on shares of Salesforce from $360.00 to $350.00 and set a buy rating on the stock in a report on Thursday, May 30th. Finally, Citigroup increased their target price on Salesforce from $260.00 to $290.00 and gave the company a neutral rating in a research note on Monday. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average target price of $301.91.

Salesforce Price Performance

CRM opened at $256.91 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $248.95 billion, a price-to-earnings ratio of 46.21, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. The stock has a fifty day simple moving average of $253.98 and a two-hundred day simple moving average of $271.54. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.19. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. Salesforce’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the company posted $1.63 EPS. Research analysts predict that Salesforce will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders 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 0.62%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Insider Buying and Selling

In other news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total value of $1,104,180.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at $30,912,044.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Insiders sold a total of 112,964 shares of company stock worth $27,956,647 over the last three months. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CRM. Gilbert & Cook Inc. grew its holdings in Salesforce by 6.9% in the fourth quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock worth $1,489,000 after purchasing an additional 366 shares during the last quarter. Savant Capital LLC grew its stake in shares of Salesforce by 27.7% during the 4th quarter. Savant Capital LLC now owns 16,576 shares of the CRM provider’s stock worth $4,362,000 after purchasing an additional 3,595 shares during the period. Essex Financial Services Inc. increased its holdings in Salesforce by 11.5% in the fourth quarter. Essex Financial Services Inc. now owns 2,242 shares of the CRM provider’s stock valued at $590,000 after buying an additional 232 shares in the last quarter. LGT Fund Management Co Ltd. purchased a new stake in shares of Salesforce during the 4th quarter worth about $2,239,000. Finally, Fisher Asset Management LLC grew its position in shares of Salesforce by 5.3% during the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after acquiring an additional 752,566 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.