Salesforce (NYSE:CRM) Shares Up 2.3%

Salesforce, Inc. (NYSE:CRM) shares shot up 2.3% during trading on Wednesday . The company traded as high as $279.20 and last traded at $277.00. Approximately 1,542,811 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 6,521,909 shares. The stock had previously closed at $270.87.

Analyst Ratings Changes

CRM has been the subject of a number of research analyst reports. Northland Securities upgraded shares of Salesforce from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $270.00 to $400.00 in a research note on Wednesday. Evercore ISI restated an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a research note on Monday, August 26th. Loop Capital reissued a “hold” rating and set a $270.00 target price on shares of Salesforce in a research note on Thursday, September 19th. Needham & Company LLC restated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a report on Friday, September 20th. Finally, JMP Securities restated a “market outperform” rating and issued a $342.00 target price on shares of Salesforce in a report on Wednesday, August 28th. Eight analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Stock Up 4.0 %

The firm’s 50-day moving average is $256.95 and its 200 day moving average is $264.65. The firm has a market capitalization of $272.86 billion, a P/E ratio of 49.82, a PEG ratio of 2.39 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share 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 analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned $1.63 earnings per share. As a group, equities research analysts predict that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.57%. Salesforce’s dividend payout ratio is 28.78%.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the sale, the director now directly owns 1,363 shares of the company’s stock, valued at approximately $376,624.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,985 shares of company stock worth $17,632,363. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Large investors have recently modified their holdings of the stock. Ruedi Wealth Management Inc. grew its holdings in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank grew its stake in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the period. Clear Investment Research LLC increased its position in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Red Tortoise LLC acquired a new position in Salesforce during the 1st quarter worth approximately $33,000. Finally, Stephens Consulting LLC boosted its holdings in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 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.