The Goldman Sachs Group Boosts Salesforce (NYSE:CRM) Price Target to $385.00

Salesforce (NYSE:CRM - Free Report) had its target price raised by The Goldman Sachs Group from $340.00 to $385.00 in a report published on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the CRM provider's stock.

A number of other research analysts have also recently weighed in on CRM. DA Davidson restated an "underperform" rating and issued a $200.00 price target on shares of Salesforce in a research report on Wednesday. Macquarie reaffirmed a "neutral" rating and set a $320.00 price objective on shares of Salesforce in a research note on Thursday, March 20th. Stifel Nicolaus decreased their price objective on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Citigroup reaffirmed an "outperform" rating on shares of Salesforce in a research note on Wednesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $400.00 price objective on shares of Salesforce in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $342.21.

Salesforce Stock Performance

Shares of NYSE CRM traded down $1.89 during mid-day trading on Thursday, hitting $265.03. 12,373,506 shares of the company were exchanged, compared to its average volume of 6,790,645. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a 50 day simple moving average of $267.78 and a 200-day simple moving average of $305.28. Salesforce has a 1-year low of $216.06 and a 1-year high of $369.00. The firm has a market cap of $254.80 billion, a price-to-earnings ratio of 43.59, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same quarter in the prior year, the business posted $2.44 earnings per share. Salesforce's revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts forecast that Salesforce will post 7.46 EPS for the current fiscal year.

Salesforce Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were paid a $0.42 dividend. This is a positive change from Salesforce's previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend was Thursday, April 10th. Salesforce's payout ratio is currently 25.98%.

Insider Activity

In related news, insider Parker Harris sold 3,273 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $931,430.34. Following the sale, the insider now directly owns 125,146 shares in the company, valued at approximately $35,614,048.68. This trade represents a 2.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 500 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $275.00, for a total value of $137,500.00. Following the sale, the chief accounting officer now owns 11,711 shares in the company, valued at approximately $3,220,525. The trade was a 4.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,553 shares of company stock valued at $12,897,323 in the last three months. Corporate insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Salesforce

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bernard Wealth Management Corp. purchased a new stake in Salesforce during the 4th quarter worth approximately $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce during the 4th quarter worth approximately $27,000. Arlington Trust Co LLC increased its holdings in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock worth $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc purchased a new stake in Salesforce during the 4th quarter worth approximately $30,000. Finally, Capital A Wealth Management LLC increased its holdings in Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after purchasing an additional 90 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.