Shares of Salesforce Inc. (NYSE:CRM - Get Free Report) rose 1.3% on Wednesday . The stock traded as high as $267.09 and last traded at $267.09. Approximately 1,659,281 shares changed hands during trading, a decline of 75% from the average daily volume of 6,543,011 shares. The stock had previously closed at $263.59.
Analysts Set New Price Targets
CRM has been the topic of several analyst reports. Piper Sandler raised their target price on shares of Salesforce from $315.00 to $335.00 and gave the company an "overweight" rating in a report on Wednesday, May 28th. Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. Wells Fargo & Company raised their target price on Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a report on Thursday, May 29th. Mizuho cut their price target on Salesforce from $425.00 to $380.00 and set an "outperform" rating for the company in a research note on Thursday, May 15th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $404.00 target price (up previously from $393.00) on shares of Salesforce in a research note on Thursday, May 29th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $348.16.
View Our Latest Research Report on CRM
Salesforce Price Performance
The stock has a 50 day moving average price of $270.45 and a two-hundred day moving average price of $285.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $255.39 billion, a PE ratio of 41.81, a P/E/G ratio of 2.38 and a beta of 1.36.
Salesforce (NYSE:CRM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.44 EPS. Equities analysts forecast that Salesforce Inc. will post 7.46 earnings per share for the current year.
Salesforce Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Wednesday, June 18th. Salesforce's payout ratio is presently 25.98%.
Insider Activity at Salesforce
In other Salesforce news, CEO Marc Benioff sold 2,250 shares of Salesforce stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $271.69, for a total value of $611,302.50. Following the completion of the transaction, the chief executive officer owned 11,862,457 shares in the company, valued at approximately $3,222,910,942.33. The trade was a 0.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Srinivas Tallapragada sold 6,697 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $295.00, for a total value of $1,975,615.00. Following the sale, the insider owned 41,422 shares of the company's stock, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,229 shares of company stock valued at $8,492,036 in the last 90 days. 3.20% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Salesforce
A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Salesforce in the fourth quarter valued at about $3,599,867,000. Nuveen LLC bought a new stake in Salesforce in the first quarter valued at approximately $2,039,196,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Salesforce by 926.4% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider's stock worth $1,422,979,000 after purchasing an additional 3,841,521 shares during the period. GAMMA Investing LLC increased its stake in shares of Salesforce by 30,456.9% during the first quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider's stock worth $1,020,194,000 after purchasing an additional 3,789,147 shares during the period. Finally, Invesco Ltd. grew its position in Salesforce by 42.5% during the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider's stock worth $2,604,770,000 after buying an additional 2,325,156 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.
About Salesforce
(
Get Free Report)
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.
Further Reading
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