Salesforce (NYSE:CRM) Given New $255.00 Price Target at Wells Fargo & Company

Salesforce (NYSE:CRM - Free Report) had its price target lowered by Wells Fargo & Company from $310.00 to $255.00 in a research report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the CRM provider's stock.

CRM has been the subject of several other reports. Stifel Nicolaus cut their price target on shares of Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Oppenheimer cut their target price on Salesforce from $415.00 to $380.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Guggenheim upgraded Salesforce from a "sell" rating to a "neutral" rating in a research note on Monday, April 21st. Morgan Stanley cut their price objective on Salesforce from $405.00 to $393.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Loop Capital reduced their target price on Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $351.37.

Salesforce Stock Performance

CRM traded up $3.17 during trading on Tuesday, hitting $267.87. The stock had a trading volume of 5,649,322 shares, compared to its average volume of 6,811,850. The firm has a market capitalization of $257.42 billion, a P/E ratio of 44.06, a PEG ratio of 2.58 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce has a twelve month low of $212.00 and a twelve month high of $369.00. The company's 50-day moving average price is $273.75 and its 200 day moving average price is $308.27.

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 issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.63%. This is an increase from Salesforce's previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. Salesforce's dividend payout ratio (DPR) is 26.10%.

Insider Transactions at Salesforce

In other Salesforce news, Director Robin L. Washington purchased 1,695 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $294.61 per share, with a total value of $499,363.95. Following the transaction, the director now owns 43,445 shares in the company, valued at approximately $12,799,331.45. This trade represents a 4.06 % increase in their ownership of the stock. The acquisition was disclosed in a legal 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 Monday, February 3rd. The shares were sold at an average price of $335.94, for a total value of $167,970.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,557 shares in the company, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,051 shares of company stock worth $15,027,714. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Salesforce

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bernard Wealth Management Corp. purchased a new stake in Salesforce during the 4th quarter worth $25,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce in the fourth quarter worth about $27,000. Arlington Trust Co LLC boosted its holdings in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock valued at $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, Asset Planning Inc purchased a new position in shares of Salesforce during the 4th quarter valued at approximately $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

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.