Salesforce (NYSE:CRM) Given New $330.00 Price Target at Loop Capital

Salesforce (NYSE:CRM) had its price target decreased by Loop Capital from $360.00 to $330.00 in a research report sent to investors on Wednesday,Benzinga reports. Loop Capital currently has a hold rating on the CRM provider’s stock.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company boosted their price target on shares of Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 12th. Piper Sandler restated an “overweight” rating and issued a $405.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Truist Financial reiterated a “buy” rating and set a $400.00 price target (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Finally, Northland Securities reiterated an “outperform” rating and set a $440.00 price target (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-two have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $376.84.

Salesforce Trading Down 1.5 %

Shares of CRM stock opened at $324.19 on Wednesday. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00. 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 firm’s 50 day moving average is $335.02 and its 200 day moving average is $304.66. The stock has a market capitalization of $310.25 billion, a P/E ratio of 53.32, a P/E/G ratio of 2.62 and a beta of 1.31.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the previous year, the business posted $1.62 earnings per share. The firm’s revenue was up 8.3% on a year-over-year basis. Research analysts expect that Salesforce will post 7.46 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.49%. Salesforce’s payout ratio is 26.32%.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $328.18, for a total value of $2,041,607.78. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $15,342,415. This trade represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the transaction, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,117,641 shares of company stock valued at $386,408,308 over the last 90 days. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Calton & Associates Inc. acquired a new stake in shares of Salesforce in the third quarter worth $204,000. Pictet North America Advisors SA acquired a new stake in shares of Salesforce in the third quarter worth $2,668,000. Tempus Wealth Planning LLC increased its stake in shares of Salesforce by 18.9% in the third quarter. Tempus Wealth Planning LLC now owns 1,303 shares of the CRM provider’s stock worth $357,000 after acquiring an additional 207 shares during the period. BLB&B Advisors LLC increased its stake in shares of Salesforce by 24.8% in the third quarter. BLB&B Advisors LLC now owns 44,537 shares of the CRM provider’s stock worth $12,190,000 after acquiring an additional 8,858 shares during the period. Finally, Segment Wealth Management LLC increased its stake in shares of Salesforce by 6.7% in the third quarter. Segment Wealth Management LLC now owns 9,538 shares of the CRM provider’s stock worth $2,611,000 after acquiring an additional 596 shares during the period. Hedge funds and other institutional investors 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.