Redburn Atlantic started coverage on shares of Salesforce (NYSE:CRM – Free Report) in a research note published on Wednesday morning, MarketBeat reports. The firm issued a buy rating on the CRM provider’s stock.
Several other research firms have also issued reports on CRM. Robert W. Baird lifted their price target on shares of Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Loop Capital lifted their price target on shares of Salesforce from $340.00 to $360.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. JMP Securities restated a “market outperform” rating and issued a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Stifel Nicolaus lifted their price target on shares of Salesforce from $390.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group lifted their price objective on shares of Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $375.53.
Salesforce Price Performance
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.62 EPS. As a group, equities research analysts forecast that Salesforce will post 7.46 EPS for the current fiscal year.
Salesforce Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Wednesday, December 18th. Salesforce’s payout ratio is presently 26.32%.
Insider Activity at Salesforce
In related news, Director G Mason Morfit sold 722,300 shares of Salesforce stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total value of $249,995,253.00. Following the transaction, the director now owns 3,192,009 shares in the company, valued at $1,104,786,234.99. This trade represents a 18.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total transaction of $2,133,803.00. Following the completion of the transaction, the chief financial officer now owns 53,861 shares in the company, valued at $18,474,323. This trade represents a 10.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,102,833 shares of company stock valued at $381,389,136. Insiders own 3.20% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the company. Bernard Wealth Management Corp. bought a new position in shares of Salesforce during the 4th quarter worth about $25,000. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce during the 3rd quarter worth about $27,000. Accredited Wealth Management LLC bought a new position in shares of Salesforce during the 4th quarter worth about $27,000. Arlington Trust Co LLC increased its holdings in shares of 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 period. Finally, Compass Financial Services Inc bought a new position in shares of Salesforce during the 4th quarter worth about $30,000. Institutional investors own 80.43% of the company’s stock.
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.
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