Salesforce (NYSE:CRM) Price Target Raised to $360.00

Salesforce (NYSE:CRM) had its price target lifted by Loop Capital from $340.00 to $360.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the CRM provider’s stock.

Several other equities analysts also recently issued reports on the stock. Guggenheim reissued a “neutral” rating on shares of Salesforce in a report on Wednesday. The Goldman Sachs Group raised their target price on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday. Royal Bank of Canada raised their price target on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday. Roth Mkm restated a “buy” rating and set a $335.00 price target on shares of Salesforce in a research report on Thursday, August 29th. Finally, Northland Securities reaffirmed an “outperform” rating and set a $440.00 price target (up from $400.00) on shares of Salesforce in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $372.86.

Salesforce Stock Performance

Shares of CRM stock opened at $361.99 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50-day simple moving average is $308.26 and its 200-day simple moving average is $272.43. Salesforce has a one year low of $212.00 and a one year high of $369.00. The stock has a market capitalization of $346.06 billion, a price-to-earnings ratio of 59.54, a PEG ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.31% and a net margin of 15.96%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same period last year, the company posted $1.62 earnings per share. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. Equities analysts anticipate that Salesforce will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.44%. Salesforce’s dividend payout ratio is currently 26.32%.

Insider Activity

In other Salesforce news, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the sale, the insider now owns 4,659 shares in the company, valued at approximately $1,597,151.79. This trade represents a 13.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,982 shares of company stock valued at $41,591,457. 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. U.S. Capital Wealth Advisors LLC lifted its holdings in Salesforce by 1.3% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 7,125 shares of the CRM provider’s stock worth $1,832,000 after buying an additional 94 shares in the last quarter. CRA Financial Services LLC lifted its holdings in Salesforce by 28.2% in the second quarter. CRA Financial Services LLC now owns 1,122 shares of the CRM provider’s stock valued at $288,000 after buying an additional 247 shares during the period. Capital Investment Advisors LLC boosted its stake in Salesforce by 3.3% in the second quarter. Capital Investment Advisors LLC now owns 6,646 shares of the CRM provider’s stock valued at $1,709,000 after acquiring an additional 212 shares during the last quarter. Sax Wealth Advisors LLC grew its holdings in Salesforce by 20.9% during the 2nd quarter. Sax Wealth Advisors LLC now owns 937 shares of the CRM provider’s stock worth $241,000 after acquiring an additional 162 shares during the period. Finally, Opal Wealth Advisors LLC raised its position in shares of Salesforce by 19.4% during the 2nd quarter. Opal Wealth Advisors LLC now owns 1,214 shares of the CRM provider’s stock valued at $312,000 after acquiring an additional 197 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

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.