Salesforce (NYSE:CRM) Price Target Raised to $385.00

Salesforce (NYSE:CRM) had its price target hoisted by BMO Capital Markets from $305.00 to $385.00 in a research note issued to investors on Friday, Marketbeat reports. The firm currently has an outperform rating on the CRM provider’s stock.

Other equities research analysts have also recently issued reports about the company. Evercore ISI reiterated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Monday, August 26th. JMP Securities reaffirmed a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Phillip Securities restated an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a research note on Friday, August 30th. TD Cowen boosted their price objective on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Finally, Bank of America increased their price target on shares of Salesforce from $325.00 to $390.00 and gave the stock a “buy” rating in a report on Wednesday. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $322.51.

Salesforce Stock Down 1.9 %

Shares of NYSE:CRM traded down $6.39 during mid-day trading on Friday, hitting $325.26. 7,093,003 shares of the company traded hands, compared to its average volume of 6,319,677. Salesforce has a 12-month low of $212.00 and a 12-month high of $348.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market cap of $310.95 billion, a P/E ratio of 56.57, a P/E/G ratio of 3.09 and a beta of 1.29. The stock has a 50-day moving average price of $286.61 and a two-hundred day moving average price of $266.64.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the firm posted $1.63 EPS. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities research analysts forecast that Salesforce will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. This trade represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now directly owns 828 shares of the company’s stock, valued at $202,702.68. The trade was a 75.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 144,373 shares of company stock worth $41,250,680. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in the stock. M&G Plc bought a new stake in shares of Salesforce in the 1st quarter valued at approximately $2,178,000. First Foundation Advisors boosted its position in Salesforce by 38.0% in the 1st quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock valued at $249,000 after buying an additional 228 shares during the period. Spirepoint Private Client LLC purchased a new position in shares of Salesforce during the first quarter worth approximately $345,000. Blue Barn Wealth LLC raised its stake in shares of Salesforce by 1.8% during the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock valued at $665,000 after acquiring an additional 39 shares in the last quarter. Finally, Strait & Sound Wealth Management LLC boosted its holdings in shares of Salesforce by 3.3% in the first quarter. Strait & Sound Wealth Management LLC now owns 2,883 shares of the CRM provider’s stock valued at $863,000 after purchasing an additional 91 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.