Truist Financial Issues Positive Forecast for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its price target boosted by Truist Financial from $315.00 to $380.00 in a research note published on Monday,Benzinga reports. The firm currently has a buy rating on the CRM provider’s stock.

Several other research firms have also commented on CRM. Cfra set a $343.00 price objective on Salesforce in a research note on Thursday, October 17th. Wedbush upped their price target on Salesforce from $325.00 to $375.00 and gave the stock an “outperform” rating in a research report on Monday. Stifel Nicolaus raised their price objective on Salesforce from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Citigroup boosted their price objective on Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Finally, Evercore ISI restated an “outperform” rating and set a $300.00 target price on shares of Salesforce in a research note on Monday, August 26th. Eight equities research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $341.89.

Salesforce Trading Down 3.8 %

Salesforce stock opened at $330.01 on Monday. Salesforce has a 52-week low of $212.00 and a 52-week high of $348.86. The company has a market cap of $315.49 billion, a P/E ratio of 57.39, a P/E/G ratio of 3.07 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $300.85 and a two-hundred day simple moving average of $270.29.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the business posted $1.63 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. Analysts predict that Salesforce will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.48%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Insider Buying and Selling at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total transaction of $1,079,568.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at $30,223,020.24. The trade was a 3.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the transaction, the insider now directly owns 828 shares in the company, valued at $202,702.68. This represents a 75.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 144,510 shares of company stock worth $42,475,538 over the last quarter. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in Salesforce by 37.6% during the 3rd quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock valued at $53,807,000 after purchasing an additional 53,739 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Salesforce by 7.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after acquiring an additional 3,021 shares during the period. Arvest Bank Trust Division bought a new position in Salesforce during the 3rd quarter worth about $380,000. Sfmg LLC increased its position in Salesforce by 0.4% during the 3rd quarter. Sfmg LLC now owns 23,348 shares of the CRM provider’s stock valued at $6,391,000 after purchasing an additional 84 shares during the period. Finally, World Investment Advisors LLC raised its holdings in shares of Salesforce by 570.4% in the 3rd quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider’s stock valued at $14,903,000 after purchasing an additional 46,324 shares in the last quarter. 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.