Salesforce (NYSE:CRM) PT Raised to $325.00 at Wedbush

Salesforce (NYSE:CRM) had its price target lifted by Wedbush from $315.00 to $325.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an outperform rating on the CRM provider’s stock.

CRM has been the topic of a number of other research reports. Piper Sandler upgraded Salesforce from a neutral rating to an overweight rating and raised their target price for the company from $268.00 to $325.00 in a report on Tuesday, September 24th. Canaccord Genuity Group lifted their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a buy rating in a report on Thursday, August 29th. Oppenheimer upped their target price on shares of Salesforce from $280.00 to $300.00 and gave the stock an outperform rating in a research note on Thursday, August 29th. Jefferies Financial Group dropped their price target on shares of Salesforce from $360.00 to $350.00 and set a buy rating on the stock in a research report on Thursday, May 30th. Finally, Stifel Nicolaus upped their price objective on shares of Salesforce from $300.00 to $320.00 and gave the stock a buy rating in a research report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $308.03.

Salesforce Stock Performance

Shares of CRM stock opened at $273.68 on Friday. 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 firm has a fifty day simple moving average of $256.65 and a two-hundred day simple moving average of $264.81. Salesforce has a 12 month low of $193.68 and a 12 month high of $318.71. The firm has a market capitalization of $265.20 billion, a PE ratio of 49.22, a price-to-earnings-growth ratio of 2.39 and a beta of 1.29.

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, beating 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 firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period last year, the company earned $1.63 earnings per share. The business’s revenue was up 8.5% on a year-over-year basis. Analysts forecast that Salesforce will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Wednesday, September 18th. Salesforce’s payout ratio is presently 28.78%.

Insider Activity

In related news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the sale, the chief financial officer now owns 51,109 shares in the company, valued at $13,072,660.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The disclosure for this sale can be found here. Insiders have sold a total of 67,985 shares of company stock worth $17,632,363 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRM. Greater Midwest Financial Group LLC lifted its position in Salesforce by 4.2% in the second quarter. Greater Midwest Financial Group LLC now owns 20,768 shares of the CRM provider’s stock valued at $5,302,000 after purchasing an additional 845 shares during the last quarter. Centaurus Financial Inc. increased its stake in shares of Salesforce by 23.4% in the second quarter. Centaurus Financial Inc. now owns 12,464 shares of the CRM provider’s stock worth $3,204,000 after buying an additional 2,365 shares during the period. Anchor Investment Management LLC raised its holdings in Salesforce by 5.5% during the 2nd quarter. Anchor Investment Management LLC now owns 3,709 shares of the CRM provider’s stock valued at $954,000 after buying an additional 195 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Salesforce by 130.7% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 187,072 shares of the CRM provider’s stock valued at $48,096,000 after buying an additional 105,972 shares during the period. Finally, University of Texas Texas AM Investment Management Co. grew its holdings in Salesforce by 12.8% in the 2nd quarter. University of Texas Texas AM Investment Management Co. now owns 950 shares of the CRM provider’s stock worth $244,000 after acquiring an additional 108 shares during the last quarter. 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.