Salesforce (NYSE:CRM) Price Target Raised to $390.00 at Bank of America

Salesforce (NYSE:CRM) had its price objective increased by Bank of America from $325.00 to $390.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the CRM provider’s stock.

Several other analysts also recently issued reports on the company. Citigroup raised their price target on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Raymond James boosted their target price on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. JMP Securities restated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research note on Wednesday, August 28th. Sanford C. Bernstein increased their price objective on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Nine research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $318.23.

Salesforce Stock Performance

Shares of Salesforce stock opened at $341.02 on Wednesday. The firm has a market cap of $326.02 billion, a PE ratio of 59.43, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29. Salesforce has a 1 year low of $212.00 and a 1 year high of $348.86. The firm’s 50-day simple moving average is $283.28 and its 200-day simple moving average is $265.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.63 EPS. Equities analysts forecast 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 was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Insider Activity at Salesforce

In related news, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, insider Parker Harris sold 3,970 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the transaction, the insider now owns 119,402 shares of the company’s stock, valued at $35,431,349.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 60,522 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 144,373 shares of company stock valued at $41,250,680. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several hedge funds have recently added to or reduced their stakes in the business. Piscataqua Savings Bank increased its position in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares during the period. Clear Investment Research LLC grew its position in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the last quarter. Godsey & Gibb Inc. increased its holdings in shares of Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Salesforce during the second quarter valued at about $33,000. Finally, Stephens Consulting LLC lifted its stake in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after buying an additional 125 shares during the period. 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.