Salesforce, Inc. (NYSE:CRM - Get Free Report) shares rose 1.2% on Friday. The stock reached a high of $252.38 and was last traded at $252.10. 794,152 shares traded hands during trading, a decrease of 88% from the average session volume of 6,681,609 shares. The stock had previously closed at $249.12.
Wall Street analysts comment
Several analysts have recently commented on the stock. Wolfe Research reiterated an “outperform” rating and issued a $365.00 price target on shares of Salesforce in a research note on Tuesday, April 16. JMP Securities reiterated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research note on Monday, April 15. Mizuho lowered their price target on Salesforce from $345.00 to $300.00 and issued a “buy” rating on the stock in a research note on Thursday, May 30. Truist Financial reiterated a “buy” rating and issued a $300.00 price target (previously $360.00) on Salesforce in a research note on Thursday, May 30. Finally, JPMorgan Chase & Co. lowered their price target on shares of Salesforce from $310.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, May 30. One research analyst rated the stock with a sell rating, nine have given a hold rating, 25 have given a buy rating, and one has given a strong buy rating. The stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79, according to data from MarketBeat.com.
Get our latest report on Salesforce
Salesforce trading up 1.4%
The stock has a market cap of $244.70 billion, a price to earnings ratio of 45.42, a PEG ratio of 2.22 and a beta of 1.29. The company has a debt to equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a 50-day moving average of $247.58 and a 200-day moving average of $273.79.
Salesforce (NYSE:CRM - Get Free Report) last announced its earnings results on Wednesday, May 29. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company’s quarterly revenue grew 10.7% year-over-year. During the same period last year, the company reported earnings per share of $1.15. As a group, equities analysts expect Salesforce, Inc. to report earnings per share of $7.47 for the current year.
Salesforce Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were paid a dividend of $0.40. This represents an annualized dividend of $1.60 and a dividend yield of 0.63%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s dividend payout ratio is 28.78%.
Insider activity
In related news, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred on Tuesday, July 23. 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 CFO now directly owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Salesforce news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction that occurred on Tuesday, July 23. The shares were sold at an average price of $255.78, for a total transaction of $229,434.66. Following the sale, the CFO now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction dated Tuesday, August 6. The shares were sold at an average price of $241.22, for a total transaction of $675,416.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The disclosure of this sale can be found here. Insiders have sold a total of 232,842 shares of the company’s stock, valued at $60,982,983, in the last three months. Company insiders own 3.20% of the company’s stock.
Institutional investors comment on Salesforce
Several large investors have recently made changes to their positions in CRM. Marks Group Wealth Management Inc. increased its stake in Salesforce by 0.7% in the fourth quarter. Marks Group Wealth Management Inc. now owns 35,220 shares of the CRM provider’s stock valued at $9,268,000 after acquiring an additional 257 shares in the last quarter. Spartan Planning & Wealth Management increased its stake in Salesforce by 66.3% in the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after acquiring an additional 625 shares in the last quarter. Roman Butler Fullerton & Co. increased its stake in Salesforce by 1.4% in the fourth quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock valued at $2,206,000 after acquiring an additional 105 shares during the same period. Parnassus Investments LLC increased its holdings in Salesforce by 0.3% in the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in Salesforce by 32.6% in the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after purchasing an additional 194,224 shares during the same period. Institutional investors and hedge funds own 80.43% of the company’s stock.
Salesforce Company Profile
(Get free report)
Salesforce, Inc. provides customer relationship management (CRM) technology that connects businesses and customers worldwide. The company’s service includes sales to store data, monitor leads and progress, predict opportunities, gain insights through analytics and artificial intelligence, and deliver proposals, contracts, and invoices; and a service that enables companies to deliver trusted and highly personalized customer support at scale.
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