Salesforce (NYSE:CRM) Price Target Raised to $360.00 at UBS Group

Salesforce (NYSE:CRM) had its price objective increased by UBS Group from $275.00 to $360.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the CRM provider’s stock.

CRM has been the topic of a number of other research reports. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Morgan Stanley boosted their price target on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Loop Capital raised their price objective on Salesforce from $270.00 to $340.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. Truist Financial reiterated a “buy” rating and set a $315.00 target price (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Finally, TD Cowen raised their price target on shares of Salesforce from $290.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, November 21st. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $339.66.

Salesforce Trading Down 0.8 %

Shares of Salesforce stock opened at $339.12 on Friday. The firm has a market cap of $324.20 billion, a PE ratio of 58.98, a P/E/G ratio of 3.10 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. Salesforce has a fifty-two week low of $212.00 and a fifty-two week high of $348.86. The business’s fifty day moving average is $296.26 and its two-hundred day moving average is $268.98.

Salesforce (NYSE:CRM) last issued its quarterly earnings results 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 return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period last year, the company earned $1.63 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts anticipate that Salesforce will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed 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 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 is presently 27.83%.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 5,735 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the sale, the chief operating officer now directly owns 1,663 shares in the company, valued at approximately $442,723.86. The trade was a 77.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares of the company’s stock, valued at $15,100,399.70. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,510 shares of company stock valued at $42,475,538. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Hedge funds and other institutional investors have recently bought and sold shares of the business. Prime Capital Investment Advisors LLC boosted its position in shares of Salesforce by 13.6% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock valued at $15,885,000 after purchasing an additional 6,938 shares during the period. Aljian Capital Management LLC lifted its stake in Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after buying an additional 1,834 shares in the last quarter. AIA Group Ltd boosted its holdings in shares of Salesforce by 8.9% in the third quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after buying an additional 1,962 shares during the period. Harvest Portfolios Group Inc. raised its holdings in shares of Salesforce by 13.6% during the third quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock valued at $24,387,000 after acquiring an additional 10,656 shares during the period. Finally, XN LP lifted its position in shares of Salesforce by 24.2% in the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after acquiring an additional 90,616 shares in the last quarter. 80.43% of the stock is currently owned by 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.