Salesforce (NYSE:CRM) Stock Price Up 2.3%

Salesforce, Inc. (NYSE:CRM)’s share price traded up 2.3% during mid-day trading on Wednesday . The company traded as high as $279.20 and last traded at $277.00. 1,542,811 shares changed hands during trading, a decline of 76% from the average session volume of 6,521,909 shares. The stock had previously closed at $270.87.

Analysts Set New Price Targets

CRM has been the topic of several research reports. UBS Group upped their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Bank of America restated a “buy” rating and set a $325.00 price objective on shares of Salesforce in a report on Friday, September 6th. Morgan Stanley increased their target price on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Wells Fargo & Company upped their price objective on shares of Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Friday, September 20th. Eight analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $310.74.

Salesforce Stock Performance

The firm has a market cap of $272.86 billion, a P/E ratio of 49.82, a P/E/G ratio of 2.39 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The business’s 50-day simple moving average is $256.95 and its 200 day simple moving average is $264.65.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating 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 company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the prior year, the company earned $1.63 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. As a group, equities analysts predict that Salesforce, Inc. will post 7.54 earnings per share for the current 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 given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.57%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Transactions at Salesforce

In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of Salesforce stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the transaction, the director now owns 1,363 shares in the company, valued at approximately $376,624.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Salesforce news, COO Brian Millham sold 5,735 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $266.22, for a total value of $1,526,771.70. Following the completion of the transaction, the chief operating officer now owns 1,663 shares in the company, valued at $442,723.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at $376,624.16. The disclosure for this sale can be found here. Insiders have sold 67,985 shares of company stock worth $17,632,363 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors have recently modified their holdings of the business. Ruedi Wealth Management Inc. grew its holdings in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares during the period. Piscataqua Savings Bank grew its holdings in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. Red Tortoise LLC acquired a new stake in Salesforce during the 1st quarter worth approximately $33,000. Clear Investment Research LLC lifted its position in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Salesforce during the second quarter worth approximately $33,000. 80.43% of the stock is owned by institutional investors and hedge funds.

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.