Salesforce (NYSE:CRM) Price Target Raised to $380.00

Salesforce (NYSE:CRM) had its price target increased by Truist Financial from $315.00 to $380.00 in a research report sent to investors on Monday,Benzinga reports. Truist Financial currently has a buy rating on the CRM provider’s stock.

A number of other research firms have also recently commented on CRM. Robert W. Baird lifted their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Oppenheimer reissued an “outperform” rating and set a $385.00 price objective (up from $330.00) on shares of Salesforce in a report on Thursday, November 21st. Needham & Company LLC reissued a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research report on Friday, September 20th. JPMorgan Chase & Co. lifted their price target on Salesforce from $310.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Finally, Wedbush increased their price objective on Salesforce from $325.00 to $375.00 and gave the company an “outperform” rating in a report on Monday. Eight analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average target price of $341.89.

Salesforce Stock Performance

Shares of CRM opened at $330.01 on Monday. 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 market cap of $315.49 billion, a PE ratio of 57.39, a P/E/G ratio of 3.07 and a beta of 1.29. Salesforce has a 12 month low of $212.00 and a 12 month high of $348.86. The stock has a fifty day moving average price of $299.57 and a 200-day moving average price of $269.87.

Salesforce (NYSE:CRM) last released 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 analysts’ expectations of $9.22 billion. During the same period last year, the business posted $1.63 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. Equities research analysts predict that Salesforce will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Insider Transactions at Salesforce

In other news, COO Brian Millham sold 14,808 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Miguel Milano sold 719 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the sale, the insider now directly owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. This represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,510 shares of company stock valued at $42,475,538 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of large investors have recently made changes to their positions in CRM. Aviance Capital Partners LLC grew its holdings in Salesforce by 0.5% during the 3rd quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock valued at $1,860,000 after buying an additional 33 shares during the last quarter. EWA LLC boosted its stake in shares of Salesforce by 1.7% during the third quarter. EWA LLC now owns 2,001 shares of the CRM provider’s stock valued at $548,000 after acquiring an additional 33 shares during the last quarter. Umpqua Bank increased its position in Salesforce by 0.4% during the 3rd quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock worth $2,110,000 after purchasing an additional 34 shares in the last quarter. Principal Street Partners LLC raised its stake in Salesforce by 1.0% in the 3rd quarter. Principal Street Partners LLC now owns 3,297 shares of the CRM provider’s stock valued at $891,000 after purchasing an additional 34 shares during the last quarter. Finally, Nvwm LLC lifted its holdings in Salesforce by 1.4% in the 3rd quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after purchasing an additional 36 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.