Salesforce (NYSE:CRM) Trading 2% Higher – Here’s What Happened

Salesforce, Inc. (NYSE:CRM)’s share price traded up 2% on Friday . The company traded as high as $294.38 and last traded at $292.38. 1,037,389 shares changed hands during trading, a decline of 84% from the average session volume of 6,323,548 shares. The stock had previously closed at $286.76.

Analysts Set New Price Targets

CRM has been the topic of a number of research reports. UBS Group lifted their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Northland Capmk raised Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Morgan Stanley lifted their price objective on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. upped their price objective on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Finally, Citigroup lifted their target price on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $312.51.

Salesforce Stock Up 1.3 %

The company has a market cap of $281.46 billion, a P/E ratio of 52.24, a P/E/G ratio of 2.61 and a beta of 1.30. The stock has a 50-day moving average of $269.73 and a two-hundred day moving average of $263.05. 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 announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the previous year, the business posted $1.63 EPS. The business’s quarterly revenue was up 8.5% on a year-over-year basis. On average, research analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

Insider Activity

In related news, COO Brian Millham sold 969 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $286.56, for a total transaction of $277,676.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, COO Brian Millham sold 969 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $286.56, for a total transaction of $277,676.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of Salesforce stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the completion of the transaction, the director now directly owns 1,363 shares in the company, valued at approximately $376,624.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,781 shares of company stock valued at $23,696,593. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several large investors have recently modified their holdings of the business. Ruedi Wealth Management Inc. lifted its holdings in 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 buying an additional 56 shares during the period. Piscataqua Savings Bank lifted its stake in Salesforce by 2,400.0% in 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 lifted its stake in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the period. Red Tortoise LLC bought a new stake in Salesforce in the first quarter valued at $33,000. Finally, Stephens Consulting LLC raised its holdings in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares in the last quarter. 80.43% of the stock is 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.