Salesforce (NYSE:CRM) Trading 5.6% Higher on Analyst Upgrade

Salesforce, Inc. (NYSE:CRM) shares were up 5.6% during mid-day trading on Monday after Wells Fargo & Company raised their price target on the stock from $275.00 to $330.00. Wells Fargo & Company currently has an equal weight rating on the stock. Salesforce traded as high as $340.77 and last traded at $339.93. Approximately 3,952,770 shares were traded during trading, a decline of 37% from the average daily volume of 6,255,469 shares. The stock had previously closed at $321.95.

A number of other research firms also recently issued reports on CRM. UBS Group raised their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised their target price on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. FBN Securities raised Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Raymond James raised their price target on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Finally, Canaccord Genuity Group upped their price objective on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $316.37.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Miguel Milano sold 2,934 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $262.95, for a total transaction of $771,495.30. Following the sale, the insider now directly owns 3,716 shares of the company’s stock, valued at $977,122.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,373 shares of company stock worth $41,250,680. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several large investors have recently added to or reduced their stakes in the company. Capital Research Global Investors raised its position in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new position in Salesforce during the 1st quarter valued at about $910,220,000. Swedbank AB acquired a new position in shares of Salesforce in the 1st quarter valued at about $874,748,000. Veritas Asset Management LLP acquired a new stake in shares of Salesforce during the third quarter worth approximately $733,805,000. Finally, Massachusetts Financial Services Co. MA grew its position in Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Down 0.2 %

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 stock has a market cap of $326.19 billion, a price-to-earnings ratio of 59.98, a price-to-earnings-growth ratio of 2.91 and a beta of 1.29. The company’s 50 day simple moving average is $279.53 and its two-hundred day simple moving average is $264.83.

Salesforce (NYSE:CRM) last posted its quarterly earnings results 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. The business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. Research analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors 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 dividend on an annualized basis and a yield of 0.47%. Salesforce’s dividend payout ratio is currently 27.83%.

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.