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

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

Several other equities research analysts have also commented on CRM. FBN Securities upgraded Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Robert W. Baird raised their price objective on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Raymond James upped their target price on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and issued a $345.00 price target on shares of Salesforce in a research note on Friday, September 20th. Finally, Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 price objective on shares of Salesforce in a research note on Friday, August 30th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $339.66.

Salesforce Stock Down 0.8 %

Shares of CRM opened at $339.12 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 $324.20 billion, a P/E ratio of 58.98, a PEG ratio of 3.10 and a beta of 1.29. The stock’s 50 day moving average is $296.26 and its two-hundred day moving average is $268.98. Salesforce has a 12 month low of $212.00 and a 12 month high of $348.86.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the firm earned $1.63 EPS. The firm’s revenue was up 8.5% compared to the same quarter last year. Analysts predict that Salesforce will post 7.55 earnings per share 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 paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

Insider Activity at Salesforce

In other news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Brian Millham sold 14,808 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $338.95, for a total transaction of $5,019,171.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 144,510 shares of company stock worth $42,475,538. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several large investors have recently bought and sold shares of the business. Tidal Investments LLC boosted its position in shares of Salesforce by 37.6% during the 3rd quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock worth $53,807,000 after acquiring an additional 53,739 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its stake in Salesforce by 7.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after purchasing an additional 3,021 shares during the last quarter. Arvest Bank Trust Division acquired a new position in Salesforce in the third quarter valued at approximately $380,000. Sfmg LLC increased its stake in Salesforce by 0.4% in the third quarter. Sfmg LLC now owns 23,348 shares of the CRM provider’s stock valued at $6,391,000 after purchasing an additional 84 shares during the last quarter. Finally, World Investment Advisors LLC raised its holdings in Salesforce by 570.4% during the third quarter. World Investment Advisors LLC now owns 54,446 shares of the CRM provider’s stock worth $14,903,000 after purchasing an additional 46,324 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.