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

Salesforce (NYSE:CRM) had its price objective hoisted by JPMorgan Chase & Co. from $340.00 to $380.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the CRM provider’s stock.

Several other equities analysts have also weighed in on CRM. Oppenheimer restated an “outperform” rating and set a $415.00 target price (up previously from $385.00) on shares of Salesforce in a report on Wednesday. Citigroup raised their price objective on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research report on Wednesday. Jefferies Financial Group upped their target price on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday. Wedbush raised their target price on Salesforce from $325.00 to $375.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Finally, Cfra set a $343.00 price target on Salesforce in a report on Thursday, October 17th. Eight research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $372.86.

Salesforce Price Performance

Shares of Salesforce stock opened at $361.99 on Wednesday. The business’s fifty day moving average price is $308.26 and its 200 day moving average price is $272.43. The stock has a market capitalization of $346.06 billion, a P/E ratio of 59.54, a PEG ratio of 3.00 and a beta of 1.30. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a twelve month low of $212.00 and a twelve month high of $369.00.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.31% and a net margin of 15.96%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same period last year, the company posted $1.62 EPS. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, research analysts anticipate that Salesforce will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.44%. Salesforce’s dividend payout ratio (DPR) is 26.32%.

Insider Buying and Selling

In other Salesforce news, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total value of $246,480.39. Following the transaction, the insider now owns 4,659 shares in the company, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Brian Millham sold 14,808 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The disclosure for this sale can be found here. Insiders have sold a total of 140,982 shares of company stock valued at $41,591,457 over the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several institutional investors and hedge funds have recently bought and sold shares of CRM. Oddo BHF Asset Management Sas purchased a new position in Salesforce during the 3rd quarter worth approximately $15,894,000. Inspire Trust Co. N.A. purchased a new position in shares of Salesforce during the third quarter valued at $821,000. Beaird Harris Wealth Management LLC raised its position in Salesforce by 1,639.5% during the third quarter. Beaird Harris Wealth Management LLC now owns 661 shares of the CRM provider’s stock valued at $181,000 after buying an additional 623 shares during the period. Tidal Investments LLC lifted its stake in Salesforce by 37.6% in 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. Finally, Wilmington Savings Fund Society FSB boosted its position in Salesforce by 7.4% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after acquiring an additional 3,021 shares during the period. Institutional investors and hedge funds 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.