Redburn Atlantic initiated coverage on shares of Salesforce (NYSE:CRM - Free Report) in a research report released on Wednesday morning, Marketbeat.com reports. The firm issued a buy rating on the CRM provider's stock.
CRM has been the topic of a number of other research reports. Scotiabank lifted their price objective on Salesforce from $425.00 to $440.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, December 4th. TD Cowen raised shares of Salesforce from a "hold" rating to a "buy" rating and increased their price target for the company from $380.00 to $400.00 in a report on Friday, January 17th. Northland Securities reissued an "outperform" rating and set a $440.00 price objective (up from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Morgan Stanley raised their price objective on Salesforce from $330.00 to $405.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. Finally, Canaccord Genuity Group lifted their target price on Salesforce from $315.00 to $415.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have issued a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $375.53.
Read Our Latest Stock Analysis on Salesforce
Salesforce Price Performance
Shares of NYSE:CRM traded down $8.89 during midday trading on Wednesday, reaching $309.54. 7,341,387 shares of the company were exchanged, compared to its average volume of 6,249,096. The stock has a market cap of $296.23 billion, a PE ratio of 50.91, a price-to-earnings-growth ratio of 2.63 and a beta of 1.31. The business's fifty day moving average is $333.34 and its two-hundred day moving average is $305.25. Salesforce has a one year low of $212.00 and a one year high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same period last year, the company earned $1.62 EPS. The firm's revenue for the quarter was up 8.3% on a year-over-year basis. As a group, analysts predict that Salesforce will post 7.46 earnings per share for the current year.
Salesforce Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.52%. Salesforce's dividend payout ratio is presently 26.32%.
Insider Transactions at Salesforce
In related news, insider Miguel Milano sold 719 shares of the 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. This represents a 13.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total transaction of $2,041,607.78. Following the transaction, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at $15,342,415. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,102,833 shares of company stock valued at $381,389,136. Corporate insiders own 3.20% of the company's stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. Foundations Investment Advisors LLC raised its stake in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider's stock valued at $12,194,000 after buying an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc purchased a new position in Salesforce during the third quarter valued at approximately $1,215,000. Prime Capital Investment Advisors LLC raised its position in Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider's stock valued at $15,885,000 after acquiring an additional 6,938 shares in the last quarter. Aljian Capital Management LLC lifted its holdings in Salesforce by 16.1% in the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider's stock valued at $3,629,000 after acquiring an additional 1,834 shares during the period. Finally, AIA Group Ltd boosted its position in Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider's stock worth $6,577,000 after purchasing an additional 1,962 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company's stock.
About Salesforce
(
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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.
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