Salesforce (NYSE:CRM) PT raised to $268.00

VaselineAugust 30, 2024

0 4 minutes read

Salesforce (NYSE:CRM - Free Report) Its price objective was upped by Piper Sandler from $250.00 to $268.00 in a report on Thursday, Benzinga reports. Piper Sandler currently has a neutral rating on the CRM provider’s stock.

Other equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Salesforce from $350.00 to $300.00 and set a buy rating for the company in a research note on Thursday, May 30th. Sanford C. Bernstein boosted their price target on Salesforce from $231.00 to $234.00 and gave the company an underperform rating in a research note on Thursday, May 30th. JMP Securities reissued a market outperform rating and issued a $342.00 target price on shares of Salesforce in a research note on Wednesday. Truist Financial restated a buy rating and set a $300.00 target price (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Finally, Robert W. Baird boosted their price objective on shares of Salesforce from $295.00 to $315.00 and gave the company an outperform rating in a report on Thursday. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $301.91.

Get the latest research report on CRM

Salesforce stock down 0.8%

Want more great investment ideas?

Shares of CRM stock opened at $256.91 on Thursday. The company’s fifty day moving average price is $253.98 and its two hundred day moving average price is $271.54. The firm has a market cap of $248.95 billion, a price-to-earnings ratio of 46.21, a PEG ratio of 2.22 and a beta of 1.29. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11, and a current ratio of 1.11.

Salesforce (NYSE:CRM - Get your free report) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.19. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. In the same quarter last year, the company earned $1.63 per share. On average, analysts anticipate that Salesforce will post 7.47 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were given a $0.40 dividend. This represents an annualized dividend of $1.60 and a dividend yield of 0.62%. The ex-dividend date was Tuesday, July 9th. Salesforce’s payout ratio is currently 28.78%.

Inside Sales and Buying at Salesforce

In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,912,044.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The transaction was disclosed in a filing with the SEC, which is available via this hyperlink. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total value of $1,104,180.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at $30,912,044.90. The disclosure for this sale can be found here. Insiders have sold a total of 112,964 shares of company stock worth $27,956,647 over the last three months. 3.20% of shares are currently owned by company insiders.

Institutional investors are weighing in on Salesforce

Institutional investors and hedge funds have recently bought and sold shares of the company. Gilbert & Cook Inc. raised its position in shares of Salesforce by 6.9% during the fourth quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock worth $1,489,000 after buying an additional 366 shares during the period. Savant Capital LLC grew its position in shares of Salesforce by 27.7% in the fourth quarter. Savant Capital LLC now owns 16,576 shares of the CRM provider’s stock valued at $4,362,000 after purchasing an additional 3,595 shares in the last quarter. Essex Financial Services Inc. raised its stake in Salesforce by 11.5% during the 4th quarter. Essex Financial Services Inc. now owns 2,242 shares of the CRM provider’s stock worth $590,000 after buying an additional 232 shares during the period. LGT Fund Management Co Ltd. bought a new position in shares of Salesforce in the fourth quarter valued at approximately $2,239,000. Finally, Fisher Asset Management LLC boosted its stake in Salesforce by 5.3% in the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after buying an additional 752,566 shares during the period. Institutional investors own 80.43% of the company’s shares.

About Salesforce

(Get a free report)

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together around the world. The company’s services include sales for data storage, lead and progress tracking, opportunity forecasting, analytics and artificial intelligence insights, and delivery of quotes, contracts and invoices; and services that enable companies to deliver reliable and highly personalized customer support at scale.