Salesforce (NYSE:CRM) had its price target raised to $350.00 by analysts at Raymond James

VaselineAugust 30, 2024

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Salesforce (NYSE:CRM - Free Report) Their target price was upped by Raymond James from $325.00 to $350.00 in a research report on Thursday morning, Benzinga reports. They currently have a strong buy rating on the CRM provider’s stock.

Other equities analysts have also issued research reports on the stock. Piper Sandler restated a neutral rating and set a $250.00 target price on shares of Salesforce in a report on Friday, July 12th. 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. Macquarie cut their price target on Salesforce from $330.00 to $275.00 and set an outperform rating for the company in a report on Friday, May 31st. Morgan Stanley decreased their price objective on shares of Salesforce from $350.00 to $320.00 and set an overweight rating on the stock in a research note on Thursday, May 30th. Finally, Canaccord Genuity Group cut 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. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. Salesforce has a consensus rating of Moderate Buy and a consensus price target of $301.91, according to MarketBeat.

Check out our latest report on Salesforce

Salesforce Price Performance

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Shares of Salesforce stock opened at $256.91 on Thursday. The stock has a market cap of $248.95 billion, a P/E ratio of 46.21, a PEG ratio of 2.22 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11, and a debt-to-equity ratio of 0.14. The company’s fifty day moving average price is $253.98 and its 200 day moving average price is $271.54. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71.

Salesforce (NYSE:CRM - Get Your Free Report ) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.19. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. In the same quarter last year, the business earned $1.63 EPS. The company’s revenue for the quarter was up 8.5% year-over-year. As a group, research analysts anticipate that Salesforce will post 7.47 earnings per share for the current year.

Salesforce Dividend Announcement

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

Insiders place their bets

In related news, Director G Mason Morfit acquired 428,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were purchased at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the acquisition, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director G Mason Morfit acquired 428,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were bought at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the transaction, the director now owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. Also, insider Parker Harris sold 4,200 shares of the 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 transaction, the insider now owns 117,581 shares of the company’s stock, valued at $30,912,044.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,964 shares of company stock worth $27,956,647. 3.20% of shares are owned by company insiders.

Salesforce Institutional Trading

Institutional investors have recently modified their holdings of the company. Norges Bank bought a new stake in Salesforce in the fourth quarter valued at about $2,762,331,000. Capital International Investors raised its stake in shares of Salesforce by 76.4% in the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after purchasing an additional 5,935,973 shares during the last quarter. Capital Research Global Investors boosted its stake in Salesforce by 26.9% in 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 purchasing an additional 3,044,611 shares during the last quarter. GQG Partners LLC bought a new stake in Salesforce in the 1st quarter worth approximately $910,220,000. Finally, Swedbank AB bought a new position in shares of Salesforce in the first quarter valued at $874,748,000. Institutional investors and hedge funds own 80.43% of the company’s shares.

About Salesforce

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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.