Salesforce (NYSE:CRM) Trading 0.1% Higher
Salesforce, Inc. (NYSE:CRM – Get Free Report)’s stock price rose 0.1% during trading on Tuesday . The stock traded as high as $307.98 and last traded at $306.50. Approximately 885,591 shares traded hands during trading, a decline of 85% from the average daily volume of 5,759,814 shares. The stock had previously closed at $306.06.
Analyst Ratings Changes
Several equities research analysts have issued reports on CRM shares. TheStreet raised shares of Salesforce from a “c+” rating to a “b-” rating in a report on Friday, January 19th. Truist Financial reaffirmed a “buy” rating and issued a $360.00 target price (up previously from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Citigroup upped their target price on shares of Salesforce from $265.00 to $325.00 and gave the stock a “neutral” rating in a report on Monday, February 26th. Robert W. Baird upped their target price on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, Bank of America increased their price objective on shares of Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $304.32.
Salesforce Price Performance
The firm has a 50 day moving average price of $292.17 and a two-hundred day moving average price of $250.60. The company has a market cap of $296.34 billion, a P/E ratio of 72.98, a P/E/G ratio of 2.37 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 EPS. On average, analysts predict that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.
Salesforce Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date is Wednesday, March 13th. Salesforce’s payout ratio is currently 9.52%.
Insider Activity
In related news, CEO Marc Benioff sold 265,000 shares of the company’s stock in a transaction on Thursday, December 28th. The stock was sold at an average price of $266.15, for a total transaction of $70,529,750.00. Following the completion of the sale, the chief executive officer now owns 14,206,166 shares in the company, valued at $3,780,971,080.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the sale, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 265,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $266.15, for a total value of $70,529,750.00. Following the sale, the chief executive officer now directly owns 14,206,166 shares of the company’s stock, valued at $3,780,971,080.90. The disclosure for this sale can be found here. Insiders have sold a total of 1,141,620 shares of company stock valued at $319,126,842 over the last ninety days. 3.70% of the stock is currently owned by corporate insiders.
Institutional Trading of Salesforce
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRM. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce in the 4th quarter valued at about $26,000. Signature Resources Capital Management LLC purchased a new stake in shares of Salesforce in the fourth quarter valued at approximately $26,000. Aspect Partners LLC purchased a new stake in shares of Salesforce in the fourth quarter valued at approximately $29,000. Kathleen S. Wright Associates Inc. acquired a new position in Salesforce during the fourth quarter worth $31,000. Finally, Main Street Group LTD purchased a new stake in shares of Salesforce during the fourth quarter worth $31,000. 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.
See Also
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