Salesforce (NYSE:CRM) Shares Up 0.9%
Salesforce, Inc. (NYSE:CRM – Get Free Report) rose 0.9% on Wednesday . The stock traded as high as $306.86 and last traded at $306.85. Approximately 648,891 shares traded hands during trading, a decline of 88% from the average daily volume of 5,623,538 shares. The stock had previously closed at $304.00.
Analysts Set New Price Targets
A number of equities analysts have recently commented on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $350.00 target price on shares of Salesforce in a report on Thursday, March 7th. Royal Bank of Canada lifted their target price on Salesforce from $285.00 to $325.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Wolfe Research upgraded Salesforce from a “peer perform” rating to an “outperform” rating and set a $315.00 target price for the company in a report on Monday, December 18th. Truist Financial reiterated 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. Finally, Robert W. Baird lifted their target price on Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $304.97.
Get Our Latest Stock Analysis on Salesforce
Salesforce Stock Up 0.2 %
The company has a 50-day moving average of $296.10 and a 200-day moving average of $254.65. The company has a market capitalization of $295.60 billion, a price-to-earnings ratio of 73.06, a price-to-earnings-growth ratio of 2.32 and a beta of 1.28. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM – Get Free Report) last announced its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.01 EPS. On average, equities analysts predict that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.
Salesforce Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.53%. Salesforce’s payout ratio is presently 9.52%.
Insider Transactions at Salesforce
In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $251.61, for a total value of $3,774,150.00. Following the completion of the sale, the chief executive officer now directly owns 13,896,166 shares of the company’s stock, valued at approximately $3,496,414,327.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $251.61, for a total transaction of $3,774,150.00. Following the completion of the sale, the chief executive officer now directly owns 13,896,166 shares of the company’s stock, valued at approximately $3,496,414,327.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Brian Millham sold 24,453 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. Insiders have sold 913,175 shares of company stock worth $261,391,996 over the last quarter. 3.70% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Salesforce
A number of institutional investors and hedge funds have recently modified their holdings of the company. Bear Mountain Capital Inc. acquired a new stake in Salesforce during the 4th quarter valued at $26,000. Signature Resources Capital Management LLC acquired a new stake in Salesforce during the 4th quarter valued at $26,000. Aspect Partners LLC acquired a new stake in Salesforce during the 4th quarter valued at $29,000. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce during the 4th quarter valued at $31,000. Finally, Main Street Group LTD purchased a new position in shares of Salesforce during the 4th 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
Before you consider Salesforce, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Salesforce wasn’t on the list.
While Salesforce currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
