CRM

Salesforce (NYSE:CRM) Stock Price Up 0.5%

May 19, 2024

31 4 minutes read

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Salesforce, Inc. (NYSE:CRM – Get Free Report)’s stock price shot up 0.5% during trading on Friday . The company traded as high as $287.34 and last traded at $286.16. 822,959 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 5,349,083 shares. The stock had previously closed at $284.68.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRM. KeyCorp began coverage on shares of Salesforce in a report on Thursday, March 21st. They issued a “sector weight” rating on the stock. Piper Sandler reissued a “neutral” rating and set a $300.00 target price on shares of Salesforce in a report on Monday, April 15th. Royal Bank of Canada reissued an “outperform” rating and set a $350.00 target price (up previously from $325.00) on shares of Salesforce in a report on Friday, April 12th. Stifel Nicolaus reissued a “buy” rating and set a $350.00 target price on shares of Salesforce in a report on Wednesday, April 3rd. Finally, Wedbush boosted their target price on shares of Salesforce from $280.00 to $325.00 and gave the company 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 issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $310.61.

Read Our Latest Stock Analysis on Salesforce

Salesforce Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $276.47 billion, a P/E ratio of 68.00, a P/E/G ratio of 2.19 and a beta of 1.30. The firm’s 50 day simple moving average is $289.14 and its two-hundred day simple moving average is $272.04.

Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating the consensus estimate of $1.72 by $0.06. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.01 earnings per share. As a group, analysts predict that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is 9.52%.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $287.50, for a total transaction of $2,875,000.00. Following the completion of the transaction, the insider now directly owns 60,416 shares of the company’s stock, valued at $17,369,600. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 635,499 shares of company stock valued at $184,795,784. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of institutional investors have recently bought and sold shares of CRM. Csenge Advisory Group grew its holdings in Salesforce by 10.9% in the third quarter. Csenge Advisory Group now owns 2,217 shares of the CRM provider’s stock worth $449,000 after purchasing an additional 217 shares during the period. Sonora Investment Management Group LLC grew its holdings in Salesforce by 8.9% in the third quarter. Sonora Investment Management Group LLC now owns 3,258 shares of the CRM provider’s stock worth $661,000 after purchasing an additional 267 shares during the period. Capital Investment Advisory Services LLC grew its holdings in shares of Salesforce by 7.4% during the third quarter. Capital Investment Advisory Services LLC now owns 2,274 shares of the CRM provider’s stock valued at $461,000 after buying an additional 157 shares during the last quarter. Duality Advisers LP purchased a new stake in shares of Salesforce during the third quarter valued at approximately $1,273,000. Finally, Cozad Asset Management Inc. grew its holdings in shares of Salesforce by 2.2% during the third quarter. Cozad Asset Management Inc. now owns 14,443 shares of the CRM provider’s stock valued at $2,929,000 after buying an additional 308 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Company Profile

(Get Free Report)

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.