Salesforce (NYSE:CRM) Stock Price Up 1.3%

Salesforce, Inc. (NYSE:CRMGet Free Report)’s share price shot up 1.3% on Tuesday . The company traded as high as $255.78 and last traded at $254.56. 857,566 shares were traded during trading, a decline of 87% from the average session volume of 6,639,579 shares. The stock had previously closed at $251.31.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Jefferies Financial Group dropped their target price on Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $350.00 price objective on shares of Salesforce in a research note on Friday, May 24th. Citigroup reduced their target price on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Robert W. Baird dropped their price target on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Finally, Morgan Stanley reduced their price target on Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $292.79.

Read Our Latest Research Report on Salesforce

Salesforce Stock Up 1.7 %

The firm has a fifty day simple moving average of $248.65 and a 200 day simple moving average of $273.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $251.66 billion, a PE ratio of 45.92, a PEG ratio of 2.22 and a beta of 1.29.

Salesforce (NYSE:CRMGet Free Report) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same period last year, the company earned $1.15 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. Equities research analysts predict that Salesforce, Inc. will post 7.47 EPS for the current year.

Salesforce Dividend Announcement

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

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the transaction, the chief executive officer now directly owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $285.20, for a total transaction of $1,197,840.00. Following the completion of the sale, the insider now directly owns 115,762 shares of the company’s stock, valued at approximately $33,015,322.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the transaction, the chief executive officer now owns 12,407,327 shares in the company, valued at approximately $2,688,171,467.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 202,136 shares of company stock worth $52,228,109. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently modified their holdings of the stock. Chase Investment Counsel Corp lifted its position in shares of Salesforce by 0.3% during the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after purchasing an additional 36 shares in the last quarter. JFS Wealth Advisors LLC increased its stake in Salesforce by 11.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after buying an additional 36 shares during the period. Opes Wealth Management LLC lifted its holdings in Salesforce by 2.9% in the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after buying an additional 37 shares in the last quarter. Fox Hill Wealth Management boosted its position in Salesforce by 4.0% in the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after buying an additional 38 shares during the last quarter. Finally, Pinnacle Wealth Planning Services Inc. grew its stake in shares of Salesforce by 0.8% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after acquiring an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

About Salesforce

(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.

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