Salesforce (NYSE:CRM) Given New $316.00 Price Target at Bank of America

Salesforce (NYSE:CRM) had its target price hoisted by Bank of America from $288.00 to $316.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the CRM provider’s stock.

A number of other equities analysts have also recently issued reports on CRM. Wedbush dropped their target price on Salesforce from $325.00 to $315.00 and set an outperform rating for the company in a report on Wednesday, May 29th. BMO Capital Markets reduced their target price on shares of Salesforce from $335.00 to $265.00 and set an outperform rating on the stock in a research note on Thursday, May 30th. JPMorgan Chase & Co. dropped their target price on shares of Salesforce from $310.00 to $300.00 and set an overweight rating for the company in a research report on Thursday, May 30th. Truist Financial restated a buy rating and issued a $300.00 price target (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. Finally, Raymond James reaffirmed a strong-buy rating and set a $325.00 price objective (down previously from $380.00) on shares of Salesforce 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 given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $291.50.

Salesforce Stock Performance

Shares of CRM traded up $0.12 on Friday, reaching $262.91. 3,494,863 shares of the stock traded hands, compared to its average volume of 6,614,657. The stock’s 50-day moving average price is $249.47 and its 200-day moving average price is $273.03. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $254.76 billion, a price-to-earnings ratio of 47.29, a P/E/G ratio of 2.22 and a beta of 1.29. Salesforce has a 12 month low of $193.68 and a 12 month high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the previous year, the firm posted $1.15 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities analysts forecast that Salesforce will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio is currently 28.78%.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $254.57, for a total value of $1,069,194.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at approximately $29,932,595.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the transaction, the insider now directly owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $254.57, for a total transaction of $1,069,194.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at $29,932,595.17. The disclosure for this sale can be found here. In the last 90 days, insiders sold 187,136 shares of company stock valued at $47,935,109. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors have recently modified their holdings of CRM. Chase Investment Counsel Corp lifted its position in shares of Salesforce by 0.3% in the 4th 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 during the period. JFS Wealth Advisors LLC boosted its position in Salesforce by 11.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after acquiring an additional 36 shares in the last quarter. Fox Hill Wealth Management increased its holdings in shares of 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 acquiring an additional 38 shares during the period. Pinnacle Wealth Planning Services Inc. raised its position in shares of Salesforce by 0.8% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after acquiring an additional 38 shares in the last quarter. Finally, Beaumont Asset Management L.L.C. lifted its stake in shares of Salesforce by 0.4% during the 4th quarter. Beaumont Asset Management L.L.C. now owns 8,901 shares of the CRM provider’s stock worth $2,342,000 after purchasing an additional 39 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

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.