Salesforce (NYSE:CRM) Rating Reiterated by Bank of America

Bank of America reissued their buy rating on shares of Salesforce (NYSE:CRM) in a research note issued to investors on Friday, Benzinga reports. The firm currently has a $325.00 price target on the CRM provider’s stock.

Other equities research analysts have also recently issued research reports about the company. Roth Mkm reissued a buy rating and issued a $335.00 price target on shares of Salesforce in a research note on Thursday, August 29th. Raymond James boosted their target price on shares of Salesforce from $325.00 to $350.00 and gave the stock a strong-buy rating in a research report on Thursday, August 29th. Macquarie cut their price target on shares of Salesforce from $330.00 to $275.00 and set an outperform rating on the stock in a report on Friday, May 31st. Loop Capital upped their price objective on shares of Salesforce from $240.00 to $270.00 and gave the stock a hold rating in a report on Thursday, August 29th. Finally, Robert W. Baird raised their target price on Salesforce from $295.00 to $315.00 and gave the company an outperform rating in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, Salesforce currently has an average rating of Moderate Buy and an average target price of $304.41.

Salesforce Stock Performance

Shares of CRM opened at $245.76 on Friday. The company has a market capitalization of $238.14 billion, a PE ratio of 44.20, a PEG ratio of 2.21 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50 day moving average price is $254.31 and its 200 day moving average price is $269.24. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. Research analysts expect that Salesforce will post 7.54 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend is Wednesday, September 18th. Salesforce’s payout ratio is presently 28.78%.

Insiders Place Their Bets

In related news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at $28,362,888.82. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Brian Millham sold 4,056 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $261.50, for a total value of $1,060,644.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,892 shares of company stock valued at $15,269,897. Insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

A number of institutional investors have recently bought and sold shares of CRM. Ruedi Wealth Management Inc. grew its stake in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank grew its position in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares during the period. Red Tortoise LLC acquired a new position in shares of Salesforce during the 1st quarter worth about $33,000. Clear Investment Research LLC raised its position in shares of Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new position in Salesforce during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

About Salesforce

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.