Salesforce (NYSE:CRM) Sets New 52-Week High Following Analyst Upgrade

Salesforce, Inc. (NYSE:CRM) shares reached a new 52-week high on Wednesday after Canaccord Genuity Group raised their price target on the stock from $315.00 to $415.00. Canaccord Genuity Group currently has a buy rating on the stock. Salesforce traded as high as $367.20 and last traded at $362.55, with a volume of 3837696 shares. The stock had previously closed at $331.43.

Other analysts have also recently issued reports about the stock. Roth Mkm reiterated a “buy” rating and issued a $335.00 target price on shares of Salesforce in a research note on Thursday, August 29th. Bank of America upped their price objective on shares of Salesforce from $390.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday. Evercore ISI restated an “outperform” rating and set a $300.00 target price on shares of Salesforce in a report on Monday, August 26th. Wedbush upped their price target on Salesforce from $325.00 to $375.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Finally, Sanford C. Bernstein raised their price objective on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $366.14.

Insider Transactions at Salesforce

In related news, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total value of $18,156,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the sale, the insider now owns 4,659 shares in the company, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 140,982 shares of company stock worth $41,591,457 over the last 90 days. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in shares of Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after purchasing an additional 864,193 shares in the last quarter. Geode Capital Management LLC lifted its stake in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after acquiring an additional 257,501 shares in the last quarter. Fisher Asset Management LLC boosted its position in Salesforce by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock worth $3,360,215,000 after acquiring an additional 314,530 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Salesforce by 2.2% in the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after purchasing an additional 176,641 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Salesforce by 1.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock worth $1,632,599,000 after purchasing an additional 57,825 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Price Performance

The firm has a market cap of $343.46 billion, a price-to-earnings ratio of 63.22, a PEG ratio of 3.00 and a beta of 1.30. The company’s fifty day moving average is $304.68 and its 200 day moving average is $271.14. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. During the same quarter in the previous year, the business earned $1.62 EPS. Salesforce’s revenue was up 8.3% on a year-over-year basis. On average, equities research analysts predict that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.45%. Salesforce’s dividend payout ratio is presently 27.83%.

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.