Salesforce (NYSE:CRM) Given Overweight Rating at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Salesforce (NYSE:CRM) in a report published on Wednesday,Benzinga reports. They currently have a $405.00 price target on the CRM provider’s stock.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Stifel Nicolaus lifted their price target on shares of Salesforce from $390.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Sanford C. Bernstein increased their price objective on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Wedbush raised their price objective on Salesforce from $325.00 to $375.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Finally, Wells Fargo & Company boosted their target price on Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 12th. Eight equities research 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 stock. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $378.86.

Salesforce Price Performance

Shares of NYSE CRM traded up $0.26 during mid-day trading on Wednesday, reaching $337.49. 1,178,600 shares of the company traded hands, compared to its average volume of 6,391,005. Salesforce has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a market cap of $322.98 billion, a PE ratio of 55.51, a price-to-earnings-growth ratio of 3.21 and a beta of 1.30. The stock has a fifty day simple moving average of $321.11 and a 200-day simple moving average of $277.86. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 earnings per share. Equities research analysts anticipate that Salesforce will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 18th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.47%. The ex-dividend date is Wednesday, December 18th. Salesforce’s dividend payout ratio is currently 26.32%.

Insider Buying and Selling

In other news, insider Parker Harris sold 942 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $264.78, for a total transaction of $249,422.76. Following the completion of the transaction, the insider now directly owns 118,514 shares in the company, valued at $31,380,136.92. The trade was a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Brian Millham sold 5,735 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $266.22, for a total transaction of $1,526,771.70. Following the completion of the sale, the chief operating officer now owns 1,663 shares in the company, valued at approximately $442,723.86. The trade was a 77.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 134,298 shares of company stock worth $39,903,781 in the last quarter. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently made changes to their positions in the stock. Infrastructure Capital Advisors LLC acquired a new position in Salesforce in the 3rd quarter valued at approximately $27,000. Clear Investment Research LLC increased its position in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the period. Stephens Consulting LLC raised its stake in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Salesforce in the second quarter worth $33,000. Finally, Godsey & Gibb Inc. boosted its stake in Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares in the last quarter. Institutional investors 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.