Salesforce (NYSE:CRM) Shares Up 3.2%

Salesforce, Inc. (NYSE:CRM) shot up 3.2% on Wednesday . The company traded as high as $246.53 and last traded at $246.09. 979,022 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 6,715,837 shares. The stock had previously closed at $238.42.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CRM. Royal Bank of Canada restated an “outperform” rating and issued a $350.00 price target on shares of Salesforce in a report on Friday, May 24th. Macquarie decreased their price target on Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Wells Fargo & Company decreased their price target on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a report on Thursday, May 30th. TD Cowen decreased their price target on Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a report on Thursday, May 30th. Finally, BMO Capital Markets cut their target price on Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $292.79.

Salesforce Stock Performance

The company has a market cap of $234.34 billion, a P/E ratio of 44.26, a PEG ratio of 2.22 and a beta of 1.29. The company has a 50 day moving average price of $247.24 and a 200-day moving average price of $274.42. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

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

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.66%. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Activity at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $257.28, for a total value of $1,080,576.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,251,239.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director G Mason Morfit purchased 428,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was bought at an average cost of $233.17 per share, with a total value of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $257.28, for a total value of $1,080,576.00. Following the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at $30,251,239.68. The disclosure for this sale can be found here. Insiders sold 245,042 shares of company stock worth $64,456,417 in the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Salesforce

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bear Mountain Capital Inc. purchased a new stake in shares of Salesforce during the 4th quarter worth about $26,000. Signature Resources Capital Management LLC acquired a new position in shares of Salesforce during the 4th quarter valued at about $26,000. Ruedi Wealth Management Inc. increased its holdings in shares of Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the last quarter. Piscataqua Savings Bank increased its holdings 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 valued at $26,000 after acquiring an additional 96 shares during the last quarter. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Salesforce during the 4th quarter valued at about $31,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.