Salesforce (NYSE:CRM) Given New $340.00 Price Target at TD Cowen

Salesforce (NYSE:CRM) had its target price increased by TD Cowen from $290.00 to $340.00 in a research report released on Thursday,Benzinga reports. The firm currently has a hold rating on the CRM provider’s stock.

Several other research analysts have also issued reports on the company. Robert W. Baird upped their target price on Salesforce from $295.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Jefferies Financial Group upped their target price on Salesforce from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Raymond James upped their target price on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Truist Financial reaffirmed a “buy” rating and set a $315.00 target price (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Finally, Loop Capital upped their target price on Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $332.11.

Salesforce Trading Up 3.2 %

Shares of NYSE CRM opened at $336.19 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $321.40 billion, a P/E ratio of 58.47, a price-to-earnings-growth ratio of 2.93 and a beta of 1.29. Salesforce has a 1-year low of $212.00 and a 1-year high of $348.86. The business has a fifty day moving average price of $292.86 and a 200 day moving average price of $268.20.

Salesforce (NYSE:CRM) last issued its quarterly earnings data 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 firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 EPS. Equities research analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Insider Activity

In related news, COO Brian Millham sold 60,522 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 133,183 shares of company stock worth $38,314,066 over the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Advisors Asset Management Inc. increased its stake in Salesforce by 25.8% during the first quarter. Advisors Asset Management Inc. now owns 16,227 shares of the CRM provider’s stock worth $4,887,000 after acquiring an additional 3,327 shares during the last quarter. Gabelli Funds LLC increased its stake in Salesforce by 34.0% during the first quarter. Gabelli Funds LLC now owns 2,150 shares of the CRM provider’s stock worth $648,000 after acquiring an additional 545 shares during the last quarter. Bank of Nova Scotia Trust Co. increased its stake in Salesforce by 20.6% during the first quarter. Bank of Nova Scotia Trust Co. now owns 24,828 shares of the CRM provider’s stock worth $7,478,000 after acquiring an additional 4,249 shares during the last quarter. Steel Grove Capital Advisors LLC acquired a new stake in Salesforce during the first quarter worth $387,000. Finally, Kestra Advisory Services LLC increased its stake in Salesforce by 0.6% during the first quarter. Kestra Advisory Services LLC now owns 96,649 shares of the CRM provider’s stock worth $29,109,000 after acquiring an additional 571 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.