Salesforce (NYSE:CRM) Shares Up 0.9%

Salesforce, Inc. (NYSE:CRMGet Free Report)’s share price shot up 0.9% during trading on Wednesday . The company traded as high as $306.86 and last traded at $306.85. 648,891 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 5,623,538 shares. The stock had previously closed at $304.00.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRM. UBS Group boosted their target price on shares of Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Citigroup upped their price objective on shares of Salesforce from $265.00 to $325.00 and gave the company a “neutral” rating in a report on Monday, February 26th. Royal Bank of Canada upped their price objective on shares of Salesforce from $285.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Wells Fargo & Company upped their price objective on shares of Salesforce from $280.00 to $290.00 and gave the company an “equal weight” rating in a report on Wednesday, February 21st. Finally, Piper Sandler restated a “neutral” rating and set a $285.00 price objective on shares of Salesforce in a report on Wednesday, February 28th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $304.97.

Check Out Our Latest Research Report on CRM

Salesforce Stock Down 0.1 %

The firm has a 50 day moving average price of $296.10 and a 200-day moving average price of $254.65. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $294.58 billion, a PE ratio of 73.06, a PEG ratio of 2.32 and a beta of 1.28.

Salesforce (NYSE:CRMGet Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter last year, the business posted $1.01 EPS. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. Research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.53%. Salesforce’s payout ratio is 9.52%.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $301.72, for a total transaction of $4,525,800.00. Following the sale, the chief executive officer now directly owns 13,011,166 shares in the company, valued at $3,925,729,005.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $301.72, for a total value of $4,525,800.00. Following the completion of the transaction, the chief executive officer now directly owns 13,011,166 shares of the company’s stock, valued at $3,925,729,005.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Srinivas Tallapragada sold 2,890 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $893,934.80. Following the completion of the transaction, the insider now directly owns 60,416 shares of the company’s stock, valued at $18,687,877.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 913,175 shares of company stock worth $261,391,996. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

Several institutional investors have recently added to or reduced their stakes in the business. Graypoint LLC boosted its stake in shares of Salesforce by 0.3% during the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after acquiring an additional 36 shares in the last quarter. Chase Investment Counsel Corp boosted its stake in shares of Salesforce by 0.3% during the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after acquiring an additional 36 shares in the last quarter. JFS Wealth Advisors LLC boosted its stake in shares of Salesforce by 11.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after acquiring an additional 36 shares in the last quarter. Opes Wealth Management LLC boosted its stake in shares of Salesforce by 2.9% during the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after acquiring an additional 37 shares in the last quarter. Finally, Prentice Wealth Management LLC boosted its stake in shares of Salesforce by 1.7% during the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock worth $604,000 after acquiring an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

About Salesforce

(Get Free Report)

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.

Further Reading

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