Salesforce (NYSE:CRM) Receives Hold Rating from Erste Group Bank

Erste Group Bank restated their hold rating on shares of Salesforce (NYSE:CRM) in a report published on Wednesday, Benzinga reports.

Several other brokerages have also commented on CRM. Piper Sandler raised their price objective on Salesforce from $250.00 to $268.00 and gave the company a neutral rating in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on Salesforce from $350.00 to $300.00 and set a buy rating for the company in a research report on Thursday, May 30th. Sanford C. Bernstein raised their price target on Salesforce from $234.00 to $236.00 and gave the company an outperform rating in a report on Thursday, August 29th. Mizuho reduced their price target on Salesforce from $345.00 to $300.00 and set a buy rating for the company in a report on Thursday, May 30th. Finally, Needham & Company LLC restated a buy rating and set a $345.00 price target on shares of Salesforce in a report on Friday, September 6th. Nine investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $304.41.

Salesforce Stock Performance

Shares of CRM stock opened at $254.57 on Wednesday. The stock has a fifty day moving average of $253.56 and a 200 day moving average of $268.14. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71. The firm has a market capitalization of $246.68 billion, a price-to-earnings ratio of 45.79, a PEG ratio of 2.26 and a beta of 1.29. 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 results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 earnings per share. As a group, research analysts expect that Salesforce will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.63%. Salesforce’s payout ratio is currently 28.78%.

Insider Activity

In related news, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the transaction, the insider now directly owns 22,154 shares of the company’s stock, valued at approximately $5,368,357.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Parker Harris sold 5,600 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $250.17, for a total value of $1,400,952.00. Following the transaction, the insider now directly owns 116,693 shares of the company’s stock, valued at approximately $29,193,087.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now directly owns 22,154 shares in the company, valued at $5,368,357.28. The disclosure for this sale can be found here. Insiders have sold a total of 62,376 shares of company stock valued at $15,878,005 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Hedge funds have recently modified their holdings of the company. Ruedi Wealth Management Inc. raised 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 worth $26,000 after acquiring an additional 56 shares in the last quarter. Piscataqua Savings Bank raised 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 worth $26,000 after acquiring an additional 96 shares in the last quarter. Red Tortoise LLC purchased a new stake in shares of Salesforce during the 1st quarter worth approximately $33,000. Clear Investment Research LLC raised its holdings in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Salesforce during the 2nd quarter worth approximately $33,000. 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.