Salesforce (NYSE:CRM) Stock Price Up 3% – What’s Next?

Salesforce, Inc. (NYSE:CRM)’s stock price was up 3% during mid-day trading on Wednesday . The company traded as high as $359.97 and last traded at $359.24. Approximately 2,168,485 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 6,391,185 shares. The stock had previously closed at $348.82.

Wall Street Analysts Forecast Growth

CRM has been the topic of several recent research reports. BMO Capital Markets upped their price target on Salesforce from $385.00 to $425.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Oppenheimer reiterated an “outperform” rating and issued a $415.00 price target (up previously from $385.00) on shares of Salesforce in a research note on Wednesday, December 4th. Piper Sandler lifted their price objective on shares of Salesforce from $325.00 to $395.00 and gave the stock an “overweight” rating in a research report on Monday, December 2nd. The Goldman Sachs Group raised their price target on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Robert W. Baird upped their price objective on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $372.86.

Salesforce Trading Up 2.0 %

The firm has a market cap of $340.56 billion, a PE ratio of 59.09, a PEG ratio of 3.27 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50-day moving average price of $313.09 and a two-hundred day moving average price of $273.85.

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

Salesforce Dividend Announcement

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 paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $257.04, for a total value of $1,079,568.00. Following the transaction, the insider now directly owns 117,581 shares in the company, valued at $30,223,020.24. This trade represents a 3.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following 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 trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 138,498 shares of company stock worth $40,983,349. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently modified their holdings of CRM. Infrastructure Capital Advisors LLC acquired a new stake in Salesforce during the third quarter worth about $27,000. Clear Investment Research LLC boosted its position in Salesforce by 816.7% during the 2nd 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 grew its stake in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after buying an additional 125 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce in the second quarter worth $33,000. Finally, Godsey & Gibb Inc. lifted its stake in Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares during the last quarter. Institutional investors and hedge funds 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.