Salesforce (NYSE:CRM) Sets New 12-Month High After Analyst Upgrade

Salesforce, Inc. (NYSE:CRM) reached a new 52-week high during mid-day trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $315.00 to $415.00. Canaccord Genuity Group currently has a buy rating on the stock. Salesforce traded as high as $367.20 and last traded at $362.55, with a volume of 3837696 shares. The stock had previously closed at $331.43.

Several other brokerages have also weighed in on CRM. Raymond James upped their target price on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. UBS Group raised their price objective on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Needham & Company LLC upped their target price on Salesforce from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday. Roth Mkm reaffirmed a “buy” rating and set a $335.00 price target on shares of Salesforce in a research note on Thursday, August 29th. Finally, Scotiabank started coverage on shares of Salesforce in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $425.00 price objective on the stock. Eight research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $366.14.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $257.04, for a total value of $1,079,568.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at approximately $30,223,020.24. This represents a 3.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total value of $246,480.39. Following the sale, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. This trade represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 140,982 shares of company stock worth $41,591,457 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRM. Oddo BHF Asset Management Sas bought a new position in Salesforce in the 3rd quarter valued at about $15,894,000. Inspire Trust Co. N.A. bought a new position in shares of Salesforce in the third quarter valued at approximately $821,000. Beaird Harris Wealth Management LLC increased its stake in shares of Salesforce by 1,639.5% during the third quarter. Beaird Harris Wealth Management LLC now owns 661 shares of the CRM provider’s stock valued at $181,000 after acquiring an additional 623 shares during the period. Tidal Investments LLC raised its holdings in Salesforce by 37.6% during the third quarter. Tidal Investments LLC now owns 196,584 shares of the CRM provider’s stock worth $53,807,000 after purchasing an additional 53,739 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its position in Salesforce by 7.4% in the third quarter. Wilmington Savings Fund Society FSB now owns 43,812 shares of the CRM provider’s stock worth $11,992,000 after purchasing an additional 3,021 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Trading Up 8.4 %

The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The business has a 50 day simple moving average of $304.68 and a 200-day simple moving average of $271.14. The stock has a market capitalization of $343.46 billion, a P/E ratio of 63.22, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.62 earnings per share. On average, analysts predict that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.45%. Salesforce’s dividend payout ratio is 27.83%.

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.