Salesforce (NYSE:CRM) Raised to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Salesforce (NYSE:CRM) from a neutral rating to an overweight rating in a report released on Tuesday, MarketBeat Ratings reports. Piper Sandler currently has $325.00 price target on the CRM provider’s stock, up from their previous price target of $268.00.

A number of other equities analysts have also recently issued reports on the company. JMP Securities reissued a market outperform rating and issued a $342.00 target price on shares of Salesforce in a report on Wednesday, August 28th. Evercore ISI reissued an outperform rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. JPMorgan Chase & Co. upped their target price on shares of Salesforce from $300.00 to $310.00 and gave the stock an overweight rating in a report on Thursday, August 29th. Wells Fargo & Company lifted their price target on shares of Salesforce from $250.00 to $275.00 and gave the company an equal weight rating in a report on Thursday, August 29th. Finally, Stifel Nicolaus upped their price objective on shares of Salesforce from $300.00 to $320.00 and gave the stock a buy rating in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $307.73.

Salesforce Stock Up 0.6 %

Shares of CRM stock opened at $275.67 on Tuesday. Salesforce has a one year low of $193.68 and a one year high of $318.71. 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 fifty day moving average price of $255.12 and a 200 day moving average price of $265.72. The stock has a market cap of $263.54 billion, a P/E ratio of 49.58, a price-to-earnings-growth ratio of 2.39 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its quarterly earnings data 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 the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm earned $1.63 EPS. Analysts predict that Salesforce will post 7.54 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.58%. The ex-dividend date is Wednesday, September 18th. Salesforce’s payout ratio is presently 28.78%.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the transaction, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Brian Millham sold 2,037 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $248.75, for a total value of $506,703.75. Following the sale, the chief operating officer now directly owns 1,947 shares in the company, valued at $484,316.25. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. Insiders sold 63,015 shares of company stock worth $16,174,717 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

Large investors have recently bought and sold shares of the company. Fox Hill Wealth Management lifted its position in shares of Salesforce by 4.0% in the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after purchasing an additional 38 shares in the last quarter. Pinnacle Wealth Planning Services Inc. lifted its position in Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after buying an additional 38 shares in the last quarter. Blue Barn Wealth LLC boosted its stake in shares of Salesforce by 1.8% during the 1st quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock worth $665,000 after buying an additional 39 shares during the last quarter. Catalyst Financial Partners LLC grew its holdings in shares of Salesforce by 0.8% in the 2nd quarter. Catalyst Financial Partners LLC now owns 4,876 shares of the CRM provider’s stock valued at $1,254,000 after acquiring an additional 39 shares in the last quarter. Finally, DSC Advisors L.P. increased its position in shares of Salesforce by 3.1% in the second quarter. DSC Advisors L.P. now owns 1,302 shares of the CRM provider’s stock valued at $335,000 after acquiring an additional 39 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.