Salesforce (NYSE:CRM) Stock Price Up 0.8% After Analyst Upgrade

Salesforce, Inc. (NYSE:CRM)’s stock price traded up 0.8% during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $325.00 to $395.00. Piper Sandler currently has an overweight rating on the stock. Salesforce traded as high as $334.50 and last traded at $332.61. 1,524,578 shares traded hands during trading, a decline of 76% from the average session volume of 6,268,755 shares. The stock had previously closed at $329.99.

Several other equities analysts have also commented on CRM. JMP Securities raised their target price on shares of Salesforce from $342.00 to $450.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Evercore ISI restated an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research report on Monday, August 26th. Stifel Nicolaus raised their target price on Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a report on Monday, October 28th. Jefferies Financial Group lifted their price target on Salesforce from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Roth Mkm restated a “buy” rating and set a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Seven research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $343.89.

Insider Buying and Selling

In other news, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the transaction, the insider now owns 828 shares in the company, valued at $202,702.68. This trade represents a 75.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 144,510 shares of company stock worth $42,475,538 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Large investors have recently bought and sold shares of the company. Piscataqua Savings Bank boosted its holdings in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares during the period. Infrastructure Capital Advisors LLC bought a new stake in Salesforce during the third quarter valued at approximately $27,000. Clear Investment Research LLC grew its stake in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares in the last quarter. Stephens Consulting LLC increased its holdings in shares of Salesforce by 3,125.0% in 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. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Salesforce during the 2nd quarter valued at $33,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Price Performance

The company has a market capitalization of $317.98 billion, a PE ratio of 57.85, a price-to-earnings-growth ratio of 2.99 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. The firm’s 50-day moving average is $302.12 and its 200-day moving average is $270.49.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. Salesforce’s dividend payout ratio is 27.83%.

Salesforce Company Profile

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.