Salesforce (NYSE:CRM) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Salesforce (NYSE:CRM) in a research note released on Friday, Benzinga reports. Needham & Company LLC currently has a $345.00 price objective on the CRM provider’s stock.

Several other equities research analysts have also issued reports on the company. TD Cowen raised their price objective on Salesforce from $285.00 to $290.00 and gave the company a hold rating in a research note on Thursday, August 29th. Royal Bank of Canada reaffirmed an outperform rating and set a $300.00 price objective on shares of Salesforce in a research note on Thursday. Piper Sandler increased their target price on shares of Salesforce from $250.00 to $268.00 and gave the company a neutral rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Salesforce from $350.00 to $300.00 and set a buy rating for the company in a research note on Thursday, May 30th. Finally, Raymond James raised their price objective on shares of Salesforce from $325.00 to $350.00 and gave the stock a strong-buy rating in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $306.00.

Salesforce Stock Up 0.3 %

NYSE CRM opened at $266.80 on Friday. The stock has a 50 day moving average price of $254.14 and a 200-day moving average price of $266.18. 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 quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $258.53 billion, a P/E ratio of 47.99, a P/E/G ratio of 2.26 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, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the business earned $1.63 earnings per share. Salesforce’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Salesforce will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The company 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 $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date is Wednesday, September 18th. Salesforce’s payout ratio is currently 28.78%.

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 5,600 shares of Salesforce stock in a transaction on Thursday, June 27th. The shares were 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 $29,193,087.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, COO Brian Millham sold 2,018 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $260.00, for a total value of $524,680.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 5,600 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 116,693 shares in the company, valued at approximately $29,193,087.81. The disclosure for this sale can be found here. Insiders sold a total of 63,891 shares of company stock worth $16,306,944 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Salesforce

Institutional investors have recently bought and sold shares of the stock. Ruedi Wealth Management Inc. grew its holdings in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank grew its stake in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares during the last quarter. Clear Investment Research LLC increased its holdings in shares of Salesforce by 816.7% in the second 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. Red Tortoise LLC purchased a new position in shares of Salesforce in the first quarter worth about $33,000. Finally, Stephens Consulting LLC lifted its holdings in shares of Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.