Wolfe Research Reaffirms “Outperform” Rating for Salesforce (NYSE:CRM)

Wolfe Research restated their outperform rating on shares of Salesforce (NYSE:CRM) in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has a $365.00 price objective on the CRM provider’s stock.

Several other analysts also recently weighed in on the company. Robert W. Baird boosted their price target on Salesforce from $310.00 to $355.00 and gave the company an outperform rating in a research note on Thursday, February 29th. Citigroup increased their price target on shares of Salesforce from $265.00 to $325.00 and gave the stock a neutral rating in a report on Monday, February 26th. KeyCorp began coverage on shares of Salesforce in a research note on Thursday, March 21st. They set a sector weight rating for the company. Evercore ISI increased their price objective on shares of Salesforce from $290.00 to $330.00 and gave the stock an outperform rating in a research note on Thursday, February 29th. Finally, TheStreet upgraded shares of Salesforce from a c+ rating to a b- rating in a research report on Friday, January 19th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Salesforce currently has an average rating of Moderate Buy and a consensus target price of $307.87.

Salesforce Trading Down 1.6 %

Shares of NYSE:CRM opened at $271.85 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $263.69 billion, a P/E ratio of 64.73, a P/E/G ratio of 2.13 and a beta of 1.28. The business’s 50-day moving average is $297.70 and its 200 day moving average is $260.97. Salesforce has a 1 year low of $190.57 and a 1 year high of $318.71.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period last year, the business earned $1.01 EPS. Salesforce’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, research analysts predict that Salesforce will post 7.45 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.59%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

Insiders Place Their Bets

In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $282.55, for a total value of $4,238,250.00. Following the transaction, the chief executive officer now directly owns 13,731,166 shares in the company, valued at $3,879,740,953.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Sundeep G. Reddy sold 216 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the transaction, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $282.55, for a total value of $4,238,250.00. Following the transaction, the chief executive officer now owns 13,731,166 shares in the company, valued at $3,879,740,953.30. The disclosure for this sale can be found here. Insiders sold 628,184 shares of company stock valued at $184,794,698 in the last three months. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Salesforce

Several hedge funds have recently bought and sold shares of the company. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce during the fourth quarter worth about $26,000. Signature Resources Capital Management LLC purchased a new stake in Salesforce during the 4th quarter worth approximately $26,000. Aspect Partners LLC acquired a new stake in Salesforce during the 4th quarter worth approximately $29,000. Kathleen S. Wright Associates Inc. purchased a new position in Salesforce in the 4th quarter valued at approximately $31,000. Finally, Main Street Group LTD purchased a new stake in shares of Salesforce during the fourth quarter worth $31,000. 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.