Salesforce’s (CRM) “Outperform” Rating Reiterated at Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Salesforce (NYSE:CRM) in a report issued on Tuesday morning,Benzinga reports. Oppenheimer currently has a $370.00 target price on the CRM provider’s stock.

Several other research analysts have also issued reports on CRM. Westpark Capital restated a “buy” rating and issued a $320.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Bank of America reduced their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Scotiabank reduced their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Finally, Stifel Nicolaus reduced their price target on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have issued a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $346.34.

Salesforce Stock Up 0.2%

NYSE CRM opened at $266.56 on Tuesday. The stock has a fifty day moving average of $267.80 and a 200-day moving average of $300.72. The stock has a market capitalization of $254.83 billion, a P/E ratio of 43.84, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. Salesforce has a 52 week low of $227.77 and a 52 week high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analysts’ expectations of $9.74 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $2.44 EPS. On average, equities research analysts forecast that Salesforce will post 7.46 EPS for the current year.

Salesforce Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 18th will be given a $0.416 dividend. This represents a $1.66 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Salesforce’s payout ratio is 25.98%.

Insider Activity

In related news, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $12,967,047.50. This trade represents a 11.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 6,697 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $295.00, for a total transaction of $1,975,615.00. Following the completion of the transaction, the insider now directly owns 41,422 shares in the company, valued at approximately $12,219,490. The trade was a 13.92% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,332 shares of company stock valued at $11,024,802. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

Several large investors have recently added to or reduced their stakes in the business. Capital Advisors Ltd. LLC lifted its position in Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after acquiring an additional 31 shares in the last quarter. Prossimo Advisors LLC increased its stake in Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after buying an additional 32 shares during the last quarter. Mainstream Capital Management LLC increased its stake in Salesforce by 0.5% in the 4th quarter. Mainstream Capital Management LLC now owns 6,409 shares of the CRM provider’s stock valued at $2,143,000 after buying an additional 33 shares during the last quarter. Warren Street Wealth Advisors LLC increased its stake in Salesforce by 3.9% in the 4th quarter. Warren Street Wealth Advisors LLC now owns 896 shares of the CRM provider’s stock valued at $300,000 after buying an additional 34 shares during the last quarter. Finally, Weatherly Asset Management L. P. increased its stake in Salesforce by 4.5% in the 4th quarter. Weatherly Asset Management L. P. now owns 813 shares of the CRM provider’s stock valued at $272,000 after buying an additional 35 shares during the last quarter. Institutional investors 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.