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

Needham & Company LLC reissued their buy rating on shares of Salesforce (NYSE:CRM) in a report issued on Friday,Benzinga reports. They currently have a $400.00 price target on the CRM provider’s stock.

Several other equities research analysts have also commented on the company. Cantor Fitzgerald started coverage on Salesforce in a research note on Wednesday. They set an “overweight” rating and a $210.00 price objective for the company. Bank of America dropped their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Redburn Atlantic began coverage on Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. TD Cowen raised shares of Salesforce from a “hold” rating to a “buy” rating and upped their target price for the stock from $380.00 to $400.00 in a report on Friday, January 17th. Finally, Wells Fargo & Company decreased their price target on shares of Salesforce from $310.00 to $255.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $351.37.

Salesforce Stock Up 1.2 %

CRM opened at $267.87 on Friday. The stock has a market capitalization of $257.42 billion, a price-to-earnings ratio of 44.06, a PEG ratio of 2.58 and a beta of 1.38. Salesforce has a fifty-two week low of $212.00 and a fifty-two 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. The company has a fifty day moving average of $273.75 and a two-hundred day moving average of $308.54.

Salesforce Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Shareholders of record on Thursday, April 10th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 0.63%. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. Salesforce’s dividend payout ratio is 26.10%.

Insider Transactions at Salesforce

In other Salesforce news, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the transaction, the insider now directly owns 5,864 shares of the company’s stock, valued at $1,805,936.08. The trade was a 7.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian Millham sold 979 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total value of $248,333.14. Following the completion of the sale, the chief executive officer now directly owns 6,487 shares of the company’s stock, valued at $1,645,492.42. This represents a 13.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,051 shares of company stock worth $15,027,714. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. JNBA Financial Advisors increased its stake in Salesforce by 145.4% during the first quarter. JNBA Financial Advisors now owns 4,327 shares of the CRM provider’s stock valued at $1,161,000 after acquiring an additional 2,564 shares during the period. Kampmann Melissa S. grew its holdings in shares of Salesforce by 1.8% during the 1st quarter. Kampmann Melissa S. now owns 8,609 shares of the CRM provider’s stock worth $2,310,000 after purchasing an additional 150 shares in the last quarter. Mather Group LLC. raised its stake in shares of Salesforce by 198.7% in the first quarter. Mather Group LLC. now owns 10,235 shares of the CRM provider’s stock valued at $2,747,000 after purchasing an additional 6,809 shares in the last quarter. Alta Advisers Ltd lifted its position in Salesforce by 56.8% in the first quarter. Alta Advisers Ltd now owns 4,970 shares of the CRM provider’s stock worth $1,334,000 after purchasing an additional 1,800 shares during the period. Finally, Hixon Zuercher LLC boosted its stake in Salesforce by 1.7% during the first quarter. Hixon Zuercher LLC now owns 14,291 shares of the CRM provider’s stock worth $3,835,000 after buying an additional 235 shares in 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.