Salesforce (NYSE:CRM) Given New $325.00 Price Target at Stifel Nicolaus

Salesforce (NYSE:CRM) had its price target cut by Stifel Nicolaus from $375.00 to $325.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the CRM provider’s stock.

Other equities analysts have also recently issued reports about the stock. Canaccord Genuity Group dropped their target price on shares of Salesforce from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. Piper Sandler lifted their price target on shares of Salesforce from $315.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday, May 28th. Sanford C. Bernstein lifted their price target on shares of Salesforce from $243.00 to $255.00 and gave the company an “underperform” rating in a report on Thursday, May 29th. Stephens decreased their price target on shares of Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. Finally, Northland Securities decreased their price target on shares of Salesforce from $423.00 to $396.00 and set an “outperform” rating on the stock in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $347.50.

Salesforce Price Performance

Shares of NYSE:CRM opened at $242.78 on Wednesday. The firm has a 50 day moving average of $260.41 and a 200-day moving average of $275.84. The stock has a market capitalization of $232.10 billion, a PE ratio of 37.99, a PEG ratio of 2.12 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. Salesforce has a 12 month low of $226.48 and a 12 month high of $369.00.

Salesforce (NYSE:CRM) last issued 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 net margin of 16.08% and a return on equity of 12.94%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.44 EPS. On average, equities research analysts predict that Salesforce will post 7.46 EPS for the current fiscal year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Wednesday, June 18th were paid a dividend of $0.416 per share. The ex-dividend date of this dividend was Wednesday, June 18th. This represents a $1.66 annualized dividend and a yield of 0.7%. Salesforce’s dividend payout ratio (DPR) is currently 25.98%.

Insider Buying and Selling

In related news, CEO Marc Benioff sold 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $234.64, for a total transaction of $527,940.00. Following the completion of the sale, the chief executive officer owned 11,911,571 shares of the company’s stock, valued at $2,794,931,019.44. This trade represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 46,532 shares of company stock worth $12,082,694 over the last ninety days. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Several large investors have recently added to or reduced their stakes in CRM. Norges Bank acquired a new position in Salesforce during the 2nd quarter worth approximately $2,826,049,000. Nuveen LLC acquired a new position in Salesforce during the 1st quarter worth approximately $2,039,196,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Salesforce by 926.4% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock worth $1,422,979,000 after buying an additional 3,841,521 shares during the period. GAMMA Investing LLC raised its stake in Salesforce by 30,456.9% during the 1st quarter. GAMMA Investing LLC now owns 3,801,588 shares of the CRM provider’s stock worth $1,020,194,000 after buying an additional 3,789,147 shares during the period. Finally, Laurel Wealth Advisors LLC raised its stake in Salesforce by 27,361.5% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,424,169 shares of the CRM provider’s stock worth $933,737,000 after buying an additional 3,411,700 shares during the period. 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.