Loop Capital Reiterates “Hold” Rating for Salesforce (NYSE:CRM)

Loop Capital reaffirmed their hold rating on shares of Salesforce (NYSE:CRM) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $270.00 price objective on the CRM provider’s stock.

Several other analysts have also recently issued reports on CRM. Wells Fargo & Company upped their price target on shares of Salesforce from $250.00 to $275.00 and gave the company an equal weight rating in a report on Thursday, August 29th. Needham & Company LLC reaffirmed a buy rating and issued a $345.00 price target on shares of Salesforce in a report on Friday, September 6th. Barclays cut their price target on shares of Salesforce from $355.00 to $305.00 and set an overweight rating on the stock in a report on Thursday, May 30th. Phillip Securities reaffirmed an accumulate rating and issued a $305.00 price target on shares of Salesforce in a report on Friday, August 30th. Finally, TD Cowen upped their price target on shares of Salesforce from $285.00 to $290.00 and gave the company a hold rating in a report 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce has an average rating of Moderate Buy and a consensus target price of $306.00.

Salesforce Trading Up 0.3 %

NYSE CRM opened at $266.80 on Thursday. The company’s fifty day simple moving average is $254.14 and its 200-day simple moving average is $266.18. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market cap of $258.53 billion, a P/E ratio of 47.99, a PEG ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the company posted $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts predict that Salesforce will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.60%. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Activity at Salesforce

In related news, insider Parker Harris sold 2,800 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the sale, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The disclosure for this sale can be found here. Insiders sold 63,891 shares of company stock worth $16,306,944 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Anchor Investment Management LLC lifted its holdings in Salesforce by 5.5% in the 2nd quarter. Anchor Investment Management LLC now owns 3,709 shares of the CRM provider’s stock valued at $954,000 after acquiring an additional 195 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Salesforce by 130.7% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 187,072 shares of the CRM provider’s stock worth $48,096,000 after buying an additional 105,972 shares during the period. University of Texas Texas AM Investment Management Co. boosted its holdings in shares of Salesforce by 12.8% in the second quarter. University of Texas Texas AM Investment Management Co. now owns 950 shares of the CRM provider’s stock worth $244,000 after buying an additional 108 shares during the period. Newbridge Financial Services Group Inc. boosted its holdings in shares of Salesforce by 154.8% in the second quarter. Newbridge Financial Services Group Inc. now owns 12,944 shares of the CRM provider’s stock worth $3,328,000 after buying an additional 7,863 shares during the period. Finally, Heritage Wealth Management Inc. acquired a new position in shares of Salesforce in the second quarter worth about $638,000. 80.43% of the stock is owned by institutional investors and hedge funds.

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.