Salesforce (NYSE:CRM) Now Covered by Analysts at Scotiabank

Scotiabank started coverage on shares of Salesforce (NYSE:CRM) in a research report report published on Monday, MarketBeat.com reports. The brokerage issued a sector outperform rating and a $425.00 price objective on the CRM provider’s stock.

Several other research analysts also recently commented on the stock. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Oppenheimer restated an “outperform” rating and issued a $330.00 target price (up from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. Royal Bank of Canada reiterated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Needham & Company LLC restated a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a research report on Friday, September 20th. Finally, Jefferies Financial Group lifted their target price on shares of Salesforce from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $329.11.

Salesforce Stock Performance

CRM opened at $336.19 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce has a 1-year low of $212.00 and a 1-year high of $348.86. The company has a market cap of $321.40 billion, a price-to-earnings ratio of 58.47, a PEG ratio of 2.93 and a beta of 1.29. The company’s fifty day moving average price is $292.86 and its two-hundred day moving average price is $268.20.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.63 earnings per share. On average, analysts expect that Salesforce will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 3,970 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $296.74, for a total value of $1,178,057.80. Following the completion of the transaction, the insider now owns 119,402 shares of the company’s stock, valued at approximately $35,431,349.48. This represents a 3.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 5.57 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 133,183 shares of company stock valued at $38,314,066. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Salesforce

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Piscataqua Savings Bank increased its holdings in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new position in Salesforce in the third quarter valued at about $27,000. Clear Investment Research LLC grew its stake in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares during the period. Stephens Consulting LLC increased its position in shares of Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce in the 2nd quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

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.