Salesforce (NYSE:CRM) Rating Increased to Strong-Buy at Northland Capmk

06 Oct 2024, 00:27 by Tristan Rich · The Markets Daily

Northland Capmk upgraded shares of Salesforce (NYSE:CRM – Free Report) from a hold rating to a strong-buy rating in a research report released on Wednesday, Zacks.com reports.

A number of other analysts have also commented on the company. TD Cowen lifted their target price on Salesforce from $285.00 to $290.00 and gave the stock a hold rating in a report on Thursday, August 29th. Piper Sandler raised Salesforce from a neutral rating to an overweight rating and lifted their target price for the stock from $268.00 to $325.00 in a report on Tuesday, September 24th. Raymond James lifted their target price on Salesforce from $325.00 to $350.00 and gave the stock a strong-buy rating in a report on Thursday, August 29th. Wedbush lifted their target price on Salesforce from $315.00 to $325.00 and gave the stock an outperform rating in a report on Friday, September 27th. Finally, JPMorgan Chase & Co. lifted their target price on Salesforce from $300.00 to $310.00 and gave the stock an overweight rating in a report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $310.74.

Read Our Latest Report on Salesforce

Salesforce Stock Up 2.4 %

CRM stock opened at $287.65 on Wednesday. Salesforce has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $278.73 billion, a PE ratio of 51.74, a price-to-earnings-growth ratio of 2.39 and a beta of 1.30. The business has a 50 day moving average of $258.53 and a 200 day moving average of $264.78.

Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned $1.63 EPS. On average, research analysts forecast that Salesforce will post 7.54 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the completion of the transaction, the insider now directly owns 116,693 shares of the company’s stock, valued at approximately $29,494,155.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the transaction, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $252.75, for a total value of $1,061,550.00. Following the transaction, the insider now directly owns 116,693 shares of the company’s stock, valued at approximately $29,494,155.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 80,612 shares of company stock valued at $21,133,273. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its stake in shares of Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after acquiring an additional 3,044,611 shares during the last quarter. GQG Partners LLC purchased a new stake in shares of Salesforce during the first quarter valued at $910,220,000. Swedbank AB bought a new position in shares of Salesforce in the first quarter worth about $874,748,000. Coatue Management LLC bought a new position in shares of Salesforce in the fourth quarter worth about $564,188,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after buying an additional 1,922,674 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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