Salesforce’s (CRM) “Hold” Rating Reiterated at Loop Capital

22 Sep 2024, 08:08 by Danessa Lincoln · The Markets Daily

Loop Capital reaffirmed their hold rating on shares of Salesforce (NYSE:CRM – Free Report) in a report released on Thursday, Benzinga reports. Loop Capital currently has a $270.00 target price on the CRM provider’s stock.

A number of other equities research analysts also recently commented on CRM. Oppenheimer lifted their target price on Salesforce from $280.00 to $300.00 and gave the company an outperform rating in a research report on Thursday, August 29th. Citigroup lifted their target price on Salesforce from $260.00 to $290.00 and gave the company a neutral rating in a research report on Monday, August 26th. Piper Sandler lifted their target price on Salesforce from $250.00 to $268.00 and gave the company a neutral rating in a research report on Thursday, August 29th. FBN Securities upgraded Salesforce to a strong-buy rating in a research report on Thursday, August 29th. Finally, TD Cowen lifted their target price on Salesforce from $285.00 to $290.00 and gave the company a hold rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $306.00.

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Salesforce Stock Performance

Shares of Salesforce stock opened at $266.80 on Thursday. Salesforce has a one year low of $193.68 and a one year high of $318.71. The company has a market cap of $258.53 billion, a price-to-earnings ratio of 47.99, a PEG ratio of 2.26 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The business’s 50 day moving average price is $254.14 and its 200 day moving average price is $266.44.

Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data 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 return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter last year, the business posted $1.63 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. On average, research analysts predict that Salesforce will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.60%. Salesforce’s dividend payout ratio is currently 28.78%.

Insider Transactions at Salesforce

In other news, insider Srinivas Tallapragada sold 942 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of the transaction, the insider now directly owns 22,154 shares of the company’s stock, valued at approximately $5,368,357.28. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the sale, the insider now directly owns 22,154 shares of the company’s stock, valued at approximately $5,368,357.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,576 shares of company stock valued at $16,957,573. 3.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Salesforce

Institutional investors and hedge funds have recently made changes to their positions in the company. Ruedi Wealth Management Inc. raised its stake in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the last quarter. Piscataqua Savings Bank raised its stake in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC raised its stake in 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 acquiring an additional 98 shares during the last quarter. Red Tortoise LLC purchased a new stake in Salesforce during the 1st quarter valued at approximately $33,000. Finally, Stephens Consulting LLC raised its stake in 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 acquiring an additional 125 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

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