Salesforce (NYSE:CRM) Downgraded by Piper Sandler

13 Oct 2024, 09:57 by Tristan Rich · The Markets Daily

Piper Sandler downgraded shares of Salesforce (NYSE:CRM – Free Report) from a strong-buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. UBS Group raised their target price on shares of Salesforce from $250.00 to $275.00 and gave the stock a neutral rating in a research report on Thursday, August 29th. Royal Bank of Canada reissued an outperform rating and set a $300.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. DA Davidson increased their target price on Salesforce from $230.00 to $250.00 and gave the stock a neutral rating in a research report on Thursday, August 29th. BMO Capital Markets boosted their price target on Salesforce from $265.00 to $305.00 and gave the company an outperform rating in a research report on Thursday, August 29th. Finally, Oppenheimer raised their price objective on Salesforce from $280.00 to $300.00 and gave the stock an outperform rating in a report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $310.74.

Read Our Latest Report on Salesforce

Salesforce Trading Down 0.7 %

Shares of CRM opened at $288.10 on Thursday. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a market capitalization of $275.42 billion, a PE ratio of 50.10, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The stock has a fifty day moving average of $261.93 and a two-hundred day moving average of $263.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

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, beating 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 business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the business earned $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, analysts forecast that Salesforce will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.56%. Salesforce’s payout ratio is 27.83%.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction on 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 transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the sale, the director now directly owns 1,363 shares in the company, valued at approximately $376,624.16. This represents a 0.00 % decrease in their position. The sale 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 that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,612 shares of company stock worth $21,283,087. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Salesforce

Hedge funds have recently added to or reduced their stakes in the stock. Ruedi Wealth Management Inc. lifted its position in Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the last quarter. Piscataqua Savings Bank boosted its position 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 worth $26,000 after buying an additional 96 shares during the period. Clear Investment Research LLC boosted its position in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the period. Red Tortoise LLC bought a new position in Salesforce in the 1st quarter worth approximately $33,000. Finally, Stephens Consulting LLC increased its position in Salesforce by 3,125.0% in 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 period. 80.43% of the stock is currently owned by institutional investors.

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