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

23 Sep 2024, 04:09 by Scott Moore · The Cerbat Gem

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

Several other analysts have also recently commented on the stock. JMP Securities restated a market outperform rating and set a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Canaccord Genuity Group raised their price objective on shares of Salesforce from $300.00 to $315.00 and gave the company a buy rating in a research report on Thursday, August 29th. Wedbush reaffirmed an outperform rating and set a $315.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. FBN Securities raised shares of Salesforce to a strong-buy rating in a research report on Thursday, August 29th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $300.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $306.00.

View Our Latest Stock Report on Salesforce

Salesforce Stock Performance

CRM stock opened at $266.80 on Thursday. 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 stock has a market cap of $258.53 billion, a P/E ratio of 47.99, a P/E/G ratio of 2.26 and a beta of 1.29. The firm has a 50 day simple moving average of $254.14 and a 200 day simple moving average of $266.18. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations 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 period last year, the company posted $1.63 earnings per share. Research analysts anticipate that Salesforce will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be paid a dividend of $0.40 per share. 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 currently 28.78%.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 413 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 transaction of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 5,600 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $250.17, for a total transaction of $1,400,952.00. Following the completion of the sale, the insider now owns 116,693 shares in the company, valued at approximately $29,193,087.81. The disclosure for this sale can be found here. Insiders have sold 63,891 shares of company stock worth $16,306,944 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Institutional investors and hedge funds have recently made changes to their positions in the company. Spartan Planning & Wealth Management boosted its stake in shares of Salesforce by 66.3% in the 4th quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after purchasing an additional 625 shares in the last quarter. Parnassus Investments LLC raised its holdings in shares of Salesforce by 0.3% in the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock valued at $1,566,055,000 after buying an additional 18,397 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Salesforce by 32.6% in the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after buying an additional 194,224 shares during the last quarter. Chicago Partners Investment Group LLC raised its holdings in shares of Salesforce by 1.3% in the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after buying an additional 95 shares during the last quarter. Finally, XN LP raised its holdings in shares of Salesforce by 24.2% in the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after buying an additional 90,616 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

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