Salesforce (NYSE:CRM) Price Target Cut to $300.00
Salesforce (NYSE:CRM – Get Free Report) had its target price decreased by analysts at Wells Fargo & Company from $310.00 to $300.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the CRM provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 10.18% from the stock’s current price.
Other research analysts also recently issued research reports about the company. Mizuho restated a “buy” rating and issued a $345.00 target price (up previously from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $300.00 price target on shares of Salesforce in a report on Monday, April 15th. Truist Financial reaffirmed a “buy” rating and issued a $360.00 price target (up previously from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Evercore ISI raised their price target on Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Finally, Jefferies Financial Group raised their price target on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $310.94.
View Our Latest Analysis on CRM
Salesforce Trading Down 2.3 %
NYSE CRM opened at $272.29 on Thursday. The firm has a market capitalization of $263.58 billion, a P/E ratio of 64.83, a PEG ratio of 2.51 and a beta of 1.30. The business has a fifty day simple moving average of $286.94 and a 200 day simple moving average of $274.17. Salesforce has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.01 EPS. On average, analysts predict that Salesforce will post 7.45 EPS for the current fiscal year.
Insider Transactions at Salesforce
In other news, CFO Amy E. Weaver sold 942 shares of Salesforce stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the sale, the chief financial officer now directly owns 39,416 shares in the company, valued at approximately $12,040,011.36. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Amy E. Weaver sold 942 shares of Salesforce stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following the sale, the chief financial officer now directly owns 39,416 shares in the company, valued at $12,040,011.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 24,453 shares of Salesforce stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 636,344 shares of company stock worth $184,877,874. 3.20% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of CRM. Wilbanks Smith & Thomas Asset Management LLC raised its stake in shares of Salesforce by 0.8% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 58,442 shares of the CRM provider’s stock worth $11,851,000 after purchasing an additional 486 shares during the last quarter. My Personal CFO LLC purchased a new position in shares of Salesforce in the third quarter worth $217,000. Los Angeles Capital Management LLC increased its position in Salesforce by 104.6% during the third quarter. Los Angeles Capital Management LLC now owns 997,953 shares of the CRM provider’s stock valued at $202,365,000 after acquiring an additional 510,261 shares during the last quarter. Meyer Handelman Co. increased its position in Salesforce by 4.5% during the third quarter. Meyer Handelman Co. now owns 34,960 shares of the CRM provider’s stock valued at $7,089,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Salesforce by 330.0% during the third quarter. Assenagon Asset Management S.A. now owns 935,885 shares of the CRM provider’s stock valued at $189,779,000 after acquiring an additional 718,245 shares during the last quarter. 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.
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