Salesforce (NYSE:CRM) Price Target Cut to $250.00 by Analysts at Piper Sandler
Salesforce (NYSE:CRM – Free Report) had its target price lowered by Piper Sandler from $300.00 to $250.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the CRM provider’s stock.
Other analysts also recently issued reports about the company. Evercore ISI raised their price target on Salesforce from $290.00 to $330.00 and gave the stock an outperform rating in a research report on Thursday, February 29th. UBS Group raised their price target on Salesforce from $285.00 to $310.00 and gave the stock a neutral rating in a research report on Friday, February 16th. JPMorgan Chase & Co. raised their price target on Salesforce from $260.00 to $310.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Needham & Company LLC reiterated a buy rating and issued a $345.00 target price on shares of Salesforce in a research note on Thursday. Finally, StockNews.com lowered Salesforce from a strong-buy rating to a buy rating in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $293.33.
View Our Latest Stock Report on Salesforce
Salesforce Stock Down 19.7 %
NYSE CRM opened at $218.04 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $211.06 billion, a P/E ratio of 51.91, a P/E/G ratio of 2.38 and a beta of 1.30. Salesforce has a one year low of $193.68 and a one year high of $318.71. The stock has a 50 day moving average price of $283.26 and a 200-day moving average price of $275.45.
Salesforce (NYSE:CRM – Get Free Report) last posted its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.15 EPS. As a group, equities analysts predict that Salesforce will post 7.45 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CFO Amy E. Weaver sold 7,075 shares of Salesforce stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the completion of the sale, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 7,075 shares of Salesforce stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the transaction, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 623,070 shares of company stock valued at $179,662,826. 3.20% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the stock. Bear Mountain Capital Inc. purchased a new position in Salesforce during the fourth quarter valued at approximately $26,000. Signature Resources Capital Management LLC purchased a new stake in shares of Salesforce in the fourth quarter valued at approximately $26,000. Ruedi Wealth Management Inc. increased its position in shares of Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Salesforce in the fourth quarter valued at approximately $31,000. Finally, Pacifica Partners Inc. increased its position in shares of Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
About Salesforce
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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