CRM

Salesforce (NYSE:CRM) Price Target Cut to $350.00 by Analysts at Jefferies Financial Group

May 31, 2024

20 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its price objective cut by Jefferies Financial Group from $360.00 to $350.00 in a report released on Thursday, Benzinga reports. They currently have a buy rating on the CRM provider’s stock.

Several other research firms have also recently weighed in on CRM. JPMorgan Chase & Co. lifted their price objective on Salesforce from $260.00 to $310.00 and gave the company an overweight rating in a research report on Thursday, February 29th. Morgan Stanley dropped their price target on Salesforce from $350.00 to $320.00 and set an overweight rating for the company in a research note on Thursday. BMO Capital Markets decreased their price target on shares of Salesforce from $335.00 to $265.00 and set an outperform rating on the stock in a research note on Thursday. Evercore ISI dropped their price objective on shares of Salesforce from $330.00 to $300.00 and set an outperform rating for the company in a research note on Thursday. Finally, Wells Fargo & Company reduced their target price on Salesforce from $300.00 to $250.00 and set an equal weight rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $293.33.

Check Out Our Latest Stock Analysis on CRM

Salesforce Stock Down 19.7 %

Shares of NYSE CRM opened at $218.04 on Thursday. The company’s 50 day moving average price is $283.26 and its 200-day moving average price is $275.45. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a market capitalization of $211.06 billion, a P/E ratio of 39.22, a price-to-earnings-growth ratio of 2.40 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.

Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.62% and a net margin of 15.30%. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the prior year, the company earned $1.15 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities analysts forecast that Salesforce will post 7.45 earnings per share for the current year.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the completion of the sale, the insider now owns 104,904 shares of the company’s stock, valued at $31,429,238.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the transaction, the insider now owns 104,904 shares in the company, valued at $31,429,238.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $269.32, for a total value of $4,039,800.00. Following the transaction, the chief executive officer now owns 12,437,327 shares in the company, valued at approximately $3,349,620,907.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 623,070 shares of company stock valued at $179,662,826. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

Hedge funds have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Salesforce during the fourth quarter worth approximately $2,762,331,000. Capital International Investors increased its position in shares of Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after purchasing an additional 5,935,973 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Salesforce by 1,254.7% in the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after purchasing an additional 3,226,512 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. Finally, GQG Partners LLC acquired a new position in shares of Salesforce during the first quarter worth $910,220,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Company Profile

(Get Free Report)

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.