Salesforce (NYSE:CRM) Trading Down 0.8%
Salesforce, Inc. (NYSE:CRM – Get Free Report) was down 0.8% on Monday . The stock traded as low as $229.61 and last traded at $230.11. Approximately 1,245,038 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 6,683,788 shares. The stock had previously closed at $231.94.
Analysts Set New Price Targets
CRM has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $345.00 target price on shares of Salesforce in a report on Thursday, May 30th. BMO Capital Markets dropped their price objective on shares of Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. JMP Securities restated a “market outperform” rating and issued a $342.00 target price on shares of Salesforce in a research note on Monday, April 15th. JPMorgan Chase & Co. dropped their price target on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $292.79.
View Our Latest Stock Analysis on Salesforce
Salesforce Price Performance
The business has a 50 day simple moving average of $268.79 and a 200-day simple moving average of $277.27. The company has a market capitalization of $222.42 billion, a P/E ratio of 41.39, a PEG ratio of 2.04 and a beta of 1.26. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.
Salesforce (NYSE:CRM – Get Free Report) last posted its earnings results 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 net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the previous year, the business posted $1.15 EPS. Salesforce’s revenue was up 10.7% on a year-over-year basis. Analysts predict that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Insider Activity at Salesforce
In other Salesforce news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total transaction of $673,120.00. Following the completion of the transaction, the insider now owns 115,762 shares in the company, valued at approximately $27,829,184.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the sale, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total value of $673,120.00. Following the completion of the sale, the insider now owns 115,762 shares of the company’s stock, valued at $27,829,184.80. The disclosure for this sale can be found here. Insiders have sold a total of 634,670 shares of company stock worth $178,310,008 in the last three months. 3.20% of the stock is owned by company insiders.
Institutional Trading of Salesforce
Hedge funds and other institutional investors have recently modified their holdings of the company. Mosaic Family Wealth Partners LLC grew its holdings in Salesforce by 6.9% during the first quarter. Mosaic Family Wealth Partners LLC now owns 1,044 shares of the CRM provider’s stock worth $314,000 after acquiring an additional 67 shares during the period. OMC Financial Services LTD acquired a new position in shares of Salesforce in the 1st quarter worth approximately $3,415,000. Objective Capital Management LLC raised its holdings in shares of Salesforce by 10.7% in the 1st quarter. Objective Capital Management LLC now owns 1,035 shares of the CRM provider’s stock worth $312,000 after purchasing an additional 100 shares in the last quarter. Maxwell Wealth Strategies Inc. lifted its stake in Salesforce by 569.1% during the first quarter. Maxwell Wealth Strategies Inc. now owns 9,448 shares of the CRM provider’s stock valued at $2,846,000 after purchasing an additional 8,036 shares during the last quarter. Finally, Motiv8 Investments LLC boosted its holdings in Salesforce by 20.1% during the first quarter. Motiv8 Investments LLC now owns 2,448 shares of the CRM provider’s stock worth $737,000 after buying an additional 409 shares in the last quarter. 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.
Further Reading
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