CRM

Macquarie Lowers Salesforce (NYSE:CRM) Price Target to $275.00

June 2, 2024

23 4 minutes read

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Salesforce (NYSE:CRM – Get Free Report) had its price objective reduced by stock analysts at Macquarie from $330.00 to $275.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the CRM provider’s stock. Macquarie’s target price points to a potential upside of 17.30% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Oppenheimer reduced their price target on Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a report on Thursday. Barclays reduced their price target on Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a report on Thursday. Mizuho reduced their price target on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a report on Thursday. JMP Securities restated a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a report on Monday, April 15th. Finally, Jefferies Financial Group reduced their price target on Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a report on Thursday. One 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 stock. According to MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $292.79.

Read Our Latest Report on Salesforce

Salesforce Price Performance

Shares of Salesforce stock opened at $234.44 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $227.17 billion, a PE ratio of 42.17, a P/E/G ratio of 1.92 and a beta of 1.30. The business has a 50 day moving average of $281.80 and a 200 day moving average of $275.97. 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 data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The business 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 11.57% and a net margin of 15.30%. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.15 earnings per share. As a group, equities research analysts forecast that Salesforce will post 7.46 earnings per share for the current year.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $304.25, for a total transaction of $4,563,750.00. Following the transaction, the chief executive officer now owns 13,266,166 shares of the company’s stock, valued at approximately $4,036,231,005.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now owns 104,904 shares in the company, valued at approximately $31,429,238.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $304.25, for a total value of $4,563,750.00. Following the transaction, the chief executive officer now owns 13,266,166 shares of the company’s stock, valued at approximately $4,036,231,005.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 638,070 shares of company stock valued at $182,912,726. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently made changes to their positions in CRM. Chartwell Investment Partners LLC lifted its holdings in shares of Salesforce by 31.6% in the 3rd quarter. Chartwell Investment Partners LLC now owns 25,479 shares of the CRM provider’s stock worth $5,167,000 after buying an additional 6,118 shares during the period. Great Lakes Advisors LLC lifted its stake in shares of Salesforce by 2.5% during the 3rd quarter. Great Lakes Advisors LLC now owns 34,837 shares of the CRM provider’s stock worth $7,064,000 after purchasing an additional 850 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in Salesforce during the third quarter valued at about $852,000. Oppenheimer & Co. Inc. raised its holdings in Salesforce by 10.0% in the third quarter. Oppenheimer & Co. Inc. now owns 37,002 shares of the CRM provider’s stock worth $7,503,000 after purchasing an additional 3,367 shares in the last quarter. Finally, Bryn Mawr Capital Management LLC raised its holdings in Salesforce by 35.1% in the third quarter. Bryn Mawr Capital Management LLC now owns 11,169 shares of the CRM provider’s stock worth $2,265,000 after purchasing an additional 2,899 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Company Profile

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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.