Salesforce (NYSE:CRM) Given New $285.00 Price Target at TD Cowen
Salesforce (NYSE:CRM – Free Report) had its price target reduced by TD Cowen from $330.00 to $285.00 in a report published on Thursday, Benzinga reports. TD Cowen currently has a hold rating on the CRM provider’s stock.
A number of other research firms have also weighed in on CRM. Deutsche Bank Aktiengesellschaft cut their target price on shares of Salesforce from $350.00 to $300.00 and set a buy rating on the stock in a research note on Thursday. JMP Securities reiterated a market outperform rating and set a $342.00 target price on shares of Salesforce in a research note on Monday, April 15th. Jefferies Financial Group decreased their price target on Salesforce from $360.00 to $350.00 and set a buy rating for the company in a report on Thursday. Truist Financial reiterated a buy rating and issued a $300.00 price objective (down previously from $360.00) on shares of Salesforce in a report on Thursday. Finally, Mizuho decreased their target price on Salesforce from $345.00 to $300.00 and set a buy rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, ten have issued 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, Salesforce currently has an average rating of Moderate Buy and an average target price of $293.33.
Check Out Our Latest Analysis on CRM
Salesforce Stock Down 19.7 %
CRM stock opened at $218.04 on Thursday. The firm has a 50-day simple moving average of $283.26 and a 200-day simple moving average of $275.45. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $211.06 billion, a P/E ratio of 39.22, a P/E/G ratio of 2.40 and a beta of 1.30. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping 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 business had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the prior year, the business posted $1.15 EPS. The company’s revenue was up 10.7% compared to the same quarter last year. Equities analysts forecast that Salesforce will post 7.45 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Salesforce news, COO Brian Millham sold 24,453 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO Brian Millham sold 24,453 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $302.08, for a total value of $7,386,762.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $309.64, for a total value of $4,644,600.00. Following the sale, the chief executive officer now owns 13,101,166 shares in the company, valued at $4,056,645,040.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 623,070 shares of company stock valued at $179,662,826. Corporate insiders own 3.20% of the company’s stock.
Hedge Funds Weigh In On Salesforce
Several hedge funds have recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. acquired a new position in Salesforce in the 4th quarter valued at about $26,000. Signature Resources Capital Management LLC acquired a new position in shares of Salesforce in the fourth quarter valued at approximately $26,000. Ruedi Wealth Management Inc. lifted its stake in shares of Salesforce by 186.7% during 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 during the period. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce during the fourth quarter worth approximately $31,000. Finally, Pacifica Partners Inc. grew its stake in Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
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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