Salesforce (NYSE:CRM) Price Target Cut to $265.00 by Analysts at BMO Capital Markets
Salesforce (NYSE:CRM – Free Report) had its price target trimmed by BMO Capital Markets from $335.00 to $265.00 in a research note published on Thursday, Benzinga reports. The firm currently has an outperform rating on the CRM provider’s stock.
A number of other equities research analysts have also recently commented on the stock. Stifel Nicolaus reduced their target price on shares of Salesforce from $350.00 to $300.00 and set a buy rating for the company in a research report on Thursday. Royal Bank of Canada reiterated an outperform rating and issued a $350.00 target price on shares of Salesforce in a research report on Friday, May 24th. StockNews.com lowered shares of Salesforce from a strong-buy rating to a buy rating in a report on Tuesday, March 19th. KeyCorp started coverage on shares of Salesforce in a report on Thursday, March 21st. They issued a sector weight rating for the company. Finally, Piper Sandler dropped their price objective on shares of Salesforce from $300.00 to $250.00 and set a neutral rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Salesforce currently has an average rating of Moderate Buy and an average target price of $293.33.
Read Our Latest Stock Analysis on Salesforce
Salesforce Stock Performance
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 fifty day moving average of $283.26 and a two-hundred day moving average of $275.45. The stock has a market capitalization of $211.06 billion, a PE ratio of 51.91, a P/E/G ratio of 2.38 and a beta of 1.30. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.
Salesforce (NYSE:CRM – Get Free Report) last issued 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 business had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. 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 business earned $1.15 earnings per share. As a group, research analysts forecast that Salesforce will post 7.45 earnings per share for the current fiscal year.
Insider Activity at Salesforce
In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 13,266,166 shares of the company’s stock, valued at $4,036,231,005.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the sale, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the firm’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 sale, the chief executive officer now directly owns 13,266,166 shares in the company, valued at approximately $4,036,231,005.50. The disclosure for this sale can be found here. Insiders have sold a total of 623,070 shares of company stock valued at $179,662,826 over the last 90 days. 3.20% of the stock is owned by corporate insiders.
Institutional Trading of Salesforce
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Americana Partners LLC raised its holdings in Salesforce by 104.9% during the third quarter. Americana Partners LLC now owns 7,387 shares of the CRM provider’s stock worth $1,465,000 after purchasing an additional 3,782 shares in the last quarter. Community Financial Services Group LLC acquired a new position in shares of Salesforce in the 3rd quarter valued at $413,000. Chartwell Investment Partners LLC increased 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 valued at $5,167,000 after acquiring an additional 6,118 shares during the period. Merit Financial Group LLC increased its holdings in shares of Salesforce by 20.5% in the 3rd quarter. Merit Financial Group LLC now owns 15,077 shares of the CRM provider’s stock valued at $3,057,000 after acquiring an additional 2,564 shares during the period. Finally, Great Lakes Advisors LLC increased its holdings in shares of Salesforce by 2.5% in the 3rd quarter. Great Lakes Advisors LLC now owns 34,837 shares of the CRM provider’s stock valued at $7,064,000 after acquiring an additional 850 shares during the period. Institutional investors and hedge funds 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.
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