CRM

Salesforce (NYSE:CRM) Price Target Cut to $280.00 by Analysts at Oppenheimer

May 31, 2024

28 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its price objective decreased by Oppenheimer from $325.00 to $280.00 in a research note released on Thursday morning, MarketBeat reports. Oppenheimer currently has an outperform rating on the CRM provider’s stock.

CRM has been the topic of several other research reports. Citigroup lifted their price objective on shares of Salesforce from $265.00 to $325.00 and gave the stock a neutral rating in a research report on Monday, February 26th. JPMorgan Chase & Co. lifted their price objective on shares of Salesforce from $260.00 to $310.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Stifel Nicolaus reaffirmed a buy rating and issued a $350.00 price objective on shares of Salesforce in a research report on Wednesday, April 3rd. Wedbush boosted their price target on shares of Salesforce from $280.00 to $325.00 and gave the company a buy rating in a research report on Thursday, February 29th. Finally, Jefferies Financial Group boosted their price target on shares of Salesforce from $350.00 to $360.00 and gave the company a buy rating in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $293.33.

Get Our Latest Research Report on Salesforce

Salesforce Stock Down 19.7 %

Shares of NYSE CRM opened at $218.04 on Thursday. The stock has a market capitalization of $211.06 billion, a P/E ratio of 51.91, a P/E/G ratio of 2.38 and a beta of 1.30. The company has a 50-day moving average price of $283.26 and a 200-day moving average price of $275.45. Salesforce has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

Salesforce (NYSE:CRM – Get Free Report) last issued 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 net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same period last year, the company earned $1.15 earnings per share. The business’s revenue was up 10.7% on a year-over-year basis. On average, equities research analysts forecast that Salesforce will post 7.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the sale, the insider now directly owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Marc Benioff sold 15,000 shares of the 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 transaction, the chief executive officer now owns 13,266,166 shares in the company, valued at approximately $4,036,231,005.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the transaction, the insider now owns 115,762 shares in the company, valued at approximately $31,170,076.12. The disclosure for this sale can be found here. Insiders have sold a total of 623,070 shares of company stock worth $179,662,826 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently bought and sold shares of CRM. Motiv8 Investments LLC grew its stake in shares of Salesforce by 20.1% during the 1st quarter. Motiv8 Investments LLC now owns 2,448 shares of the CRM provider’s stock worth $737,000 after purchasing an additional 409 shares during the period. Cetera Advisor Networks LLC grew its stake in shares of Salesforce by 7.1% during the 1st quarter. Cetera Advisor Networks LLC now owns 132,020 shares of the CRM provider’s stock worth $39,762,000 after purchasing an additional 8,730 shares during the period. Cetera Advisors LLC grew its stake in shares of Salesforce by 27.1% during the 1st quarter. Cetera Advisors LLC now owns 131,076 shares of the CRM provider’s stock worth $39,477,000 after purchasing an additional 27,976 shares during the period. Cetera Investment Advisers grew its stake in shares of Salesforce by 476.5% during the 1st quarter. Cetera Investment Advisers now owns 297,453 shares of the CRM provider’s stock worth $89,587,000 after purchasing an additional 245,857 shares during the period. Finally, Farallon Capital Management LLC grew its stake in shares of Salesforce by 1.4% during the 1st quarter. Farallon Capital Management LLC now owns 1,952,168 shares of the CRM provider’s stock worth $587,954,000 after purchasing an additional 26,430 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.