Salesforce (NYSE:CRM) Price Target Cut to $300.00 by Analysts at Evercore ISI
Salesforce (NYSE:CRM – Free Report) had its price target lowered by Evercore ISI from $330.00 to $300.00 in a research report sent to investors on Thursday, Benzinga reports. Evercore ISI currently has an outperform rating on the CRM provider’s stock.
Several other research firms have also commented on CRM. BMO Capital Markets lowered their price target on shares of Salesforce from $335.00 to $265.00 and set an outperform rating on the stock in a research report on Thursday. Wolfe Research reiterated an outperform rating and issued a $365.00 price target on shares of Salesforce in a research report on Tuesday, April 16th. Citigroup raised their target price 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. Morgan Stanley decreased their target price on shares of Salesforce from $350.00 to $320.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Royal Bank of Canada restated an outperform rating and set a $350.00 target price on shares of Salesforce in a research report on Friday, May 24th. One investment 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 issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $293.33.
View Our Latest Research Report on Salesforce
Salesforce Trading Down 19.7 %
Shares of Salesforce stock opened at $218.04 on Thursday. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock has a market cap of $211.06 billion, a PE ratio of 51.91, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. The company has a 50-day moving average of $283.26 and a two-hundred day moving average of $275.45.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. The business had revenue of $9.13 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $1.15 earnings per share. On average, research analysts anticipate that Salesforce will post 7.45 EPS for the current fiscal year.
Insiders Place Their Bets
In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at approximately $1,599,566.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at approximately $1,599,566.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $4,644,600.00. Following the completion of the transaction, the chief executive officer now owns 13,101,166 shares in the company, valued at approximately $4,056,645,040.24. The disclosure for this sale can be found here. Insiders have sold 623,070 shares of company stock worth $179,662,826 in the last quarter. 3.20% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Salesforce
Institutional investors have recently modified their holdings of the stock. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce in the 4th quarter valued at about $26,000. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce in the 4th quarter valued at about $26,000. Ruedi Wealth Management Inc. raised its stake in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Salesforce in the 4th quarter valued at about $31,000. Finally, Pacifica Partners Inc. raised its stake in shares of Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
About Salesforce
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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