Salesforce (NYSE:CRM) Price Target Cut to $300.00 by Analysts at Stifel Nicolaus
Salesforce (NYSE:CRM – Free Report) had its price objective reduced by Stifel Nicolaus from $350.00 to $300.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the CRM provider’s stock.
Several other equities research analysts have also issued reports on CRM. Wells Fargo & Company decreased their price target on shares of Salesforce from $310.00 to $300.00 and set an equal weight rating on the stock in a report on Thursday, May 23rd. UBS Group boosted their target price on shares of Salesforce from $285.00 to $310.00 and gave the stock a neutral rating in a report on Friday, February 16th. BMO Capital Markets boosted their target price on shares of Salesforce from $325.00 to $335.00 and gave the stock an outperform rating in a report on Thursday, February 29th. Needham & Company LLC reissued a buy rating and set a $345.00 target price on shares of Salesforce in a report on Thursday. Finally, Jefferies Financial Group boosted their target price on shares of Salesforce from $350.00 to $360.00 and gave the stock a buy rating in a report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $293.33.
Salesforce Price Performance
Shares of Salesforce stock opened at $218.04 on Thursday. Salesforce has a twelve month low of $193.68 and a twelve month high of $318.71. 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 company has a 50-day simple moving average of $283.26 and a two-hundred day simple moving average of $275.45. The stock has a market capitalization of $211.06 billion, a price-to-earnings ratio of 51.91, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30.
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 the consensus estimate of $2.38 by $0.06. The company 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 business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 EPS. Analysts forecast that Salesforce will post 7.45 EPS for the current year.
Insider Activity at Salesforce
In other 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 value of $1,130,892.00. Following the sale, the insider now directly owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce 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 completion of the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on 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 sale, the insider now owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 623,070 shares of company stock worth $179,662,826. 3.20% of the stock is owned by company insiders.
Institutional Investors Weigh In On Salesforce
Several hedge funds have recently bought and sold shares of the stock. Graypoint LLC lifted its holdings in shares of Salesforce by 0.3% in the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock worth $2,764,000 after acquiring an additional 36 shares during the last quarter. Chase Investment Counsel Corp lifted its holdings in shares of Salesforce by 0.3% in the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after acquiring an additional 36 shares during the last quarter. JFS Wealth Advisors LLC lifted its holdings in shares of Salesforce by 11.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after acquiring an additional 36 shares during the last quarter. Opes Wealth Management LLC lifted its holdings in shares of Salesforce by 2.9% in the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after acquiring an additional 37 shares during the last quarter. Finally, Prentice Wealth Management LLC lifted its holdings in shares of Salesforce by 1.7% in the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock worth $604,000 after acquiring an additional 38 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.
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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