CRM

Salesforce (NYSE:CRM) Price Target Lowered to $250.00 at Wells Fargo & Company

May 31, 2024

36 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its price target lowered by Wells Fargo & Company from $300.00 to $250.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the CRM provider’s stock.

A number of other analysts have also recently issued reports on CRM. Robert W. Baird cut their target price on shares of Salesforce from $355.00 to $295.00 and set an outperform rating for the company in a research note on Thursday. Raymond James reaffirmed a strong-buy rating and issued a $325.00 price objective (down from $380.00) on shares of Salesforce in a report on Thursday. Morgan Stanley dropped their target price on Salesforce from $350.00 to $320.00 and set an overweight rating for the company in a report on Thursday. Argus upped their price target on shares of Salesforce from $290.00 to $354.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Finally, BMO Capital Markets dropped their price objective on shares of Salesforce from $335.00 to $265.00 and set an outperform rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce presently has an average rating of Moderate Buy and a consensus target price of $293.33.

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Salesforce Stock Down 19.7 %

Salesforce stock opened at $218.04 on Thursday. Salesforce has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The firm has a market capitalization of $211.06 billion, a PE ratio of 39.22, a P/E/G ratio of 2.40 and a beta of 1.30. The company’s 50-day moving average is $283.26 and its 200-day moving average is $275.45. 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 released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.62% and a net margin of 15.30%. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the prior year, the company earned $1.15 earnings per share. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Salesforce will post 7.45 earnings per share for the current year.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the 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 owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The stock was 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 in the company, valued at approximately $1,599,566.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Srinivas Tallapragada sold 2,890 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $893,934.80. Following the completion of the transaction, the insider now directly owns 60,416 shares in the company, valued at $18,687,877.12. The disclosure for this sale can be found here. Insiders sold 623,070 shares of company stock worth $179,662,826 over the last ninety days. 3.20% of the stock is owned by insiders.

Institutional Trading of Salesforce

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Graypoint LLC boosted its stake 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 buying an additional 36 shares during the last quarter. Chase Investment Counsel Corp lifted its holdings in Salesforce by 0.3% in the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after acquiring an additional 36 shares during the period. JFS Wealth Advisors LLC boosted its position in Salesforce by 11.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after purchasing an additional 36 shares during the last quarter. Opes Wealth Management LLC grew its stake in shares of Salesforce by 2.9% during the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after purchasing an additional 37 shares during the period. Finally, Prentice Wealth Management LLC increased its position in shares of Salesforce by 1.7% during the 4th quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 38 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

About Salesforce

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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.