Salesforce (NYSE:CRM) Price Target Lowered to $300.00 at JPMorgan Chase & Co.
Salesforce (NYSE:CRM – Free Report) had its price target cut by JPMorgan Chase & Co. from $310.00 to $300.00 in a research report released on Thursday, Benzinga reports. They currently have an overweight rating on the CRM provider’s stock.
A number of other research firms have also recently commented on CRM. Morgan Stanley cut their target price on Salesforce from $350.00 to $320.00 and set an overweight rating on the stock in a research note on Thursday. UBS Group lowered their price target on shares of Salesforce from $310.00 to $250.00 and set a neutral rating on the stock in a report on Thursday. Needham & Company LLC reiterated a buy rating and set a $345.00 price objective on shares of Salesforce in a research report on Thursday. Wolfe Research restated an outperform rating and issued a $365.00 price target on shares of Salesforce in a research report on Tuesday, April 16th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $350.00 target price on shares of Salesforce in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $293.33.
View Our Latest Research Report on Salesforce
Salesforce Price Performance
Shares of Salesforce stock opened at $218.04 on Thursday. The stock has a market capitalization of $211.06 billion, a price-to-earnings ratio of 39.22, a price-to-earnings-growth ratio of 2.40 and a beta of 1.30. Salesforce has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a fifty day moving average of $283.26 and a 200-day moving average of $275.45. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09.
Salesforce (NYSE:CRM – Get Free Report) last posted its earnings results 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 analysts’ expectations of $9.15 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts expect that Salesforce will post 7.45 EPS for the current year.
Insiders Place Their Bets
In other Salesforce news, CFO Amy E. Weaver sold 7,075 shares of the firm’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the transaction, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the sale, the chief financial officer now owns 38,483 shares in the company, valued at $11,903,561.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction dated 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 of the company’s stock, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 623,070 shares of company stock valued at $179,662,826. 3.20% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Salesforce
A number of institutional investors have recently modified their holdings of CRM. Graypoint LLC grew its holdings in shares of Salesforce by 0.3% in the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after purchasing an additional 36 shares during the period. Chase Investment Counsel Corp grew its stake in shares of Salesforce by 0.3% in the fourth 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 in the last quarter. JFS Wealth Advisors LLC raised its position in Salesforce by 11.4% in the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock valued at $93,000 after purchasing an additional 36 shares in the last quarter. Opes Wealth Management LLC raised 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 valued at $341,000 after purchasing an additional 37 shares in the last quarter. Finally, Prentice Wealth Management LLC increased 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 valued at $604,000 after acquiring an additional 38 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.
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.
Read More
Receive News & Ratings for Salesforce Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Salesforce and related companies with MarketBeat.com’s FREE daily email newsletter.
