CRM

Salesforce (NYSE:CRM) Price Target Lowered to $300.00 at Mizuho

May 31, 2024

34 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its target price trimmed by Mizuho from $345.00 to $300.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the CRM provider’s stock.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. upped their price target on Salesforce from $260.00 to $310.00 and gave the stock an overweight rating in a report on Thursday, February 29th. Robert W. Baird cut their price target on Salesforce from $355.00 to $295.00 and set an outperform rating for the company in a report on Thursday. Wedbush upped their price target on Salesforce from $280.00 to $325.00 and gave the stock a buy rating in a report on Thursday, February 29th. Royal Bank of Canada restated an outperform rating and issued a $350.00 target price on shares of Salesforce in a research note on Friday, May 24th. Finally, Needham & Company LLC restated a buy rating and issued a $345.00 target price on shares of Salesforce 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $293.33.

Read Our Latest Analysis on CRM

Salesforce Stock Down 19.7 %

Shares of Salesforce stock opened at $218.04 on Thursday. The stock has a market capitalization of $211.06 billion, a P/E ratio of 51.91, a PEG ratio of 2.38 and a beta of 1.30. 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 stock has a 50 day moving average price of $283.26 and a two-hundred day moving average price of $275.45. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71.

Salesforce (NYSE:CRM – Get Free Report) last announced its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. Equities analysts expect that Salesforce will post 7.45 earnings per share for the current year.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $304.25, for a total transaction of $4,563,750.00. Following the sale, the chief executive officer now owns 13,266,166 shares in the company, valued at $4,036,231,005.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $304.25, for a total transaction of $4,563,750.00. Following the sale, the chief executive officer now owns 13,266,166 shares of the company’s stock, valued at $4,036,231,005.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total value of $1,258,320.00. Following the sale, the insider now directly owns 104,904 shares in the company, valued at approximately $31,429,238.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 623,070 shares of company stock worth $179,662,826. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Hedge funds have recently modified their holdings of the business. Bear Mountain Capital Inc. acquired a new stake in Salesforce in the 4th quarter valued at approximately $26,000. Signature Resources Capital Management LLC acquired a new stake in Salesforce in the 4th quarter valued at approximately $26,000. Ruedi Wealth Management Inc. raised its position in 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 buying an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce in the 4th quarter valued at approximately $31,000. Finally, Pacifica Partners Inc. raised its position in 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 buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Company Profile

(Get Free Report)

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.