Salesforce (NYSE:CRM) Shares Down 1.1%
Salesforce, Inc. (NYSE:CRM – Get Free Report) dropped 1.1% during trading on Wednesday . The stock traded as low as $231.55 and last traded at $232.19. Approximately 3,762,777 shares changed hands during trading, a decline of 42% from the average daily volume of 6,484,050 shares. The stock had previously closed at $234.86.
Analysts Set New Price Targets
CRM has been the subject of several recent analyst reports. UBS Group reduced their price objective on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Stifel Nicolaus cut their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. TD Cowen cut their price target on shares of Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a research note on Thursday, May 30th. Bank of America upped their price target on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, Sanford C. Bernstein upped their price target on shares of Salesforce from $231.00 to $234.00 and gave the company an “underperform” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $292.79.
View Our Latest Stock Analysis on CRM
Salesforce Price Performance
The stock’s 50-day moving average price is $278.99 and its 200 day moving average price is $276.57. The firm has a market capitalization of $227.48 billion, a price-to-earnings ratio of 41.76, a PEG ratio of 2.07 and a beta of 1.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.
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, topping the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same period last year, the business earned $1.15 earnings per share. Salesforce’s revenue was up 10.7% compared to the same quarter last year. Equities research analysts expect that Salesforce, Inc. will post 7.49 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, COO Brian Millham sold 24,453 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $302.08, for a total transaction of $7,386,762.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Salesforce news, COO Brian Millham sold 24,453 shares of Salesforce stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $302.08, for a total transaction of $7,386,762.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $304.97, for a total transaction of $4,574,550.00. Following the sale, the chief executive officer now owns 13,221,166 shares of the company’s stock, valued at $4,032,058,995.02. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 623,070 shares of company stock worth $178,348,976. Insiders own 3.20% of the company’s stock.
Institutional Investors Weigh In On Salesforce
A number of institutional investors have recently made changes to their positions in the stock. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce in the fourth quarter valued at approximately $26,000. Signature Resources Capital Management LLC purchased a new position in Salesforce in the fourth quarter worth approximately $26,000. Ruedi Wealth Management Inc. lifted its stake in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in Salesforce in the fourth quarter worth approximately $31,000. Finally, Pacifica Partners Inc. lifted its stake in Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.
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.
Further Reading
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