Wedbush Lowers Salesforce (NYSE:CRM) Price Target to $315.00
Salesforce (NYSE:CRM – Get Free Report) had its price objective lowered by equities researchers at Wedbush from $325.00 to $315.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the CRM provider’s stock. Wedbush’s target price indicates a potential upside of 44.47% from the company’s current price.
Other equities research analysts have also issued research reports about the stock. Citigroup raised their price target on shares of Salesforce from $265.00 to $325.00 and gave the stock a “neutral” rating in a report on Monday, February 26th. Robert W. Baird cut their target price on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a research note on Thursday. UBS Group cut their target price on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday. Wells Fargo & Company cut their target price on shares of Salesforce from $310.00 to $300.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 23rd. Finally, StockNews.com lowered shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. One 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $293.33.
Get Our Latest Analysis on Salesforce
Salesforce Price Performance
Shares of NYSE:CRM opened at $218.04 on Wednesday. The stock has a market cap of $211.06 billion, a PE ratio of 51.91, a PEG ratio of 2.38 and a beta of 1.30. The company’s fifty day moving average is $283.26 and its 200 day moving average is $275.45. Salesforce has a 52 week low of $193.68 and a 52 week 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.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly 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. The business had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 EPS. Research analysts anticipate that Salesforce will post 7.45 earnings per share for the current year.
Insiders Place Their Bets
In other news, insider Parker Harris sold 4,200 shares of the business’s 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 completion of the transaction, the insider now directly owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $304.25, for a total transaction of $4,563,750.00. Following the completion of the transaction, the chief executive officer now directly owns 13,266,166 shares of the company’s stock, valued at $4,036,231,005.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 4,200 shares of the business’s 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 transaction, the insider now directly 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 ninety days, insiders sold 623,070 shares of company stock valued at $179,662,826. Insiders own 3.20% of the company’s stock.
Institutional Trading of Salesforce
Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Salesforce by 1.2% during the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after buying an additional 1,008,841 shares during the period. Capital World Investors grew its position in Salesforce by 2.4% during the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after buying an additional 457,463 shares during the period. Fisher Asset Management LLC grew its position in Salesforce by 5.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after buying an additional 752,566 shares during the period. Capital Research Global Investors grew its position in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the period. Finally, Capital International Investors grew its position in Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after buying an additional 407,834 shares during the period. 80.43% of the stock is currently owned by institutional investors.
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.
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