Salesforce (NYSE:CRM) PT Lowered to $300.00

Salesforce (NYSE:CRM) had its price target dropped by research analysts at Wells Fargo & Company from $310.00 to $300.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the CRM provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 6.98% from the company’s current price.

Several other analysts have also recently weighed in on the stock. Mizuho reissued a “buy” rating and issued a $345.00 price objective (up previously from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $350.00 target price (up previously from $325.00) on shares of Salesforce in a research note on Friday, April 12th. Argus raised their price objective on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Jefferies Financial Group raised their price target on shares of Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, Bank of America raised their target price on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $310.94.

Salesforce Price Performance

Shares of Salesforce stock traded down $3.40 during trading on Thursday, reaching $280.42. 1,304,083 shares of the company’s stock were exchanged, compared to its average volume of 5,267,202. The company has a market cap of $271.45 billion, a P/E ratio of 66.93, a PEG ratio of 2.51 and a beta of 1.30. 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 has a 1-year low of $193.68 and a 1-year high of $318.71. The firm’s 50-day moving average price is $287.88 and its 200 day moving average price is $273.68.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the firm posted $1.01 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. As a group, research analysts anticipate that Salesforce will post 7.45 earnings per share for the current year.

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $287,743.32. Following the sale, the chief financial officer now owns 39,416 shares in the company, valued at $12,040,011.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $269.53, for a total value of $4,042,950.00. Following the completion of the transaction, the chief executive officer now owns 12,707,327 shares of the company’s stock, valued at approximately $3,425,005,846.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Amy E. Weaver sold 942 shares of Salesforce stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $305.46, for a total transaction of $287,743.32. Following the sale, the chief financial officer now owns 39,416 shares in the company, valued at approximately $12,040,011.36. The disclosure for this sale can be found here. Insiders sold 630,182 shares of company stock worth $183,257,351 over the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Large investors have recently added to or reduced their stakes in the stock. Bear Mountain Capital Inc. purchased a new position in Salesforce in the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC purchased a new stake in Salesforce during the fourth quarter valued at approximately $26,000. Ruedi Wealth Management Inc. grew its holdings 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 purchasing an additional 56 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in shares of Salesforce during the fourth quarter worth $31,000. Finally, Pacifica Partners Inc. lifted its holdings in shares of Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

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.