Salesforce (NYSE:CRM) PT Lowered to $300.00

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

CRM has been the topic of a number of other research reports. Jefferies Financial Group raised their price objective on shares of Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. StockNews.com cut Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. Evercore ISI boosted their target price on shares of Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Truist Financial reaffirmed a “buy” rating and set a $360.00 price target (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Finally, Wolfe Research reissued an “outperform” rating and issued a $365.00 price objective on shares of Salesforce in a research report on Tuesday, April 16th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $310.94.

Salesforce Stock Performance

CRM traded down $3.40 on Thursday, reaching $280.42. The stock had a trading volume of 1,304,083 shares, 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 price-to-earnings-growth ratio of 2.51 and a beta of 1.30. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71. The business’s 50-day moving average price is $287.88 and its two-hundred day moving average price is $273.68. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last posted its quarterly 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. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.01 earnings per share. Sell-side analysts forecast that Salesforce will post 7.45 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the sale, the chief executive officer now directly owns 13,311,166 shares of the company’s stock, valued at approximately $4,200,205,319.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $270.93, for a total transaction of $1,137,906.00. Following the completion of the transaction, the insider now owns 115,762 shares in the company, valued at approximately $31,363,398.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the completion of the sale, the chief executive officer now directly owns 13,311,166 shares in the company, valued at $4,200,205,319.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 630,182 shares of company stock worth $183,257,351. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRM. Ruedi Wealth Management Inc. raised its stake in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares during the period. Bear Mountain Capital Inc. bought a new position in shares of Salesforce during the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC bought a new position in shares of Salesforce during the 4th quarter worth approximately $26,000. Red Tortoise LLC purchased a new stake in shares of Salesforce during the first quarter valued at approximately $33,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Salesforce in the 4th quarter valued at $31,000. 80.43% of the stock is 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.