BMO Capital Markets Trims Salesforce (NYSE:CRM) Target Price to $265.00

Salesforce (NYSE:CRMGet Free Report) had its price target lowered by analysts at BMO Capital Markets from $335.00 to $265.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the CRM provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 22.53% from the stock’s current price.

A number of other brokerages have also recently commented on CRM. Mizuho decreased their target price on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. UBS Group upped their target price on Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Stifel Nicolaus dropped their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday. Bank of America increased their price objective on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Finally, Wells Fargo & Company decreased their price objective on Salesforce from $310.00 to $300.00 and set an “equal weight” rating for the company in a report on Thursday, May 23rd. Nine 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $296.10.

Read Our Latest Research Report on Salesforce

Salesforce Trading Down 20.4 %

Shares of CRM traded down $55.35 during mid-day trading on Thursday, reaching $216.27. 24,593,018 shares of the company were exchanged, compared to its average volume of 5,620,063. The stock has a market capitalization of $209.35 billion, a PE ratio of 52.01, a PEG ratio of 2.38 and a beta of 1.30. The business has a 50 day simple moving average of $285.06 and a two-hundred day simple moving average of $275.85. 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 52 week low of $193.68 and a 52 week high of $318.71.

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

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 104,904 shares of the company’s stock, valued at approximately $31,429,238.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Parker Harris sold 4,200 shares of the company’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 owns 104,904 shares in the company, valued at $31,429,238.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Brian Millham sold 24,453 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. Insiders sold a total of 638,070 shares of company stock valued at $184,395,926 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bear Mountain Capital Inc. acquired a new position in shares of Salesforce during the 4th quarter worth approximately $26,000. Signature Resources Capital Management LLC purchased a new stake in Salesforce during the 4th quarter worth $26,000. Ruedi Wealth Management Inc. boosted its position 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 purchasing an additional 56 shares during the period. Kathleen S. Wright Associates Inc. purchased a new position in Salesforce in the 4th quarter valued at about $31,000. Finally, Pacifica Partners Inc. raised its stake in shares of 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 purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

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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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