Salesforce (NYSE:CRM) Price Target Lowered to $315.00 at Wedbush

Salesforce (NYSE:CRMGet Free Report) had its price objective cut by research analysts at Wedbush from $325.00 to $315.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the CRM provider’s stock. Wedbush’s target price would indicate a potential upside of 45.36% from the company’s previous close.

A number of other analysts also recently issued reports on CRM. Evercore ISI lowered their price objective on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a report on Thursday. Argus lifted their price objective on shares of Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. UBS Group lowered their target price on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup boosted their target price on shares of Salesforce from $265.00 to $325.00 and gave the stock a “neutral” rating in a report on Monday, February 26th. Finally, Mizuho lowered their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $293.68.

View Our Latest Report on Salesforce

Salesforce Trading Down 20.2 %

Shares of NYSE CRM traded down $54.91 during mid-day trading on Wednesday, hitting $216.71. The company’s stock had a trading volume of 34,625,690 shares, compared to its average volume of 5,726,073. The stock has a market cap of $209.78 billion, a price-to-earnings ratio of 51.60, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. Salesforce has a one year low of $193.68 and a one year high of $318.71. The company’s fifty day simple moving average is $285.06 and its 200-day simple moving average is $275.85.

Salesforce (NYSE:CRMGet Free Report) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. The company 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 for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 EPS. On average, sell-side analysts anticipate that Salesforce will post 7.45 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 2,425 shares of the stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total value 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 $4,200,205,319.64. The disclosure for this sale can be found here. In the last three months, insiders sold 638,070 shares of company stock valued at $184,395,926. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Salesforce

Large investors have recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. bought a new position in Salesforce in the 4th quarter worth about $26,000. Signature Resources Capital Management LLC bought a new position in Salesforce in the 4th quarter worth about $26,000. Ruedi Wealth Management Inc. boosted its stake in Salesforce by 186.7% in 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. bought a new position in Salesforce in the 4th quarter worth about $31,000. Finally, Pacifica Partners Inc. boosted its position 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 acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

About Salesforce

(Get Free Report)

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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Analyst Recommendations for Salesforce (NYSE:CRM)

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