Salesforce (NYSE:CRM) PT Lowered to $280.00 at Oppenheimer

Salesforce (NYSE:CRMGet Free Report) had its price objective lowered by investment analysts at Oppenheimer from $325.00 to $280.00 in a research report issued on Thursday, Briefing.com reports. The brokerage presently has an “outperform” rating on the CRM provider’s stock. Oppenheimer’s price objective points to a potential upside of 2.90% from the stock’s current price.

A number of other research firms also recently commented on CRM. Wells Fargo & Company decreased their target price on Salesforce from $310.00 to $300.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 23rd. Truist Financial restated a “buy” rating and set a $360.00 price target (up from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Citigroup upped their target price on Salesforce from $265.00 to $325.00 and gave the stock a “neutral” rating in a research report on Monday, February 26th. Jefferies Financial Group upped their target price on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. increased their price target on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. 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 company’s stock. Based on data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $307.87.

Read Our Latest Research Report on CRM

Salesforce Stock Performance

Shares of Salesforce stock opened at $272.10 on Thursday. The business has a 50-day moving average of $285.06 and a 200 day moving average of $275.85. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $263.39 billion, a price-to-earnings ratio of 64.79, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. Salesforce has a 12 month low of $193.68 and a 12 month high of $318.71.

Salesforce (NYSE:CRMGet Free Report) last released its quarterly 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. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The company had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the previous year, the company posted $1.15 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Salesforce will post 7.45 earnings per share for the current year.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the sale, the chief financial officer now owns 39,416 shares of the company’s stock, valued at $12,040,011.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following the transaction, the chief financial officer now directly owns 39,416 shares in the company, valued at $12,040,011.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 7,075 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the transaction, the chief financial officer now owns 38,483 shares in the company, valued at $11,903,561.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 638,070 shares of company stock worth $184,395,926. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRM. Vanguard Group Inc. increased its position in shares of Salesforce by 1.2% in the 1st 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 in the last quarter. Capital World Investors grew its holdings in shares of Salesforce by 2.4% in the 4th quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after acquiring an additional 457,463 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Salesforce by 5.3% in the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after purchasing an additional 752,566 shares during the last quarter. Capital Research Global Investors lifted its stake in Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. Finally, Capital International Investors lifted its stake in Salesforce by 3.0% in the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after purchasing an additional 407,834 shares during the last quarter. Institutional investors and hedge funds 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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