Salesforce (NYSE:CRM) Price Target Cut to $320.00 by Analysts at Macquarie

Salesforce (NYSE:CRM) had its price objective cut by stock analysts at Macquarie from $370.00 to $320.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the CRM provider’s stock. Macquarie’s target price would indicate a potential upside of 5.18% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Barclays increased their price objective on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Morgan Stanley increased their price objective on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Loop Capital lowered their price objective on shares of Salesforce from $360.00 to $330.00 and set a “hold” rating on the stock in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group upped their target price on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $367.16.

Salesforce Stock Down 1.0 %

Shares of NYSE CRM traded down $3.08 during midday trading on Thursday, hitting $304.25. The stock had a trading volume of 10,494,964 shares, compared to its average volume of 6,560,190. The business’s 50 day moving average is $330.86 and its 200-day moving average is $306.97. The company has a market cap of $291.16 billion, a P/E ratio of 50.06, a PEG ratio of 2.58 and a beta of 1.31. Salesforce has a 52 week low of $212.00 and a 52 week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 EPS. As a group, analysts predict that Salesforce will post 7.46 EPS for the current year.

Insider Buying and Selling at Salesforce

In related news, insider Miguel Milano sold 458 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $307.97, for a total value of $141,050.26. Following the transaction, the insider now owns 5,864 shares of the company’s stock, valued at $1,805,936.08. This trade represents a 7.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Parker Harris sold 942 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $339.78, for a total transaction of $320,072.76. Following the completion of the transaction, the insider now directly owns 120,333 shares in the company, valued at $40,886,746.74. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,102,572 shares of company stock worth $381,283,706 over the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Bernard Wealth Management Corp. purchased a new position in Salesforce in the 4th quarter worth about $25,000. Accredited Wealth Management LLC purchased a new position in Salesforce in the 4th quarter worth about $27,000. Arlington Trust Co LLC increased its position in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the period. Compass Financial Services Inc purchased a new position in Salesforce during the 4th quarter valued at about $30,000. Finally, Asset Planning Inc purchased a new position in Salesforce during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

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.