Salesforce (NYSE:CRM) Given New $375.00 Price Target at Jefferies Financial Group

Salesforce (NYSE:CRM) had its price objective lowered by equities research analysts at Jefferies Financial Group from $425.00 to $375.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the CRM provider’s stock. Jefferies Financial Group’s price objective indicates a potential upside of 43.60% from the company’s current price.

Several other research firms have also commented on CRM. Barclays raised their target price on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. DA Davidson cut their target price on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Morgan Stanley raised their price target 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. JPMorgan Chase & Co. increased their target price on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Bank of America reduced their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $361.42.

Salesforce Stock Down 3.3 %

Salesforce stock opened at $261.15 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The business’s 50-day simple moving average is $309.39 and its two-hundred day simple moving average is $311.57. The company has a market cap of $250.96 billion, a PE ratio of 43.06, a PEG ratio of 2.58 and a beta of 1.35.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $12,967,047.50. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,660 shares of company stock valued at $14,095,336 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Salesforce in the 4th quarter valued at about $3,599,867,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Salesforce by 926.4% in the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,256,211 shares of the CRM provider’s stock worth $1,422,979,000 after buying an additional 3,841,521 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Salesforce in the fourth quarter worth $1,173,564,000. Invesco Ltd. boosted its position in Salesforce by 42.5% during the fourth quarter. Invesco Ltd. now owns 7,791,015 shares of the CRM provider’s stock worth $2,604,770,000 after purchasing an additional 2,325,156 shares during the period. Finally, Northern Trust Corp grew its stake in Salesforce by 18.3% in the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock valued at $3,752,830,000 after buying an additional 1,736,667 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

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.