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

Salesforce (NYSE:CRM) had its price objective lowered by stock analysts at Macquarie from $370.00 to $320.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. Macquarie’s price target points to a potential upside of 5.18% from the stock’s previous close.

A number of other research analysts have also weighed in on CRM. Royal Bank of Canada lifted their price objective on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Oppenheimer reduced their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday. The Goldman Sachs Group lifted their price objective on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Scotiabank cut their price target on shares of Salesforce from $440.00 to $400.00 and set a “sector outperform” rating for the company in a report on Thursday. Finally, Canaccord Genuity Group raised their price target on shares of Salesforce from $315.00 to $415.00 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 given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $367.16.

Salesforce Stock Performance

Shares of CRM stock traded down $3.08 during trading hours on Thursday, hitting $304.25. 10,494,964 shares of the company were exchanged, compared to its average volume of 6,560,190. The firm has a fifty day simple moving average of $330.86 and a 200 day simple moving average of $306.97. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce has a 52-week low of $212.00 and a 52-week high of $369.00. The stock has a market capitalization of $291.16 billion, a price-to-earnings ratio of 50.06, a P/E/G ratio of 2.58 and a beta of 1.31.

Salesforce (NYSE:CRM) last issued its quarterly 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). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the business earned $1.62 EPS. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. Research analysts predict that Salesforce will post 7.46 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $343.00, for a total transaction of $2,133,803.00. Following the transaction, the chief financial officer now owns 53,861 shares in the company, valued at $18,474,323. The trade was a 10.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Mason Morfit sold 722,300 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the sale, the director now directly owns 3,192,009 shares in the company, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have 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 company insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently bought and sold shares of CRM. Bernard Wealth Management Corp. bought a new stake in Salesforce during the fourth quarter worth about $25,000. Infrastructure Capital Advisors LLC bought a new stake in Salesforce during the third quarter worth about $27,000. Accredited Wealth Management LLC bought a new stake in Salesforce during the fourth quarter worth about $27,000. Arlington Trust Co LLC boosted its stake in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Finally, Compass Financial Services Inc bought a new stake in Salesforce during the fourth quarter worth about $30,000. 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.