Salesforce (NYSE:CRM) Price Target Lowered to $367.00 at BMO Capital Markets

Salesforce (NYSE:CRM) had its price target decreased by equities research analysts at BMO Capital Markets from $375.00 to $367.00 in a report issued on Thursday. The brokerage currently has an “outperform” rating on the CRM provider’s stock. BMO Capital Markets’ price target would suggest a potential upside of 19.47% from the company’s previous close.

Several other analysts also recently weighed in on the company. Guggenheim downgraded Salesforce from a “neutral” rating to a “sell” rating and set a $247.00 target price on the stock. in a research note on Monday, January 6th. Barclays lifted their price target on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Redburn Atlantic initiated coverage on Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Finally, The Goldman Sachs Group lifted their price target on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-two have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $374.26.

Salesforce Stock Up 0.4 %

Shares of Salesforce stock opened at $307.19 on Thursday. The business’s fifty day moving average price is $330.86 and its two-hundred day moving average price is $306.97. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $293.98 billion, a P/E ratio of 50.53, a PEG ratio of 2.58 and a beta of 1.31. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00.

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

Insider Activity at Salesforce

In other Salesforce news, 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 value of $249,995,253.00. Following the completion of the sale, the director now owns 3,192,009 shares of the company’s stock, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Miguel Milano sold 458 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the sale, the insider now directly owns 5,864 shares of the company’s stock, valued at $1,805,936.08. This represents a 7.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,102,572 shares of company stock valued at $381,283,706. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Several large investors have recently made changes to their positions in the business. State Street Corp lifted its position in shares of Salesforce by 1.8% during the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after purchasing an additional 864,193 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Salesforce by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider’s stock worth $6,656,078,000 after purchasing an additional 175,035 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Salesforce by 1.4% during the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after purchasing an additional 177,321 shares during the last quarter. Northern Trust Corp lifted its position in shares of Salesforce by 18.3% during the 4th quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider’s stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Salesforce during the 4th quarter worth about $3,599,867,000. Institutional investors and hedge funds 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.