Salesforce (NYSE:CRM) Price Target Lowered to $250.00 at DA Davidson

Salesforce (NYSE:CRM) had its price target dropped by research analysts at DA Davidson from $275.00 to $250.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the CRM provider’s stock. DA Davidson’s target price would indicate a potential downside of 2.33% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. Scotiabank reduced their price objective on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research report on Monday, March 17th. Piper Sandler restated an “overweight” rating on shares of Salesforce in a research report on Wednesday, March 19th. Stifel Nicolaus cut their price target on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Stephens initiated coverage on shares of Salesforce in a research note on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price target on the stock. Finally, Guggenheim reaffirmed a “sell” rating and issued a $247.00 target price on shares of Salesforce in a research report on Thursday, February 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $360.76.

Salesforce Stock Performance

NYSE CRM traded up $0.96 on Monday, reaching $255.96. The stock had a trading volume of 3,154,033 shares, compared to its average volume of 6,809,727. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $245.98 billion, a P/E ratio of 42.10, a price-to-earnings-growth ratio of 2.58 and a beta of 1.38. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00. The business’s 50-day moving average price is $289.29 and its 200 day moving average price is $310.70.

Insider Activity at Salesforce

In other news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $298,055.16. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $15,534,090. The trade was a 1.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Millham sold 3,937 shares of Salesforce stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $1,120,391.46. Following the transaction, the chief executive officer now owns 5,518 shares in the company, valued at approximately $1,570,312.44. This represents a 41.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,660 shares of company stock worth $14,095,336 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently bought and sold shares of CRM. Bernard Wealth Management Corp. bought a new position in Salesforce in the fourth quarter valued at $25,000. Accredited Wealth Management LLC acquired a new position in Salesforce during the fourth quarter worth $27,000. Arlington Trust Co LLC lifted its stake in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new stake in shares of Salesforce in the 4th quarter valued at about $30,000. Finally, Asset Planning Inc bought a new position in Salesforce during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.