Loop Capital Cuts Salesforce (NYSE:CRM) Price Target to $330.00

Salesforce (NYSE:CRM) had its price objective cut by Loop Capital from $360.00 to $330.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the CRM provider’s stock. Loop Capital’s price target would suggest a potential upside of 1.57% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 target price on shares of Salesforce in a research note on Thursday, February 6th. Scotiabank boosted their price objective on shares of Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Truist Financial restated a “buy” rating and set a $400.00 target price (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Stifel Nicolaus boosted their target price on shares of Salesforce from $390.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley upped their price target on shares of Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $376.84.

Salesforce Trading Down 1.2 %

NYSE:CRM traded down $4.06 during trading hours on Wednesday, reaching $324.91. The company’s stock had a trading volume of 1,751,206 shares, compared to its average volume of 6,103,894. The firm has a market capitalization of $310.93 billion, a price-to-earnings ratio of 53.45, a PEG ratio of 2.62 and a beta of 1.31. The firm has a 50-day simple moving average of $335.64 and a 200-day simple moving average of $304.52. Salesforce has a 1 year low of $212.00 and a 1 year high of $369.00. 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 (NYSE:CRM) last announced its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. Salesforce’s revenue was up 8.3% on a year-over-year basis. During the same period last year, the business earned $1.62 EPS. Research analysts expect that Salesforce will post 7.46 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Brian Millham sold 14,808 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $338.95, for a total value of $5,019,171.60. The disclosure for this sale can be found here. Insiders have sold a total of 1,111,420 shares of company stock valued at $384,366,700 in the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Trading of Salesforce

Institutional investors have recently modified their holdings of the stock. Bernard Wealth Management Corp. purchased a new position in shares of Salesforce in the 4th quarter valued at $25,000. Infrastructure Capital Advisors LLC purchased a new position in shares of Salesforce in the 3rd quarter valued at $27,000. Accredited Wealth Management LLC purchased a new position in shares of Salesforce in the 4th quarter valued at $27,000. Arlington Trust Co LLC grew its position in shares of Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares during the last quarter. Finally, Compass Financial Services Inc purchased a new position in shares of Salesforce in the 4th quarter valued at $30,000. 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.