Salesforce (NYSE:CRM) Price Target Cut to $260.00

Salesforce (NYSE:CRMGet Rating) had its target price lowered by research analysts at Deutsche Bank Aktiengesellschaft from $300.00 to $260.00 in a research note issued on Wednesday, The Fly reports. Deutsche Bank Aktiengesellschaft’s price target suggests a potential upside of 62.26% from the stock’s current price.

A number of other brokerages have also recently commented on CRM. Oppenheimer reduced their price target on Salesforce from $310.00 to $205.00 and set an “outperform” rating for the company in a research report on Tuesday, May 24th. Royal Bank of Canada set a $325.00 target price on Salesforce in a research report on Wednesday, March 2nd. Credit Suisse Group cut their target price on Salesforce from $375.00 to $315.00 in a research report on Wednesday. Stifel Nicolaus cut their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Wednesday, March 2nd. Finally, Cowen cut their target price on Salesforce from $285.00 to $225.00 in a research report on Monday, May 23rd. Five equities research analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has an average rating of “Buy” and an average price target of $274.88.

Salesforce stock opened at $160.24 on Wednesday. The stock has a market cap of $158.70 billion, a PE ratio of 106.83, a price-to-earnings-growth ratio of 4.74 and a beta of 1.16. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.05 and a current ratio of 1.05. Salesforce has a one year low of $154.55 and a one year high of $311.75. The stock has a fifty day moving average of $182.63 and a 200 day moving average of $217.46.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings results on Tuesday, May 31st. The CRM provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. The business had revenue of $7.41 billion during the quarter, compared to analysts’ expectations of $7.38 billion. Salesforce had a return on equity of 4.76% and a net margin of 5.45%. The business’s quarterly revenue was up 24.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.74 earnings per share. As a group, sell-side analysts predict that Salesforce will post 2.08 EPS for the current fiscal year.

In related news, CFO Amy E. Weaver sold 2,625 shares of Salesforce stock in a transaction dated Wednesday, March 23rd. The stock was sold at an average price of $210.93, for a total value of $553,691.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction dated Friday, March 4th. The shares were sold at an average price of $201.89, for a total value of $464,347.00. The disclosure for this sale can be found here. In the last three months, insiders sold 137,435 shares of company stock valued at $26,634,777. Insiders own 4.10% of the company’s stock.

Large investors have recently bought and sold shares of the business. Vectors Research Management LLC increased its stake in Salesforce by 128.9% during the 4th quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock worth $26,000 after buying an additional 58 shares in the last quarter. Retirement Planning Co of New England Inc. purchased a new stake in Salesforce during the 4th quarter worth approximately $27,000. Financial Enhancement Group LLC increased its stake in Salesforce by 589.5% during the 4th quarter. Financial Enhancement Group LLC now owns 131 shares of the CRM provider’s stock worth $33,000 after buying an additional 112 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in Salesforce during the 4th quarter worth approximately $35,000. Finally, MCF Advisors LLC purchased a new stake in shares of Salesforce in the first quarter valued at approximately $30,000. Institutional investors own 77.75% of the company’s stock.

About Salesforce (Get Rating)

Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

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