Salesforce (NYSE:CRM) Price Target Cut to $190.00

Salesforce (NYSE:CRMGet Rating) had its price target reduced by BMO Capital Markets from $207.00 to $190.00 in a research note issued to investors on Thursday, The Fly reports.

Several other research analysts have also recently weighed in on the stock. William Blair reissued an outperform rating on shares of Salesforce in a research report on Wednesday, June 1st. Wolfe Research lowered their price target on shares of Salesforce from $215.00 to $200.00 and set an outperform rating on the stock in a research report on Thursday, August 25th. Cowen lowered their price target on shares of Salesforce from $225.00 to $210.00 and set an outperform rating on the stock in a research report on Thursday, August 25th. Wells Fargo & Company lowered their price target on shares of Salesforce from $235.00 to $220.00 and set an overweight rating on the stock in a research report on Thursday, August 25th. Finally, Oppenheimer boosted their price target on shares of Salesforce from $205.00 to $240.00 in a research report on Friday, August 19th. Five analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of Moderate Buy and a consensus target price of $242.71.

Salesforce Trading Up 1.7 %

Shares of CRM opened at $150.15 on Thursday. Salesforce has a 52-week low of $147.51 and a 52-week high of $311.75. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.16. The firm’s fifty day moving average is $171.85 and its two-hundred day moving average is $178.69. The stock has a market cap of $150.15 billion, a PE ratio of 278.06, a price-to-earnings-growth ratio of 4.07 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last announced its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.15. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The company had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.70 billion. During the same quarter in the previous year, the company posted $0.87 EPS. The firm’s quarterly revenue was up 21.8% on a year-over-year basis. Research analysts forecast that Salesforce will post 2.2 earnings per share for the current fiscal year.

Salesforce declared that its Board of Directors has approved a stock buyback plan on Wednesday, August 24th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the CRM provider to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $182.05, for a total value of $418,715.00. Following the transaction, the chief executive officer now directly owns 28,761,368 shares in the company, valued at $5,236,007,044.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $182.05, for a total value of $418,715.00. Following the transaction, the chief executive officer now directly owns 28,761,368 shares in the company, valued at $5,236,007,044.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 516 shares of the stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $177.86, for a total transaction of $91,775.76. Following the completion of the transaction, the chief financial officer now owns 30,486 shares in the company, valued at $5,422,239.96. The disclosure for this sale can be found here. Insiders have sold 71,246 shares of company stock worth $12,337,917 over the last three months. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Hedge funds have recently modified their holdings of the business. Vectors Research Management LLC grew its position in shares of Salesforce by 128.9% during the fourth quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 58 shares during the last quarter. MCF Advisors LLC purchased a new position in Salesforce in the 1st quarter valued at $30,000. FSC Wealth Advisors LLC grew its position in Salesforce by 1,350.0% in the 1st quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider’s stock valued at $31,000 after buying an additional 135 shares during the last quarter. Retirement Group LLC grew its position in Salesforce by 65.5% in the 1st quarter. Retirement Group LLC now owns 182 shares of the CRM provider’s stock valued at $39,000 after buying an additional 72 shares during the last quarter. Finally, Rise Advisors LLC purchased a new position in Salesforce in the 4th quarter valued at $53,000. 77.02% of the stock is currently owned by hedge funds and other institutional investors.

About Salesforce

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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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