Wells Fargo & Company Cuts Salesforce (NYSE:CRM) Price Target to $190.00

Salesforce (NYSE:CRMGet Rating) had its target price reduced by Wells Fargo & Company from $220.00 to $190.00 in a report published on Tuesday morning, The Fly reports. They currently have an overweight rating on the CRM provider’s stock.

A number of other brokerages have also issued reports on CRM. Deutsche Bank Aktiengesellschaft cut their target price on Salesforce from $260.00 to $255.00 and set a buy rating on the stock in a research report on Thursday, August 25th. Jefferies Financial Group dropped their target price on shares of Salesforce from $250.00 to $240.00 and set a buy rating for the company in a research report on Sunday. Monness Crespi & Hardt downgraded shares of Salesforce from a buy rating to a neutral rating in a research report on Thursday, November 17th. Wedbush dropped their target price on shares of Salesforce from $225.00 to $215.00 and set an outperform rating for the company in a research report on Thursday, August 25th. Finally, Robert W. Baird dropped their target price on shares of Salesforce from $260.00 to $230.00 and set an outperform rating for the company in a research report on Thursday, August 25th. Six research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $224.24.

Salesforce Stock Up 3.0 %

CRM opened at $149.25 on Tuesday. The business’s fifty day moving average is $151.77 and its two-hundred day moving average is $164.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market cap of $149.25 billion, a price-to-earnings ratio of 276.39, a PEG ratio of 4.01 and a beta of 1.12. Salesforce has a one year low of $136.04 and a one year high of $299.27.

Salesforce (NYSE:CRMGet Rating) last posted its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.15. The company had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.70 billion. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. Salesforce’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.87 earnings per share. Analysts anticipate that Salesforce will post 2.21 EPS for the current fiscal year.

Salesforce announced that its board has initiated a stock buyback program on Wednesday, August 24th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the CRM provider to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Parker Harris sold 47,096 shares of the company’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $163.16, for a total transaction of $7,684,183.36. Following the completion of the sale, the insider now directly owns 95,155 shares of the company’s stock, valued at approximately $15,525,489.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Parker Harris sold 47,096 shares of the company’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $163.16, for a total transaction of $7,684,183.36. Following the completion of the sale, the insider now directly owns 95,155 shares of the company’s stock, valued at approximately $15,525,489.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 937 shares of the stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $146.36, for a total transaction of $137,139.32. Following the completion of the sale, the chief financial officer now directly owns 29,549 shares of the company’s stock, valued at $4,324,791.64. The disclosure for this sale can be found here. In the last three months, insiders sold 207,522 shares of company stock valued at $31,643,534. Company insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently made changes to their positions in CRM. Investors Asset Management of Georgia Inc. GA ADV increased its position in shares of Salesforce by 506.1% during the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock worth $29,000 after purchasing an additional 167 shares in the last quarter. MCF Advisors LLC acquired a new stake in shares of Salesforce during the 1st quarter worth about $30,000. GHP Investment Advisors Inc. increased its position in shares of Salesforce by 113.4% during the 3rd quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 110 shares in the last quarter. FSC Wealth Advisors LLC increased its position in shares of Salesforce by 1,350.0% during the 1st quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Finally, Verity Asset Management Inc. acquired a new stake in shares of Salesforce during the 1st quarter worth about $35,000. Institutional investors and hedge funds own 77.02% of the company’s stock.

Salesforce Company Profile

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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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