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

Salesforce (NYSE:CRMGet Rating) had its target price reduced by Deutsche Bank Aktiengesellschaft from $200.00 to $190.00 in a report issued on Monday, The Fly reports. They currently have a buy rating on the CRM provider’s stock.

A number of other research firms have also commented on CRM. Cowen lowered shares of Salesforce from an outperform rating to a market perform rating in a research note on Friday. Jefferies Financial Group decreased their target price on Salesforce from $240.00 to $230.00 in a research report on Thursday, December 1st. Wells Fargo & Company lowered their price target on Salesforce from $190.00 to $175.00 and set an overweight rating on the stock in a report on Thursday, December 1st. Wolfe Research lowered Salesforce from an outperform rating to a market perform rating in a research report on Thursday, December 1st. Finally, Bank of America lowered their target price on Salesforce from $210.00 to $200.00 and set a buy rating on the stock in a research note on Thursday, December 1st. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Salesforce currently has an average rating of Moderate Buy and an average target price of $189.81.

Salesforce Stock Performance

CRM opened at $155.87 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The firm has a market cap of $155.87 billion, a PE ratio of 556.68, a P/E/G ratio of 3.79 and a beta of 1.15. The business has a fifty day simple moving average of $141.29 and a 200-day simple moving average of $155.70. Salesforce has a fifty-two week low of $126.34 and a fifty-two week high of $234.49.

Salesforce (NYSE:CRMGet Rating) last released its quarterly earnings results on Wednesday, November 30th. The CRM provider reported $0.73 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.15. The business had revenue of $7.84 billion during the quarter, compared to analyst estimates of $7.83 billion. Salesforce had a return on equity of 3.21% and a net margin of 0.92%. Salesforce’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter last year, the company posted $0.78 EPS. As a group, equities analysts predict that Salesforce will post 2.38 EPS for the current fiscal year.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 47,096 shares of Salesforce stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $163.16, for a total transaction of $7,684,183.36. Following the sale, the insider now directly owns 95,155 shares of the company’s stock, valued at $15,525,489.80. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $163.16, for a total value of $7,684,183.36. Following the completion of the transaction, the insider now directly owns 95,155 shares in the company, valued at $15,525,489.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 924 shares of Salesforce stock in a transaction on Friday, December 23rd. The stock was sold at an average price of $128.55, for a total transaction of $118,780.20. Following the sale, the chief financial officer now owns 32,807 shares in the company, valued at approximately $4,217,339.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 166,164 shares of company stock worth $25,221,512. 3.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Fairfield Bush & CO. raised its stake in Salesforce by 8.7% during the first quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock worth $949,000 after acquiring an additional 357 shares in the last quarter. Roundview Capital LLC increased its position in shares of Salesforce by 18.8% during the 1st quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock worth $5,104,000 after purchasing an additional 3,809 shares in the last quarter. Covestor Ltd lifted its holdings in Salesforce by 42.8% during the 1st quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after purchasing an additional 186 shares during the last quarter. Ergoteles LLC acquired a new position in Salesforce in the first quarter valued at about $455,000. Finally, Mackenzie Financial Corp grew its stake in Salesforce by 21.3% during the first quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock worth $182,797,000 after buying an additional 151,440 shares during the last quarter. Institutional investors own 75.83% of the company’s stock.

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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