Stifel Nicolaus Trims Salesforce (NYSE:CRM) Target Price to $300.00

Salesforce (NYSE:CRMFree Report) had its price target lowered by Stifel Nicolaus from $350.00 to $300.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a buy rating on the CRM provider’s stock.

Several other research firms also recently commented on CRM. Oppenheimer reduced their price target on shares of Salesforce from $325.00 to $280.00 and set an outperform rating on the stock in a research note on Thursday. KeyCorp began coverage on shares of Salesforce in a research note on Thursday, March 21st. They set a sector weight rating for the company. Citigroup increased their price objective on Salesforce from $265.00 to $325.00 and gave the stock a neutral rating in a research note on Monday, February 26th. UBS Group lifted their target price on Salesforce from $285.00 to $310.00 and gave the company a neutral rating in a research report on Friday, February 16th. Finally, Evercore ISI increased their price target on Salesforce from $290.00 to $330.00 and gave the stock an outperform rating in a research report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $292.79.

Check Out Our Latest Stock Report on CRM

Salesforce Stock Up 7.5 %

NYSE CRM opened at $234.44 on Thursday. The stock has a 50 day moving average price of $281.80 and a 200-day moving average price of $275.97. Salesforce has a one year low of $193.68 and a one year high of $318.71. The company has a market capitalization of $227.17 billion, a P/E ratio of 42.17, a P/E/G ratio of 1.92 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.11.

Salesforce (NYSE:CRMGet Free Report) last announced its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, equities analysts predict that Salesforce will post 7.46 EPS for the current fiscal year.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $309.64, for a total transaction of $4,644,600.00. Following the sale, the chief executive officer now owns 13,101,166 shares in the company, valued at $4,056,645,040.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $309.64, for a total transaction of $4,644,600.00. Following the transaction, the chief executive officer now owns 13,101,166 shares in the company, valued at $4,056,645,040.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 7,075 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The disclosure for this sale can be found here. Insiders sold a total of 638,070 shares of company stock worth $182,912,726 in the last three months. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ruedi Wealth Management Inc. lifted its holdings in Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce in the fourth quarter worth about $26,000. Signature Resources Capital Management LLC acquired a new position in Salesforce during the fourth quarter worth about $26,000. Red Tortoise LLC purchased a new stake in Salesforce during the 1st quarter valued at about $33,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Salesforce in the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Company Profile

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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.

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