Salesforce (NYSE:CRM) Price Target Lowered to $300.00 at Loop Capital

Salesforce (NYSE:CRM) had its target price lowered by equities research analysts at Loop Capital from $330.00 to $300.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “hold” rating on the CRM provider’s stock. Loop Capital’s price target suggests a potential upside of 1.96% from the company’s current price.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. increased their price target on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Guggenheim reiterated a “sell” rating and set a $247.00 target price on shares of Salesforce in a report on Thursday. Northland Securities reaffirmed an “outperform” rating and set a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research note on Thursday. Finally, KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target on the stock in a research report on Friday, December 13th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $365.32.

Salesforce Stock Down 4.3 %

Shares of NYSE CRM traded down $13.09 during midday trading on Thursday, hitting $294.24. The company’s stock had a trading volume of 13,426,150 shares, compared to its average volume of 6,634,473. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $281.59 billion, a price-to-earnings ratio of 48.43, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31. The business’s fifty day simple moving average is $330.86 and its two-hundred day simple moving average is $306.97. Salesforce has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.62 EPS. On average, equities analysts predict that Salesforce will post 7.46 EPS for the current year.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Parker Harris sold 942 shares of Salesforce stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the sale, the insider now owns 120,333 shares of the company’s stock, valued at approximately $40,886,746.74. This trade represents a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 436 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,102,572 shares of company stock worth $381,283,706. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Azzad Asset Management Inc. ADV raised its holdings in Salesforce by 0.6% during the 4th quarter. Azzad Asset Management Inc. ADV now owns 17,904 shares of the CRM provider’s stock valued at $5,986,000 after buying an additional 104 shares during the period. Bernard Wealth Management Corp. bought a new position in Salesforce in the fourth quarter worth approximately $25,000. HWG Holdings LP bought a new stake in Salesforce during the fourth quarter valued at about $1,894,000. Yoffe Investment Management LLC bought a new position in shares of Salesforce during the 4th quarter worth approximately $313,000. Finally, LifeWealth Investments LLC purchased a new stake in Salesforce in the fourth quarter valued at about $307,000. Institutional investors own 80.43% of the company’s stock.

About Salesforce

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.