Macquarie Cuts Salesforce (NYSE:CRM) Price Target to $320.00

Salesforce (NYSE:CRM) had its target price lowered by Macquarie from $370.00 to $320.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the CRM provider’s stock. Macquarie’s target price points to a potential upside of 7.51% from the company’s previous close.

A number of other equities analysts also recently weighed in on the company. Truist Financial reaffirmed a “buy” rating and set a $400.00 price target (up previously from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Loop Capital lowered their price target on shares of Salesforce from $360.00 to $330.00 and set a “hold” rating on the stock in a research note on Wednesday, February 19th. Guggenheim restated a “sell” rating and set a $247.00 price objective on shares of Salesforce in a research note on Thursday. BMO Capital Markets lowered their target price on Salesforce from $375.00 to $367.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, JMP Securities reiterated a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $365.32.

Salesforce Stock Up 0.9 %

Salesforce stock opened at $297.63 on Thursday. The company has a 50 day moving average of $329.11 and a 200-day moving average of $307.21. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce has a twelve month low of $212.00 and a twelve month high of $369.00. The stock has a market capitalization of $284.83 billion, a PE ratio of 48.95, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31.

Salesforce (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. Salesforce’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. On average, equities research analysts anticipate that Salesforce will post 7.46 EPS for the current fiscal year.

Insider Activity

In related news, Director G Mason Morfit sold 722,300 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total value of $249,995,253.00. Following the completion of the transaction, the director now owns 3,192,009 shares of the company’s stock, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at $2,344,899.96. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,102,572 shares of company stock worth $381,283,706. Corporate 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. Bernard Wealth Management Corp. acquired a new position in Salesforce during the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC bought a new position in shares of Salesforce in the 4th quarter valued at $27,000. Arlington Trust Co LLC raised its holdings in shares of Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after buying an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new stake in shares of Salesforce during the 4th quarter worth $30,000. Finally, Asset Planning Inc acquired a new stake in Salesforce in the fourth quarter valued at about $31,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Company Profile

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.