Salesforce (NYSE:CRM) Stock Price Down 0.2% on Analyst Downgrade

Salesforce, Inc. (NYSE:CRM) shares were down 0.2% during mid-day trading on Monday after Scotiabank lowered their price target on the stock from $400.00 to $345.00. Scotiabank currently has a sector outperform rating on the stock. Salesforce traded as low as $276.08 and last traded at $278.82. Approximately 1,197,746 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 7,014,678 shares. The stock had previously closed at $279.40.

Several other research firms have also recently issued reports on CRM. Piper Sandler cut their target price on Salesforce from $405.00 to $400.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Guggenheim reaffirmed a “sell” rating and set a $247.00 target price on shares of Salesforce in a research note on Thursday, February 27th. Royal Bank of Canada boosted their price target on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. increased their price objective on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Northland Securities reissued an “outperform” rating and issued a $440.00 target price (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $364.14.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at $2,344,899.96. The trade was a 5.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Marc Benioff sold 317,105 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the sale, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,108,793 shares of company stock valued at $383,156,227 in the last quarter. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Large investors have recently added to or reduced their stakes in the stock. Lansforsakringar Fondforvaltning AB publ acquired a new position in shares of Salesforce in the 4th quarter valued at $118,113,000. Capstone Triton Financial Group LLC boosted its holdings in Salesforce by 0.8% during the fourth quarter. Capstone Triton Financial Group LLC now owns 5,736 shares of the CRM provider’s stock valued at $1,918,000 after purchasing an additional 47 shares in the last quarter. Mattson Financial Services LLC raised its holdings in shares of Salesforce by 43,625.0% in the 4th quarter. Mattson Financial Services LLC now owns 3,498 shares of the CRM provider’s stock worth $1,169,000 after buying an additional 3,490 shares in the last quarter. Alpha Wealth Funds LLC bought a new position in shares of Salesforce during the 4th quarter worth approximately $869,000. Finally, IronOak Wealth LLC. acquired a new stake in Salesforce in the 4th quarter valued at $1,271,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Up 0.8 %

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a 50-day simple moving average of $318.03 and a two-hundred day simple moving average of $309.36. The stock has a market capitalization of $270.78 billion, a P/E ratio of 46.34, a PEG ratio of 2.58 and a beta of 1.35.

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.