Salesforce (NYSE:CRM) Price Target Cut to $225.00 by Analysts at Cowen

Salesforce (NYSE:CRMGet Rating) had its price target dropped by investment analysts at Cowen from $285.00 to $225.00 in a research note issued on Monday, The Fly reports. Cowen’s target price points to a potential upside of 40.93% from the stock’s current price.

A number of other research analysts have also issued reports on CRM. StockNews.com started coverage on shares of Salesforce in a research note on Thursday, March 31st. They set a “hold” rating for the company. Wedbush lowered their target price on Salesforce from $315.00 to $275.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 2nd. Morgan Stanley reduced their price target on Salesforce from $360.00 to $291.00 in a research report on Monday, May 16th. Robert W. Baird cut their price objective on shares of Salesforce from $315.00 to $300.00 in a research note on Wednesday, March 2nd. Finally, OTR Global downgraded shares of Salesforce to a “positive” rating in a research report on Thursday, May 12th. Five analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $289.03.

Shares of Salesforce stock opened at $159.65 on Monday. The stock has a market capitalization of $158.11 billion, a price-to-earnings ratio of 106.43, a PEG ratio of 4.47 and a beta of 1.16. Salesforce has a twelve month low of $154.55 and a twelve month high of $311.75. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.18. The business’s 50 day simple moving average is $189.67 and its 200-day simple moving average is $223.96.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings data on Tuesday, March 1st. The CRM provider reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.12. The firm had revenue of $7.33 billion during the quarter, compared to the consensus estimate of $7.24 billion. Salesforce had a return on equity of 4.76% and a net margin of 5.45%. The firm’s revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS. Sell-side analysts predict that Salesforce will post 2.08 earnings per share for the current year.

In related news, insider Srinivas Tallapragada sold 20,000 shares of the firm’s stock in a transaction on Monday, March 7th. The stock was sold at an average price of $203.57, for a total value of $4,071,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 510 shares of the stock in a transaction on Monday, April 25th. The shares were sold at an average price of $171.68, for a total transaction of $87,556.80. Following the completion of the transaction, the chief financial officer now owns 29,075 shares of the company’s stock, valued at approximately $4,991,596. The disclosure for this sale can be found here. Insiders sold 137,435 shares of company stock valued at $27,032,562 over the last three months. 4.10% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vectors Research Management LLC increased its position in Salesforce by 128.9% in the 4th quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 58 shares in the last quarter. Retirement Planning Co of New England Inc. bought a new position in Salesforce in the 4th quarter valued at $27,000. MCF Advisors LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at $30,000. FSC Wealth Advisors LLC raised its position in shares of Salesforce by 1,350.0% during the first quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. Finally, Financial Enhancement Group LLC boosted its holdings in Salesforce by 589.5% in the fourth quarter. Financial Enhancement Group LLC now owns 131 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 112 shares during the last quarter. Institutional investors and hedge funds own 77.75% of the company’s stock.

Salesforce Company Profile (Get Rating)

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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