Monness Crespi & Hardt Lowers Salesforce (NYSE:CRM) to Neutral

Monness Crespi & Hardt downgraded shares of Salesforce (NYSE:CRMGet Rating) from a buy rating to a neutral rating in a research report report published on Thursday morning, MarketBeat.com reports.

CRM has been the topic of several other research reports. Stifel Nicolaus reduced their price target on shares of Salesforce to $200.00 in a research report on Thursday, August 25th. Piper Sandler cut their target price on shares of Salesforce from $200.00 to $175.00 and set an overweight rating on the stock in a report on Thursday, October 20th. Wells Fargo & Company cut their target price on shares of Salesforce from $235.00 to $220.00 and set an overweight rating on the stock in a report on Thursday, August 25th. Raymond James cut their target price on shares of Salesforce from $250.00 to $225.00 in a report on Thursday, August 25th. Finally, JPMorgan Chase & Co. cut their target price on shares of Salesforce from $275.00 to $245.00 and set an overweight rating on the stock in a report on Thursday, August 25th. Six equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of Moderate Buy and a consensus price target of $230.74.

Salesforce Stock Performance

Shares of CRM stock opened at $148.04 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06. Salesforce has a one year low of $136.04 and a one year high of $306.00. The company’s 50-day simple moving average is $152.36 and its 200-day simple moving average is $165.29. The stock has a market capitalization of $148.04 billion, a price-to-earnings ratio of 274.15, a PEG ratio of 4.05 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings results on Wednesday, August 24th. The CRM provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.37 by $0.15. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The business had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.70 billion. During the same quarter last year, the company posted $0.87 earnings per share. The company’s quarterly revenue was up 21.8% compared to the same quarter last year. Equities analysts anticipate that Salesforce will post 2.21 earnings per share for the current fiscal year.

Salesforce declared that its board has initiated a stock buyback program on Wednesday, August 24th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the CRM provider to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 47,096 shares of Salesforce stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $163.16, for a total value of $7,684,183.36. Following the transaction, the insider now owns 95,155 shares in the company, valued at $15,525,489.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Salesforce news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $177.43, for a total value of $408,089.00. Following the transaction, the chief executive officer now owns 27,761,368 shares in the company, valued at $4,925,699,524.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Parker Harris sold 47,096 shares of Salesforce stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $163.16, for a total transaction of $7,684,183.36. Following the completion of the transaction, the insider now owns 95,155 shares in the company, valued at approximately $15,525,489.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 117,931 shares of company stock worth $18,681,572. 3.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geller Advisors LLC grew its position in Salesforce by 2.0% during the 2nd quarter. Geller Advisors LLC now owns 2,752 shares of the CRM provider’s stock worth $454,000 after purchasing an additional 54 shares in the last quarter. Wellington Shields & Co. LLC grew its position in Salesforce by 4.4% during the 2nd quarter. Wellington Shields & Co. LLC now owns 1,301 shares of the CRM provider’s stock worth $215,000 after purchasing an additional 55 shares in the last quarter. Silvant Capital Management LLC grew its position in Salesforce by 0.4% during the 2nd quarter. Silvant Capital Management LLC now owns 13,828 shares of the CRM provider’s stock worth $2,282,000 after purchasing an additional 58 shares in the last quarter. Carmel Capital Partners LLC grew its position in Salesforce by 4.9% during the 2nd quarter. Carmel Capital Partners LLC now owns 1,273 shares of the CRM provider’s stock worth $210,000 after purchasing an additional 60 shares in the last quarter. Finally, Columbia Trust Co 01012016 grew its position in Salesforce by 0.9% during the 2nd quarter. Columbia Trust Co 01012016 now owns 6,433 shares of the CRM provider’s stock worth $1,062,000 after purchasing an additional 60 shares in the last quarter. 77.02% of the stock is currently owned by hedge funds and other institutional investors.

About Salesforce

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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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