Salesforce (NYSE:CRM) Price Target Cut to $240.00 by Analysts at Jefferies Financial Group

Salesforce (NYSE:CRMGet Rating) had its price objective cut by Jefferies Financial Group from $250.00 to $240.00 in a report published on Sunday morning, The Fly reports.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group decreased their price objective on Salesforce from $260.00 to $215.00 and set a buy rating for the company in a report on Thursday, August 25th. Monness Crespi & Hardt cut Salesforce from a buy rating to a neutral rating in a report on Thursday. Northland Securities began coverage on Salesforce in a report on Monday, October 17th. They issued a market perform rating and a $150.00 price target for the company. StockNews.com raised Salesforce from a hold rating to a buy rating in a report on Wednesday, November 9th. Finally, Citigroup reduced their price target on Salesforce from $189.00 to $179.00 and set a neutral rating for the company in a report on Thursday, August 25th. Six 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 company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $230.15.

Salesforce Stock Down 1.1 %

Salesforce stock opened at $148.04 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06. The business’s 50-day simple moving average is $152.36 and its two-hundred day simple moving average is $165.15. The company has a market cap of $148.04 billion, a PE ratio of 274.15, a PEG ratio of 4.01 and a beta of 1.12. Salesforce has a fifty-two week low of $136.04 and a fifty-two week high of $306.00.

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

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

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 47,096 shares of the firm’s stock in a transaction 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 directly 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 related news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $179.53, for a total transaction of $412,919.00. Following the transaction, the chief executive officer now owns 27,761,368 shares of the company’s stock, valued at $4,983,998,397.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Parker Harris sold 47,096 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $163.16, for a total value of $7,684,183.36. Following the transaction, the insider now directly owns 95,155 shares in the company, valued at approximately $15,525,489.80. The disclosure for this sale can be found here. Insiders sold a total of 115,631 shares of company stock worth $18,273,483 over the last ninety days. Company insiders own 3.60% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of institutional investors have recently added to or reduced their stakes in the business. EVR Research LP boosted its holdings in Salesforce by 12.0% in the 3rd quarter. EVR Research LP now owns 43,000 shares of the CRM provider’s stock valued at $6,185,000 after purchasing an additional 4,600 shares in the last quarter. Power Corp of Canada boosted its holdings in Salesforce by 17.8% in the 3rd quarter. Power Corp of Canada now owns 15,700 shares of the CRM provider’s stock valued at $2,258,000 after purchasing an additional 2,368 shares in the last quarter. Spotlight Asset Group Inc. purchased a new stake in Salesforce in the 3rd quarter valued at approximately $440,000. National Pension Service boosted its holdings in Salesforce by 3.0% in the 3rd quarter. National Pension Service now owns 1,380,910 shares of the CRM provider’s stock valued at $202,731,000 after purchasing an additional 40,361 shares in the last quarter. Finally, Whalerock Point Partners LLC boosted its holdings in Salesforce by 4.6% in the 3rd quarter. Whalerock Point Partners LLC now owns 18,013 shares of the CRM provider’s stock valued at $2,591,000 after purchasing an additional 785 shares in the last quarter. Hedge funds and other institutional investors own 77.02% of the company’s stock.

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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