Salesforce (NYSE:CRM) Given New $190.00 Price Target at Wells Fargo & Company

Salesforce (NYSE:CRMGet Rating) had its target price reduced by Wells Fargo & Company from $220.00 to $190.00 in a report released on Tuesday morning, The Fly reports. Wells Fargo & Company currently has an overweight rating on the CRM provider’s stock.

Other analysts have also issued reports about the stock. Canaccord Genuity Group reduced their price objective on shares of Salesforce from $260.00 to $215.00 and set a buy rating for the company in a research note on Thursday, August 25th. Oppenheimer dropped their price target on shares of Salesforce from $240.00 to $200.00 and set an outperform rating on the stock in a report on Thursday, November 10th. Piper Sandler dropped their price target 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. Cowen dropped their price target on shares of Salesforce from $225.00 to $210.00 and set an outperform rating on the stock in a report on Thursday, August 25th. Finally, Wedbush dropped their price target on shares of Salesforce from $225.00 to $215.00 and set an outperform rating on the stock in a report on Thursday, August 25th. Six analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Salesforce currently has an average rating of Moderate Buy and an average price target of $224.24.

Salesforce Stock Up 3.0 %

NYSE:CRM opened at $149.25 on Tuesday. The firm has a market cap of $149.25 billion, a P/E ratio of 276.39, a P/E/G ratio of 4.01 and a beta of 1.12. 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 fifty-two week low of $136.04 and a fifty-two week high of $299.27. The firm has a 50-day simple moving average of $151.77 and a two-hundred day simple moving average of $164.81.

Salesforce (NYSE:CRMGet Rating) last released its quarterly earnings data on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.70 billion. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. Salesforce’s revenue was up 21.8% compared to the same quarter last year. During the same period last year, the business earned $0.87 EPS. Analysts predict that Salesforce will post 2.21 earnings per share for the current fiscal 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 repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Parker Harris sold 986 shares of the business’s stock in a transaction on Friday, September 23rd. The shares were sold at an average price of $146.37, for a total transaction of $144,320.82. Following the completion of the sale, the insider now directly owns 94,600 shares of the company’s stock, valued at $13,846,602. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $142.30, for a total value of $327,290.00. Following the completion of the sale, the chief executive officer now directly owns 27,761,368 shares of the company’s stock, valued at $3,950,442,666.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Parker Harris sold 986 shares of the company’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $146.37, for a total transaction of $144,320.82. Following the completion of the sale, the insider now directly owns 94,600 shares of the company’s stock, valued at $13,846,602. The disclosure for this sale can be found here. Insiders sold 207,522 shares of company stock valued at $31,643,534 over the last three months. 3.60% of the stock is owned by company insiders.

Institutional Trading of Salesforce

Hedge funds have recently added to or reduced their stakes in the business. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in Salesforce by 506.1% in the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock worth $29,000 after purchasing an additional 167 shares in the last quarter. MCF Advisors LLC bought a new position in Salesforce in the first quarter worth about $30,000. GHP Investment Advisors Inc. raised its holdings in Salesforce by 113.4% in the third quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 110 shares in the last quarter. FSC Wealth Advisors LLC raised its holdings in Salesforce by 1,350.0% in the first quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Finally, Verity Asset Management Inc. bought a new position in Salesforce in the first quarter worth about $35,000. 77.02% of the stock is 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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