Sanford C. Bernstein Lowers Salesforce (NYSE:CRM) to Underperform

Sanford C. Bernstein cut shares of Salesforce (NYSE:CRMGet Rating) from a market perform rating to an underperform rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage currently has $119.00 price target on the CRM provider’s stock, down from their prior price target of $134.00.

Several other equities research analysts have also issued reports on the company. Citigroup dropped their price target on Salesforce from $170.00 to $164.00 and set a neutral rating on the stock in a research report on Monday, December 5th. Mizuho decreased their price target on shares of Salesforce from $225.00 to $200.00 and set a buy rating for the company in a report on Thursday, December 1st. Morgan Stanley lowered their price objective on shares of Salesforce from $250.00 to $228.00 and set an overweight rating for the company in a research report on Monday, December 19th. Monness Crespi & Hardt downgraded Salesforce from a buy rating to a neutral rating in a research note on Thursday, November 17th. Finally, JPMorgan Chase & Co. dropped their price target on Salesforce from $245.00 to $200.00 in a research report on Thursday, December 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $191.23.

Salesforce Trading Down 0.1 %

CRM opened at $149.51 on Wednesday. The stock has a market capitalization of $149.51 billion, a PE ratio of 533.96, a P/E/G ratio of 3.53 and a beta of 1.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. Salesforce has a 12-month low of $126.34 and a 12-month high of $234.49. The firm’s fifty day moving average price is $141.48 and its 200 day moving average price is $156.79.

Salesforce (NYSE:CRMGet Rating) last issued its earnings results on Wednesday, November 30th. The CRM provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.19. The business had revenue of $7.84 billion for the quarter, compared to analyst estimates of $7.83 billion. Salesforce had a net margin of 0.92% and a return on equity of 3.21%. The company’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.78 EPS. As a group, research analysts expect that Salesforce will post 2.38 EPS for the current fiscal year.

Insider Activity at Salesforce

In other Salesforce news, CEO Marc Benioff sold 725 shares of the company’s stock in a transaction on Friday, January 13th. The stock was sold at an average price of $148.60, for a total value of $107,735.00. Following the transaction, the chief executive officer now owns 27,753,609 shares of the company’s stock, valued at $4,124,186,297.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, CFO Amy E. Weaver sold 924 shares of the firm’s stock in a transaction dated Friday, December 23rd. The shares were sold at an average price of $128.55, for a total value of $118,780.20. Following the completion of the transaction, the chief financial officer now directly owns 32,807 shares in the company, valued at $4,217,339.85. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Marc Benioff sold 725 shares of Salesforce stock in a transaction that occurred on Friday, January 13th. The stock was sold at an average price of $148.60, for a total transaction of $107,735.00. Following the transaction, the chief executive officer now owns 27,753,609 shares in the company, valued at $4,124,186,297.40. The disclosure for this sale can be found here. Insiders sold a total of 172,361 shares of company stock valued at $26,194,071 over the last ninety days. Insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in Salesforce by 40.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 46,707,038 shares of the CRM provider’s stock valued at $7,708,529,000 after acquiring an additional 13,483,854 shares in the last quarter. Public Investment Fund purchased a new position in Salesforce during the second quarter valued at approximately $437,393,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Salesforce by 114.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,881,056 shares of the CRM provider’s stock valued at $640,566,000 after buying an additional 2,074,938 shares during the period. PointState Capital LP purchased a new stake in Salesforce in the 3rd quarter worth approximately $181,700,000. Finally, Polen Capital Management LLC boosted its stake in shares of Salesforce by 12.5% during the 3rd quarter. Polen Capital Management LLC now owns 11,057,687 shares of the CRM provider’s stock valued at $1,590,538,000 after buying an additional 1,228,763 shares during the period. Hedge funds and other institutional investors own 75.83% of the company’s stock.

About Salesforce

(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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Analyst Recommendations for Salesforce (NYSE:CRM)

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