Salesforce (NYSE:CRM) Price Target Cut to $260.00 by Analysts at Citigroup

Salesforce (NYSE:CRMFree Report) had its price objective lowered by Citigroup from $323.00 to $260.00 in a research report sent to investors on Thursday, Benzinga reports. Citigroup currently has a neutral rating on the CRM provider’s stock.

A number of other research analysts have also recently commented on the stock. Mizuho cut their price target on shares of Salesforce from $345.00 to $300.00 and set a buy rating for the company in a research note on Thursday. Needham & Company LLC restated a buy rating and set a $345.00 price target on shares of Salesforce in a research note on Thursday. TD Cowen cut their price target on shares of Salesforce from $330.00 to $285.00 and set a hold rating for the company in a research note on Thursday. Evercore ISI cut their price target on shares of Salesforce from $330.00 to $300.00 and set an outperform rating for the company in a research note on Thursday. Finally, Robert W. Baird cut their price target on shares of Salesforce from $355.00 to $295.00 and set an outperform rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Salesforce has an average rating of Moderate Buy and a consensus target price of $293.33.

View Our Latest Stock Report on Salesforce

Salesforce Stock Down 19.7 %

NYSE CRM opened at $218.04 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a 50-day simple moving average of $283.26 and a 200 day simple moving average of $275.45. Salesforce has a twelve month low of $193.68 and a twelve month high of $318.71. The stock has a market cap of $211.06 billion, a PE ratio of 51.91, a PEG ratio of 2.38 and a beta of 1.30.

Salesforce (NYSE:CRMGet Free Report) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter last year, the company earned $1.15 earnings per share. The firm’s revenue was up 10.7% on a year-over-year basis. On average, research analysts forecast that Salesforce will post 7.45 EPS for the current year.

Insider Activity at Salesforce

In related news, COO Brian Millham sold 24,453 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO Brian Millham sold 24,453 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the completion of the sale, the insider now directly owns 115,762 shares in the company, valued at $31,170,076.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 623,070 shares of company stock valued at $179,662,826. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Norges Bank acquired a new stake in Salesforce in the 4th quarter valued at $2,762,331,000. Capital International Investors increased its stake in Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after buying an additional 5,935,973 shares during the last quarter. Cerity Partners LLC increased its stake in shares of Salesforce by 1,254.7% during the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after purchasing an additional 3,226,512 shares during the last quarter. Capital Research Global Investors increased its stake in shares of Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. Finally, GQG Partners LLC acquired a new position in shares of Salesforce during the 1st quarter worth about $910,220,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

About Salesforce

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Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.

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