Mizuho Cuts Salesforce (NYSE:CRM) Price Target to $380.00

Salesforce (NYSE:CRM) had its target price lowered by Mizuho from $425.00 to $380.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the CRM provider’s stock.

Several other research firms have also recently commented on CRM. Oppenheimer cut their target price on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Jefferies Financial Group cut their price objective on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Bank of America decreased their target price on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Stephens initiated coverage on Salesforce in a report on Wednesday, March 19th. They issued an “equal weight” rating and a $311.00 price target for the company. Finally, TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $380.00 to $400.00 in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and five have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $352.62.

Salesforce Stock Performance

Shares of NYSE CRM opened at $291.00 on Thursday. Salesforce has a 12 month low of $212.00 and a 12 month high of $369.00. The company has a market cap of $279.76 billion, a P/E ratio of 47.86, a P/E/G ratio of 2.58 and a beta of 1.42. The business’s 50 day moving average is $268.10 and its two-hundred day moving average is $307.10. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were given a dividend of $0.42 per share. This is a boost from Salesforce’s previous quarterly dividend of $0.40. The ex-dividend date was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.58%. Salesforce’s payout ratio is currently 26.10%.

Insider Buying and Selling

In related news, insider R David Schmaier sold 6,959 shares of Salesforce stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total transaction of $1,762,784.29. Following the completion of the sale, the insider now directly owns 36,090 shares of the company’s stock, valued at $9,141,957.90. The trade was a 16.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 1,909 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total value of $543,263.22. Following the completion of the sale, the chief accounting officer now owns 11,310 shares of the company’s stock, valued at $3,218,599.80. This represents a 14.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 52,527 shares of company stock valued at $14,882,976 over the last ninety days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Institutional investors have recently modified their holdings of the stock. Foundations Investment Advisors LLC raised its holdings in Salesforce by 15.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares during the period. Athena Investment Management acquired a new stake in Salesforce during the 4th quarter worth $236,000. Highland Capital Management LLC acquired a new stake in Salesforce during the 4th quarter worth $4,321,000. Jag Capital Management LLC lifted its holdings in Salesforce by 2,507.9% during the fourth quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider’s stock worth $7,926,000 after acquiring an additional 22,797 shares in the last quarter. Finally, Lecap Asset Management Ltd. acquired a new position in Salesforce in the fourth quarter valued at about $2,861,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

About Salesforce

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.