Salesforce (NYSE:CRM) Given New $260.00 Price Target at UBS Group

Salesforce (NYSE:CRM) had its price target cut by UBS Group from $300.00 to $260.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a neutral rating on the CRM provider’s stock.

A number of other equities analysts have also weighed in on CRM. Morgan Stanley reiterated an “overweight” rating and issued a $404.00 price target (up from $393.00) on shares of Salesforce in a research report on Thursday, May 29th. Barclays dropped their price target on shares of Salesforce from $347.00 to $316.00 and set an “overweight” rating for the company in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a research report on Wednesday, May 28th. Citigroup dropped their price target on shares of Salesforce from $320.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 30th. Finally, Sanford C. Bernstein upped their price target on shares of Salesforce from $243.00 to $255.00 and gave the stock an “underperform” rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-six have assigned a buy rating and four have assigned 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 $342.89.

Salesforce Stock Performance

Shares of NYSE CRM opened at $244.15 on Monday. The firm has a 50 day moving average of $259.85 and a 200 day moving average of $274.14. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $233.41 billion, a price-to-earnings ratio of 38.21, a price-to-earnings-growth ratio of 2.20 and a beta of 1.37. Salesforce has a 12-month low of $226.48 and a 12-month high of $369.00.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.03. The company had revenue of $9.83 billion during the quarter, compared to analyst estimates of $9.74 billion. Salesforce had a net margin of 16.08% and a return on equity of 12.94%. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.44 earnings per share. On average, research analysts anticipate that Salesforce will post 7.46 earnings per share for the current year.

Salesforce Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 18th were issued a dividend of $0.416 per share. This represents a $1.66 annualized dividend and a yield of 0.7%. The ex-dividend date was Wednesday, June 18th. Salesforce’s dividend payout ratio is presently 25.98%.

Insider Transactions at Salesforce

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $260.30, for a total transaction of $585,675.00. Following the transaction, the chief executive officer directly owned 11,955,566 shares in the company, valued at $3,112,033,829.80. This represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 48,782 shares of company stock worth $12,626,046. 3.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Brighton Jones LLC grew its holdings in Salesforce by 13.7% during the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock worth $8,582,000 after acquiring an additional 3,102 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Salesforce by 12.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock valued at $611,000 after buying an additional 205 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at about $361,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of Salesforce by 36.0% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,346 shares of the CRM provider’s stock valued at $450,000 after buying an additional 356 shares during the last quarter. Finally, Transce3nd LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at about $384,000. 80.43% of the stock is currently owned by institutional investors.

Salesforce Company Profile

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.