Bank of America Has Lowered Expectations for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its price objective reduced by Bank of America from $440.00 to $400.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the CRM provider’s stock. Bank of America‘s target price indicates a potential upside of 34.39% from the company’s current price.

CRM has been the subject of a number of other reports. Truist Financial reaffirmed a “buy” rating and issued a $400.00 price target (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Canaccord Genuity Group upped their target price on shares of Salesforce from $315.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Jefferies Financial Group lifted their price target on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Loop Capital reduced their price target on shares of Salesforce from $360.00 to $330.00 and set a “hold” rating for the company in a research report on Wednesday, February 19th. Finally, The Goldman Sachs Group raised their price objective on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $365.32.

Salesforce Price Performance

Shares of CRM opened at $297.63 on Thursday. The firm has a market capitalization of $284.83 billion, a price-to-earnings ratio of 48.95, a PEG ratio of 2.58 and a beta of 1.31. The firm’s fifty day simple moving average is $329.11 and its 200-day simple moving average is $307.21. Salesforce has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.62 earnings per share. Equities analysts forecast that Salesforce will post 7.46 EPS for the current fiscal year.

Insider Buying and Selling at Salesforce

In related news, insider Miguel Milano sold 458 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the transaction, the insider now directly owns 5,864 shares of the company’s stock, valued at $1,805,936.08. This trade represents a 7.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total value of $2,041,607.78. Following the sale, the chief financial officer now owns 46,750 shares in the company, valued at approximately $15,342,415. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,102,572 shares of company stock valued at $381,283,706. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bernard Wealth Management Corp. acquired a new position in shares of Salesforce during the 4th quarter worth approximately $25,000. Infrastructure Capital Advisors LLC purchased a new position in Salesforce during the third quarter worth $27,000. Accredited Wealth Management LLC acquired a new position in shares of Salesforce in the fourth quarter worth $27,000. Arlington Trust Co LLC lifted its position in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares in the last quarter. Finally, Compass Financial Services Inc acquired a new stake in shares of Salesforce during the fourth quarter valued at $30,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.