Salesforce (NYSE:CRM) Price Target Cut to $190.00 by Analysts at BMO Capital Markets

Salesforce (NYSE:CRMGet Rating) had its target price reduced by BMO Capital Markets from $207.00 to $190.00 in a research note released on Thursday morning, The Fly reports.

Several other analysts have also issued reports on the stock. Oppenheimer boosted their target price on shares of Salesforce from $205.00 to $240.00 in a research report on Friday, August 19th. Stifel Nicolaus cut their target price on shares of Salesforce to $200.00 in a research report on Thursday, August 25th. Cowen cut their target price on shares of Salesforce from $225.00 to $210.00 and set an outperform rating for the company in a research report on Thursday, August 25th. Mizuho cut their target price on shares of Salesforce from $245.00 to $235.00 and set a buy rating for the company in a research report on Thursday, August 25th. Finally, Loop Capital dropped their price target on shares of Salesforce from $225.00 to $175.00 and set a hold rating for the company in a research report on Thursday, June 2nd. Five investment analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has an average rating of Moderate Buy and a consensus target price of $242.71.

Salesforce Stock Performance

Shares of CRM stock opened at $150.15 on Thursday. The company has a 50 day moving average price of $171.85 and a 200-day moving average price of $178.69. Salesforce has a 52 week low of $147.51 and a 52 week high of $311.75. The firm has a market capitalization of $150.15 billion, a PE ratio of 278.06, a P/E/G ratio of 4.07 and a beta of 1.12. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.16.

Salesforce (NYSE:CRMGet Rating) last announced its quarterly earnings results on Wednesday, August 24th. The CRM provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.15. The firm had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.70 billion. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The business’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.87 earnings per share. As a group, equities research analysts expect that Salesforce will post 2.2 earnings per share for the current year.

Salesforce announced that its Board of Directors has authorized a stock buyback plan on Wednesday, August 24th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the CRM provider to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction on Monday, June 27th. The shares were sold at an average price of $182.05, for a total value of $418,715.00. Following the sale, the chief executive officer now owns 28,761,368 shares of the company’s stock, valued at $5,236,007,044.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Amy E. Weaver sold 516 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $177.86, for a total value of $91,775.76. Following the sale, the chief financial officer now owns 30,486 shares of the company’s stock, valued at $5,422,239.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $182.05, for a total transaction of $418,715.00. Following the completion of the transaction, the chief executive officer now directly owns 28,761,368 shares in the company, valued at approximately $5,236,007,044.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,246 shares of company stock valued at $12,337,917. 3.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Royal London Asset Management Ltd. increased its stake in Salesforce by 0.7% in the 2nd quarter. Royal London Asset Management Ltd. now owns 334,515 shares of the CRM provider’s stock worth $55,233,000 after buying an additional 2,432 shares during the period. Fundamentun LLC increased its stake in Salesforce by 10.0% in the 2nd quarter. Fundamentun LLC now owns 19,215 shares of the CRM provider’s stock worth $3,171,000 after buying an additional 1,749 shares during the period. Guinness Asset Management LTD bought a new position in Salesforce during the 2nd quarter worth about $18,322,000. Guinness Atkinson Asset Management Inc grew its holdings in Salesforce by 7,803.4% during the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 30,033 shares of the CRM provider’s stock worth $4,957,000 after acquiring an additional 29,653 shares in the last quarter. Finally, Verition Fund Management LLC grew its holdings in Salesforce by 1,014.8% during the 2nd quarter. Verition Fund Management LLC now owns 32,386 shares of the CRM provider’s stock worth $5,345,000 after acquiring an additional 29,481 shares in the last quarter. Hedge funds and other institutional investors own 77.02% of the company’s stock.

About Salesforce

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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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