Salesforce (NYSE:CRM) Price Target Cut to $300.00 by Analysts at UBS Group

Salesforce (NYSE:CRM) had its price objective dropped by research analysts at UBS Group from $320.00 to $300.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the CRM provider’s stock. UBS Group’s price objective suggests a potential upside of 8.06% from the company’s current price.

CRM has been the topic of several other reports. Needham & Company LLC reissued a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research report on Friday, April 25th. Macquarie reissued a “neutral” rating and set a $320.00 price target on shares of Salesforce in a report on Thursday, March 20th. Wells Fargo & Company reduced their price objective on Salesforce from $310.00 to $255.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. Stifel Nicolaus decreased their price objective on Salesforce from $425.00 to $375.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, BMO Capital Markets cut their price target on Salesforce from $367.00 to $350.00 and set an “outperform” rating for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the stock. According to MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $349.87.

Salesforce Stock Performance

NYSE CRM traded up $4.50 on Tuesday, reaching $277.63. The stock had a trading volume of 6,118,217 shares, compared to its average volume of 6,918,555. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $266.91 billion, a P/E ratio of 45.68, a price-to-earnings-growth ratio of 2.58 and a beta of 1.42. The business’s 50-day moving average price is $268.33 and its 200 day moving average price is $306.20. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00.

Insider Transactions at Salesforce

In related news, CAO Sundeep G. Reddy sold 1,909 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $543,263.22. Following the transaction, the chief accounting officer now directly owns 11,310 shares of the company’s stock, valued at approximately $3,218,599.80. This trade represents a 14.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Miguel Milano sold 705 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now directly owns 9,323 shares of the company’s stock, valued at approximately $2,605,219.12. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,553 shares of company stock worth $12,897,323 in the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Nvest Financial LLC increased its holdings in shares of Salesforce by 1.1% during the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock worth $938,000 after buying an additional 31 shares in the last quarter. OMC Financial Services LTD boosted its holdings in shares of Salesforce by 0.3% in the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after acquiring an additional 31 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in Salesforce by 4.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after acquiring an additional 31 shares during the last quarter. Prossimo Advisors LLC increased its holdings in Salesforce by 1.0% during the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after purchasing an additional 32 shares in the last quarter. Finally, Muirfield Wealth Advisors LLC raised its position in Salesforce by 2.3% in the 4th quarter. Muirfield Wealth Advisors LLC now owns 1,457 shares of the CRM provider’s stock valued at $487,000 after purchasing an additional 33 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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.