Salesforce (NYSE:CRM) Price Target Lowered to $350.00 at Citigroup

Salesforce (NYSE:CRM) had its target price trimmed by Citigroup from $390.00 to $350.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the CRM provider’s stock.

A number of other research analysts have also weighed in on CRM. Macquarie reaffirmed a “neutral” rating and set a $370.00 price objective on shares of Salesforce in a report on Wednesday, December 18th. Scotiabank upped their target price on Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Northland Securities reissued an “outperform” rating and issued a $440.00 target price (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Redburn Atlantic started coverage on Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating on the stock. Finally, Erste Group Bank raised Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-two have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $374.47.

Salesforce Trading Down 0.7 %

Shares of CRM stock opened at $306.02 on Tuesday. The business’s fifty day moving average price is $331.46 and its 200 day moving average price is $306.97. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market capitalization of $292.86 billion, a PE ratio of 50.33, a P/E/G ratio of 2.58 and a beta of 1.31. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last announced its quarterly earnings data 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). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same period in the prior year, the company earned $1.62 EPS. The company’s revenue was up 8.3% on a year-over-year basis. As a group, sell-side analysts forecast that Salesforce will post 7.46 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.52%. Salesforce’s dividend payout ratio (DPR) is 26.32%.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 942 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $339.78, for a total value of $320,072.76. Following the transaction, the insider now directly owns 120,333 shares in the company, valued at $40,886,746.74. This trade represents a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Miguel Milano sold 458 shares of the firm’s stock in a transaction dated 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 owns 5,864 shares in the company, valued at approximately $1,805,936.08. This trade represents a 7.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,102,572 shares of company stock worth $381,283,706 in the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently modified their holdings of the stock. Heck Capital Advisors LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at about $134,000. Leigh Baldwin & CO. LLC purchased a new stake in shares of Salesforce during the 4th quarter valued at about $425,000. Integrated Advisors Network LLC raised its holdings in shares of Salesforce by 0.5% during the 4th quarter. Integrated Advisors Network LLC now owns 11,511 shares of the CRM provider’s stock valued at $3,849,000 after buying an additional 60 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Salesforce during the 4th quarter valued at about $362,000. Finally, United Advisor Group LLC raised its holdings in shares of Salesforce by 11.4% during the 4th quarter. United Advisor Group LLC now owns 1,911 shares of the CRM provider’s stock valued at $639,000 after buying an additional 196 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.