Salesforce (NYSE:CRM) Price Target Lowered to $345.00 at Scotiabank

Salesforce (NYSE:CRM) had its price target decreased by Scotiabank from $400.00 to $345.00 in a research report report published on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the CRM provider’s stock.

A number of other equities analysts have also weighed in on the company. Barclays lifted their price objective on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and set a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Northland Securities reiterated an “outperform” rating and set a $440.00 price objective (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Guggenheim restated a “sell” rating and issued a $247.00 price target on shares of Salesforce in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $364.14.

Salesforce Stock Performance

Shares of CRM stock opened at $280.83 on Monday. The firm has a market capitalization of $269.87 billion, a price-to-earnings ratio of 46.19, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business has a fifty day moving average of $317.05 and a 200 day moving average of $309.53. Salesforce has a 1 year low of $212.00 and a 1 year high of $369.00.

Insider Buying and Selling at Salesforce

In related news, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the transaction, the chief financial officer now owns 46,750 shares in the company, valued at approximately $14,071,750. The trade was a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,108,793 shares of company stock valued at $383,156,227 over the last quarter. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Salesforce

Large investors have recently bought and sold shares of the stock. Nvest Financial LLC grew its position in Salesforce by 1.1% in the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock worth $938,000 after purchasing an additional 31 shares during the last quarter. OMC Financial Services LTD grew its position in 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 purchasing an additional 31 shares during the last quarter. Capital Advisors Ltd. LLC grew its position in Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after purchasing an additional 31 shares during the last quarter. Sachetta LLC grew its position in Salesforce by 0.3% in the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after purchasing an additional 32 shares during the last quarter. Finally, Prossimo Advisors LLC grew its position in Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after purchasing an additional 32 shares during the last quarter. 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.