Oppenheimer Lowers Salesforce (NYSE:CRM) Price Target to $380.00

Salesforce (NYSE:CRM) had its target price decreased by equities researchers at Oppenheimer from $415.00 to $380.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the CRM provider’s stock. Oppenheimer’s target price indicates a potential upside of 27.67% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada boosted their price objective on Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Wells Fargo & Company reduced their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a report on Thursday. Canaccord Genuity Group lifted their price target on shares of Salesforce from $315.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Wedbush reiterated an “outperform” rating and issued a $425.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, five have given a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $365.32.

Salesforce Trading Up 0.9 %

Salesforce stock opened at $297.63 on Thursday. Salesforce has a 52 week low of $212.00 and a 52 week high of $369.00. The stock has a market capitalization of $284.83 billion, a P/E ratio of 48.95, a PEG ratio of 2.58 and a beta of 1.31. The stock has a 50-day simple moving average of $329.11 and a 200 day simple moving average of $307.21. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) 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 firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the prior year, the firm earned $1.62 EPS. The company’s revenue was up 8.3% on a year-over-year basis. Analysts expect that Salesforce will post 7.46 earnings per share for the current year.

Insider Buying and Selling

In other Salesforce news, insider Miguel Milano sold 458 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $307.97, for a total transaction of $141,050.26. Following the sale, the insider now owns 5,864 shares of the company’s stock, valued at approximately $1,805,936.08. This represents a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,102,572 shares of company stock valued at $381,283,706 over the last 90 days. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nvest Financial LLC boosted its position in shares of Salesforce by 1.1% during 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 in the last quarter. OMC Financial Services LTD boosted its position in shares of Salesforce by 0.3% during 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 in the last quarter. Capital Advisors Ltd. LLC boosted its position in shares of 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 purchasing an additional 31 shares in the last quarter. Sachetta LLC boosted its position in shares of Salesforce by 0.3% during 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 in the last quarter. Finally, Prossimo Advisors LLC boosted its position in shares of Salesforce by 1.0% during 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 in the last quarter. Institutional investors 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.