Robert W. Baird Issues Pessimistic Forecast for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its price objective cut by equities researchers at Robert W. Baird from $430.00 to $400.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the CRM provider’s stock. Robert W. Baird’s price objective would indicate a potential upside of 34.39% from the company’s previous close.

A number of other research firms also recently commented on CRM. Truist Financial reaffirmed a “buy” rating and issued a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Erste Group Bank raised shares of Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Scotiabank boosted their price target on shares of Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. BMO Capital Markets reduced their price target on shares of Salesforce from $375.00 to $367.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Northland Securities reissued an “outperform” rating and set a $440.00 price target (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Two research 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $365.32.

Salesforce Stock Performance

Salesforce stock opened at $297.63 on Thursday. The company has a market cap of $284.83 billion, a PE ratio of 48.95, a P/E/G ratio of 2.58 and a beta of 1.31. The company has a fifty day moving average price of $329.11 and a two-hundred day moving average price of $307.21. 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 has a 12 month low of $212.00 and a 12 month high of $369.00.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 EPS. Research analysts expect that Salesforce will post 7.46 earnings per share for the current year.

Insiders Place Their Bets

In other Salesforce news, insider Miguel Milano sold 458 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was 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 in the company, valued at approximately $1,805,936.08. The trade was a 7.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total value of $2,133,803.00. Following the sale, the chief financial officer now owns 53,861 shares in the company, valued at approximately $18,474,323. The trade was a 10.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,102,572 shares of company stock worth $381,283,706. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Salesforce

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Park Square Financial Group LLC purchased a new position in Salesforce during the 4th quarter valued at about $190,000. Total Wealth Planning & Management Inc. purchased a new position in Salesforce during the 4th quarter valued at about $284,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Salesforce during the 4th quarter valued at about $392,649,000. Brooklyn FI LLC purchased a new position in Salesforce during the 4th quarter valued at about $2,921,000. Finally, Brucke Financial Inc. purchased a new position in Salesforce during the 4th quarter valued at about $1,449,000. 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.