Salesforce (NYSE:CRM) Given New $380.00 Price Target at Oppenheimer

Salesforce (NYSE:CRM) had its target price lowered by Oppenheimer from $415.00 to $380.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the CRM provider’s stock. Oppenheimer’s price target would indicate a potential upside of 23.70% from the stock’s current price.

CRM has been the topic of a number of other research reports. UBS Group increased their price objective on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a report on Friday, November 22nd. Loop Capital decreased their price target on shares of Salesforce from $360.00 to $330.00 and set a “hold” rating on the stock in a research note on Wednesday, February 19th. Robert W. Baird boosted their price objective on shares of Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Wedbush reiterated an “outperform” rating and issued a $425.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Finally, TD Cowen upgraded Salesforce from a “hold” rating to a “buy” rating and boosted their target price for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. Two analysts have rated the stock with a sell rating, five have assigned 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 data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $371.63.

Salesforce Trading Up 0.4 %

Shares of CRM stock opened at $307.19 on Thursday. The company has a market capitalization of $293.98 billion, a P/E ratio of 50.53, a P/E/G ratio of 2.58 and a beta of 1.31. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a 50-day moving average price of $330.86 and a 200 day moving average price of $306.97.

Salesforce (NYSE:CRM) last posted its earnings results 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). The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 EPS. Research analysts forecast that Salesforce will post 7.46 earnings per share for the current fiscal year.

Insider Activity at Salesforce

In other Salesforce news, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total value of $249,995,253.00. Following the transaction, the director now directly owns 3,192,009 shares in the company, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the sale, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,102,572 shares of company stock worth $381,283,706. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

Several hedge funds have recently bought and sold shares of the stock. Foundations Investment Advisors LLC grew its holdings in Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after buying an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc bought a new stake in shares of Salesforce in the third quarter valued at about $1,215,000. Prime Capital Investment Advisors LLC grew its stake in shares of Salesforce by 13.6% in the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock valued at $15,885,000 after acquiring an additional 6,938 shares in the last quarter. Aljian Capital Management LLC increased its position in Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after acquiring an additional 1,834 shares during the period. Finally, AIA Group Ltd raised its stake in Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after purchasing an additional 1,962 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.