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

Salesforce (NYSE:CRM) had its price target dropped by equities research analysts at Scotiabank from $400.00 to $345.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the CRM provider’s stock. Scotiabank’s price target indicates a potential upside of 23.71% from the company’s previous close.

A number of other analysts also recently weighed in on CRM. Canaccord Genuity Group reduced their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. DA Davidson lowered their target price on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Wells Fargo & Company reduced their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Stifel Nicolaus cut their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Guggenheim reissued a “sell” rating and issued a $247.00 price target on shares of Salesforce in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $364.14.

Salesforce Price Performance

CRM stock traded down $0.52 during mid-day trading on Monday, hitting $278.89. The company had a trading volume of 1,326,011 shares, compared to its average volume of 7,016,761. The company has a market capitalization of $268.01 billion, a price-to-earnings ratio of 45.92, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a 50-day moving average price of $318.03 and a 200 day moving average price of $309.36. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00.

Insiders Place Their Bets

In related news, Director Robin L. Washington bought 1,695 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $294.61 per share, with a total value of $499,363.95. Following the purchase, the director now directly owns 43,445 shares of the company’s stock, valued at $12,799,331.45. This trade represents a 4.06 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $343.00, for a total value of $2,133,803.00. Following the completion of the sale, the chief financial officer now directly owns 53,861 shares in the company, valued at $18,474,323. This represents a 10.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,108,793 shares of company stock worth $383,156,227 over the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several hedge funds have recently added to or reduced their stakes in CRM. Foundations Investment Advisors LLC lifted its position in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc purchased a new stake in Salesforce during the 3rd quarter worth about $1,215,000. Athena Investment Management purchased a new stake in Salesforce during the 4th quarter worth about $236,000. Aljian Capital Management LLC increased its holdings in shares of Salesforce by 16.1% in the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after acquiring an additional 1,834 shares during the last quarter. Finally, Highland Capital Management LLC acquired a new stake in shares of Salesforce during the 4th quarter worth about $4,321,000. 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.