Barclays Cuts Salesforce (NYSE:CRM) Price Target to $316.00

Key Points

• Barclays has reduced its price target for Salesforce (NYSE:CRM) from $347.00 to $316.00, maintaining an "overweight" rating, which suggests a potential upside of 31.04% from the stock's last close.
• Salesforce's current consensus rating is "Moderate Buy" with a price target averaging $346.68, following several other recent analyst ratings and price adjustments.
• The company's stock has seen significant trading activity, with a recent price of $241.14 and a 12-month high of $369.00, indicating potential volatility in its performance.

Salesforce (NYSE:CRM - Get Free Report) had its price objective cut by analysts at Barclays from $347.00 to $316.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "overweight" rating on the CRM provider's stock. Barclays's price objective indicates a potential upside of 31.04% from the stock's previous close.

CRM has been the subject of several other reports. Westpark Capital restated a "buy" rating and issued a $320.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Wells Fargo & Company boosted their price objective on Salesforce from $255.00 to $275.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 29th. Stifel Nicolaus cut their target price on Salesforce from $375.00 to $325.00 and set a "buy" rating on the stock in a research report on Wednesday, August 13th. Oppenheimer restated an "outperform" rating and issued a $370.00 target price on shares of Salesforce in a report on Tuesday, June 10th. Finally, Stephens decreased their target price on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Salesforce currently has a consensus rating of "Moderate Buy" and a consensus price target of $346.68.

Salesforce Stock Performance

CRM traded down $1.30 during trading hours on Monday, hitting $241.14. 1,620,149 shares of the stock were exchanged, compared to its average volume of 7,188,628. Salesforce has a 12 month low of $226.48 and a 12 month high of $369.00. The stock has a 50-day simple moving average of $260.41 and a 200-day simple moving average of $274.82. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market cap of $230.53 billion, a price-to-earnings ratio of 37.75, a price-to-earnings-growth ratio of 2.20 and a beta of 1.37.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The CRM provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.55 by $0.03. Salesforce had a return on equity of 12.94% and a net margin of 16.08%. The business had revenue of $9.83 billion during the quarter, compared to analysts' expectations of $9.74 billion. During the same quarter in the previous year, the business posted $2.44 EPS. The firm's quarterly revenue was up 7.6% compared to the same quarter last year. Analysts anticipate that Salesforce will post 7.46 earnings per share for the current year.

Insider Activity

In other Salesforce news, CEO Marc Benioff sold 2,250 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $234.64, for a total transaction of $527,940.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at $2,794,931,019.44. The trade was a 0.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 46,532 shares of company stock valued at $12,082,694 over the last ninety days. Company insiders own 3.00% of the company's stock.

Institutional Trading of Salesforce

Institutional investors have recently bought and sold shares of the company. Coign Capital Advisors LLC grew its position in shares of Salesforce by 1.7% during the 1st quarter. Coign Capital Advisors LLC now owns 2,183 shares of the CRM provider's stock valued at $586,000 after purchasing an additional 37 shares in the last quarter. Staley Capital Advisers Inc. grew its stake in shares of Salesforce by 1.1% during the first quarter. Staley Capital Advisers Inc. now owns 3,343 shares of the CRM provider's stock valued at $897,000 after buying an additional 38 shares during the last quarter. KDT Advisors LLC grew its stake in shares of Salesforce by 4.1% during the first quarter. KDT Advisors LLC now owns 967 shares of the CRM provider's stock valued at $260,000 after buying an additional 38 shares during the last quarter. Liberty One Investment Management LLC boosted its holdings in shares of Salesforce by 1.2% during the first quarter. Liberty One Investment Management LLC now owns 3,165 shares of the CRM provider's stock worth $849,000 after purchasing an additional 39 shares during the period. Finally, First Command Advisory Services Inc. boosted its holdings in shares of Salesforce by 7.3% during the first quarter. First Command Advisory Services Inc. now owns 572 shares of the CRM provider's stock worth $154,000 after purchasing an additional 39 shares during the period. Institutional investors own 80.43% of the company's stock.

About Salesforce

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.

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