Mizuho Cuts Salesforce (NYSE:CRM) Price Target to $380.00

Salesforce (NYSE:CRM - Get Free Report) had its target price dropped by investment analysts at Mizuho from $425.00 to $380.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the CRM provider's stock. Mizuho's target price suggests a potential upside of 30.50% from the stock's current price.

Several other brokerages also recently commented on CRM. Piper Sandler reduced their price target on shares of Salesforce from $400.00 to $315.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Westpark Capital restated a "buy" rating and set a $320.00 price target on shares of Salesforce in a report on Wednesday, April 30th. Oppenheimer lowered their target price on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Needham & Company LLC restated a "buy" rating and issued a $400.00 price target on shares of Salesforce in a research report on Friday, April 25th. Finally, Scotiabank decreased their price target on shares of Salesforce from $400.00 to $345.00 and set a "sector outperform" rating on the stock in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirty-two have given a buy rating and five have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $352.62.

Salesforce Price Performance

Shares of Salesforce stock traded up $0.44 on Thursday, hitting $291.18. The company had a trading volume of 1,442,310 shares, compared to its average volume of 6,857,271. The business has a 50-day simple moving average of $267.47 and a 200-day simple moving average of $307.10. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $279.94 billion, a PE ratio of 47.80, a PEG ratio of 2.58 and a beta of 1.42. Salesforce has a 52 week low of $212.00 and a 52 week high of $369.00.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 500 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $275.00, for a total transaction of $137,500.00. Following the sale, the chief accounting officer now owns 11,711 shares of the company's stock, valued at approximately $3,220,525. This represents a 4.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Brian Millham sold 3,937 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $1,120,391.46. Following the completion of the transaction, the chief executive officer now directly owns 5,518 shares of the company's stock, valued at approximately $1,570,312.44. This represents a 41.64% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,830 shares of company stock worth $12,907,361. 3.20% of the stock is owned by insiders.

Institutional Trading of Salesforce

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Salesforce by 1.6% in the first quarter. Vanguard Group Inc. now owns 87,913,628 shares of the CRM provider's stock worth $23,592,501,000 after acquiring an additional 1,383,942 shares during the period. Geode Capital Management LLC grew its position in Salesforce by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock valued at $6,656,078,000 after buying an additional 175,035 shares during the period. Fisher Asset Management LLC lifted its holdings in Salesforce by 1.4% during the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock valued at $4,163,703,000 after purchasing an additional 177,321 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Salesforce by 18.3% in the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after buying an additional 1,736,667 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Salesforce in the fourth quarter worth $3,599,867,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.

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