Salesforce (NYSE:CRM) Lowered to "Hold" Rating by Erste Group Bank

Salesforce (NYSE:CRM - Get Free Report) was downgraded by research analysts at Erste Group Bank from a "buy" rating to a "hold" rating in a note issued to investors on Thursday, MarketBeat Ratings reports.

Several other brokerages have also recently weighed in on CRM. Cantor Fitzgerald assumed coverage on shares of Salesforce in a research report on Tuesday. They set an "overweight" rating and a $325.00 price target for the company. UBS Group decreased their price objective on Salesforce from $320.00 to $300.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Robert W. Baird lowered their price target on Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a report on Monday, April 21st. Finally, Redburn Atlantic assumed coverage on shares of Salesforce in a report on Wednesday, February 19th. They issued a "buy" rating for the company. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-seven have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, Salesforce presently has an average rating of "Moderate Buy" and an average price target of $346.34.

Salesforce Stock Up 2.7%

Shares of Salesforce stock traded up $7.34 on Thursday, hitting $274.48. The company had a trading volume of 7,500,949 shares, compared to its average volume of 6,611,496. Salesforce has a 1 year low of $227.77 and a 1 year high of $369.00. The stock has a market capitalization of $262.40 billion, a price-to-earnings ratio of 45.14, a P/E/G ratio of 2.58 and a beta of 1.38. The stock has a 50 day moving average of $266.48 and a 200-day moving average of $302.92. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same period in the previous year, the company posted $2.44 EPS. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Salesforce will post 7.46 earnings per share for the current year.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 500 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the transaction, the chief accounting officer now owns 11,711 shares in the company, 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 can be accessed through this link. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $277.37, for a total value of $1,725,518.77. Following the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. This trade represents a 11.74% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,332 shares of company stock worth $11,024,802. Corporate insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Salesforce

Several institutional investors and hedge funds have recently made changes to their positions in the business. Athena Investment Management purchased a new position in Salesforce during the fourth quarter worth about $236,000. Jag Capital Management LLC increased its stake in Salesforce by 2,507.9% during the 4th quarter. Jag Capital Management LLC now owns 23,706 shares of the CRM provider's stock worth $7,926,000 after buying an additional 22,797 shares during the period. Lecap Asset Management Ltd. acquired a new stake in Salesforce in the fourth quarter valued at $2,861,000. Atlantic Union Bankshares Corp grew its stake in Salesforce by 2.7% in the fourth quarter. Atlantic Union Bankshares Corp now owns 27,358 shares of the CRM provider's stock worth $9,146,000 after purchasing an additional 723 shares in the last quarter. Finally, Dash Acquisitions Inc. increased its holdings in shares of Salesforce by 2.6% in the 4th quarter. Dash Acquisitions Inc. now owns 60,521 shares of the CRM provider's stock valued at $21,785,000 after acquiring an additional 1,525 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

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.