Salesforce (NYSE:CRM) Price Target Lowered to $260.00 at UBS Group

Key Points

• UBS Group has lowered its price target for Salesforce (NYSE: CRM) from $300.00 to $260.00, indicating a "neutral" rating and a potential upside of 7.20% from the current stock price.
• In addition to UBS, other analysts have issued mixed ratings on Salesforce, with Cantor Fitzgerald lowering its rating to "cautious," while Wells Fargo & Company raised theirs to $275.00.
• Salesforce's recent quarterly earnings report showed a revenue of $9.83 billion, surpassing expectations, with a 7.6% year-over-year growth in revenue.

Salesforce (NYSE:CRM - Get Free Report) had its price objective decreased by investment analysts at UBS Group from $300.00 to $260.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the CRM provider's stock. UBS Group's target price suggests a potential upside of 7.20% from the stock's current price.

Several other research analysts also recently commented on the company. Cantor Fitzgerald downgraded Salesforce from an "overweight" rating to a "cautious" rating in a research note on Thursday, July 10th. Wells Fargo & Company lifted their price target on shares of Salesforce from $255.00 to $275.00 and gave the company an "equal weight" rating in a report on Thursday, May 29th. DA Davidson raised shares of Salesforce from an "underperform" rating to a "neutral" rating and set a $225.00 price target on the stock in a report on Friday. Canaccord Genuity Group cut their price objective on shares of Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Finally, Westpark Capital reaffirmed a "buy" rating and set a $320.00 price objective on shares of Salesforce in a report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $342.89.

Salesforce Stock Up 0.0%

NYSE CRM traded up $0.10 during trading hours on Monday, reaching $242.54. 3,654,294 shares of the company's stock traded hands, compared to its average volume of 7,203,500. 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 firm has a market cap of $231.87 billion, a PE ratio of 37.96, a PEG ratio of 2.20 and a beta of 1.37. The firm has a 50-day simple moving average of $260.41 and a 200 day simple moving average of $274.82. Salesforce has a 52-week low of $226.48 and a 52-week high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last released its quarterly earnings data 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 company had revenue of $9.83 billion for the quarter, compared to analysts' expectations of $9.74 billion. During the same period last year, the firm posted $2.44 earnings per share. Salesforce's revenue was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Salesforce will post 7.46 EPS for the current fiscal year.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $234.64, for a total value of $527,940.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares of the company's stock, valued at $2,794,931,019.44. This trade represents a 0.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders sold 46,532 shares of company stock valued at $12,082,694. Insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce during the fourth quarter valued at $25,000. Painted Porch Advisors LLC boosted its position in shares of Salesforce by 260.0% during the second quarter. Painted Porch Advisors LLC now owns 90 shares of the CRM provider's stock worth $25,000 after acquiring an additional 65 shares during the last quarter. Accredited Wealth Management LLC purchased a new position in Salesforce during the 4th quarter valued at approximately $27,000. Capital A Wealth Management LLC increased its position in Salesforce by 450.0% in the first quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after purchasing an additional 90 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC increased its stake in Salesforce by 314.8% during the first quarter. CBIZ Investment Advisory Services LLC now owns 112 shares of the CRM provider's stock worth $30,000 after acquiring an additional 85 shares during the last quarter. 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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