Salesforce (NYSE:CRM) Price Target Lowered to $315.00 at Oppenheimer

Key Points

• Oppenheimer has decreased its price target for Salesforce (CRM) from $370.00 to $315.00, maintaining an "outperform" rating that suggests a 27.14% upside from the current price.
• Other analysts have also lowered their targets, with Barclays setting $316.00 and Stifel Nicolaus adjusting to $325.00, while Morgan Stanley raised their target to $404.00.
• Salesforce reported better-than-expected earnings of $2.58 EPS for its recent quarter, exceeding estimates and showing a 7.6% revenue increase compared to the previous year.

Salesforce (NYSE:CRM - Get Free Report) had its price target cut by equities researchers at Oppenheimer from $370.00 to $315.00 in a report released on Tuesday, MarketBeat reports. The brokerage currently has an "outperform" rating on the CRM provider's stock. Oppenheimer's price target would indicate a potential upside of 22.87% from the company's current price.

A number of other analysts also recently issued reports on CRM. Canaccord Genuity Group cut their target price on Salesforce from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Needham & Company LLC reiterated a "buy" rating and set a $400.00 price target on shares of Salesforce in a report on Wednesday, May 28th. Stephens lowered their price target on Salesforce from $311.00 to $309.00 and set an "equal weight" rating for the company in a report on Friday, May 30th. Erste Group Bank cut Salesforce from a "buy" rating to a "hold" rating in a report on Thursday, June 5th. Finally, BMO Capital Markets lowered their price target on Salesforce from $350.00 to $335.00 and set an "outperform" rating for the company in a report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Salesforce presently has a consensus rating of "Moderate Buy" and an average price target of $340.43.

Salesforce Trading Up 0.7%

Shares of CRM traded up $1.84 during midday trading on Tuesday, reaching $256.37. The company had a trading volume of 7,318,640 shares, compared to its average volume of 7,225,816. Salesforce has a 1-year low of $226.48 and a 1-year high of $369.00. The stock has a market cap of $245.09 billion, a PE ratio of 40.12, a price-to-earnings-growth ratio of 2.27 and a beta of 1.37. The firm has a 50 day simple moving average of $257.43 and a 200-day simple moving average of $270.14. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM - Get Free Report) last issued its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $9.74 billion. During the same period last year, the company earned $2.44 EPS. The company's revenue for the quarter was up 7.6% on a year-over-year basis. Research analysts forecast that Salesforce will post 7.46 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Marc Benioff sold 2,250 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $257.02, for a total transaction of $578,295.00. Following the completion of the transaction, the chief executive officer directly owned 11,911,571 shares in the company, valued at $3,061,511,978.42. This trade represents a 0.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 59,327 shares of company stock worth $15,201,738. Company insiders own 3.00% of the company's stock.

Hedge Funds Weigh In On Salesforce

Several hedge funds and other institutional investors have recently made changes to their positions in CRM. Bernard Wealth Management Corp. purchased a new position in shares of Salesforce in the 4th quarter valued at about $25,000. Painted Porch Advisors LLC boosted its stake in shares of Salesforce by 260.0% in the 2nd quarter. Painted Porch Advisors LLC now owns 90 shares of the CRM provider's stock valued at $25,000 after buying an additional 65 shares during the period. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce during the 4th quarter worth about $27,000. Capital A Wealth Management LLC raised its position in shares of Salesforce by 450.0% during the 1st quarter. Capital A Wealth Management LLC now owns 110 shares of the CRM provider's stock worth $30,000 after acquiring an additional 90 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC raised its position in shares of Salesforce by 314.8% during the 1st 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 in the last quarter. Hedge funds and other 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.