Salesforce (NYSE:CRM) Price Target Cut to $315.00 by Analysts at Piper Sandler

Salesforce (NYSE:CRM - Get Free Report) had its price target cut by equities researchers at Piper Sandler from $400.00 to $315.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the CRM provider's stock. Piper Sandler's target price would indicate a potential upside of 17.59% from the company's current price.

Several other brokerages have also commented on CRM. DA Davidson reiterated an "underperform" rating and set a $200.00 price target on shares of Salesforce in a research note on Monday, April 21st. Morgan Stanley reduced their target price on Salesforce from $405.00 to $393.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Bank of America cut their price target on Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group lowered their target price on shares of Salesforce from $415.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, Guggenheim upgraded shares of Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and five have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $351.37.

Salesforce Stock Up 1.2 %

CRM stock traded up $3.17 during trading on Wednesday, hitting $267.87. 5,649,322 shares of the company's stock were exchanged, compared to its average volume of 6,824,128. The stock has a market capitalization of $257.42 billion, a price-to-earnings ratio of 44.06, a PEG ratio of 2.58 and a beta of 1.38. Salesforce has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $273.75 and a two-hundred day moving average price of $308.41.

Insider Buying and Selling at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the transaction, the chief financial officer now directly owns 46,750 shares of the company's stock, valued at $15,705,195. The trade was a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 500 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $335.94, for a total transaction of $167,970.00. Following the sale, the chief accounting officer now directly owns 6,557 shares of the company's stock, valued at approximately $2,202,758.58. This trade represents a 7.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 52,051 shares of company stock worth $15,027,714. Insiders own 3.20% of the company's stock.

Institutional Trading of Salesforce

Several large investors have recently modified their holdings of the business. Foundations Investment Advisors LLC boosted its stake in shares of Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider's stock valued at $12,194,000 after buying an additional 4,752 shares during the last quarter. Athena Investment Management acquired a new stake in shares of Salesforce in the 4th quarter valued at about $236,000. Highland Capital Management LLC acquired a new position in Salesforce in the fourth quarter worth about $4,321,000. Nordea Investment Management AB raised its stake in Salesforce by 11.9% during the fourth quarter. Nordea Investment Management AB now owns 2,288,803 shares of the CRM provider's stock valued at $766,566,000 after buying an additional 243,008 shares in the last quarter. Finally, CWA Asset Management Group LLC grew its position in shares of Salesforce by 14.1% in the 4th quarter. CWA Asset Management Group LLC now owns 15,708 shares of the CRM provider's stock worth $5,252,000 after acquiring an additional 1,936 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.