Salesforce (NYSE:CRM) Price Target Lowered to $350.00 at BMO Capital Markets

Salesforce (NYSE:CRM - Get Free Report) had its target price dropped by equities researchers at BMO Capital Markets from $367.00 to $350.00 in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The firm presently has an "outperform" rating on the CRM provider's stock. BMO Capital Markets' target price would suggest a potential upside of 28.18% from the stock's previous close.

CRM has been the subject of several other reports. Loop Capital reduced their price objective on Salesforce from $330.00 to $300.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Piper Sandler decreased their price objective on Salesforce from $400.00 to $315.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Stephens began coverage on Salesforce in a research report on Wednesday, March 19th. They set an "equal weight" rating and a $311.00 price objective on the stock. Citigroup reduced their target price on shares of Salesforce from $335.00 to $320.00 and set a "neutral" rating for the company in a report on Friday. Finally, Robert W. Baird lowered their price target on shares of Salesforce from $430.00 to $400.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $351.15.

Salesforce Stock Down 3.7%

Shares of CRM stock opened at $273.05 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce has a 12 month low of $212.00 and a 12 month high of $369.00. The stock has a market cap of $262.51 billion, a P/E ratio of 44.91, a P/E/G ratio of 2.58 and a beta of 1.42. The company has a 50 day simple moving average of $268.33 and a two-hundred day simple moving average of $306.20.

Insider Buying and Selling

In related news, insider R David Schmaier sold 6,959 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $253.31, for a total value of $1,762,784.29. Following the transaction, the insider now owns 36,090 shares of the company's stock, valued at $9,141,957.90. This represents a 16.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total value of $197,005.20. Following the sale, the insider now directly owns 9,323 shares of the company's stock, valued at approximately $2,605,219.12. This trade represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,553 shares of company stock valued at $12,897,323 in the last 90 days. Company insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Salesforce

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new position in Salesforce during the fourth quarter valued at approximately $236,000. Brighton Jones LLC increased its holdings in shares of Salesforce by 13.7% in the 4th quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider's stock valued at $8,582,000 after acquiring an additional 3,102 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of Salesforce by 10.1% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 6,066 shares of the CRM provider's stock worth $2,028,000 after acquiring an additional 556 shares in the last quarter. Capital Asset Advisory Services LLC lifted its stake in shares of Salesforce by 7.3% during the 4th quarter. Capital Asset Advisory Services LLC now owns 1,023 shares of the CRM provider's stock worth $341,000 after purchasing an additional 70 shares during the last quarter. Finally, Apexium Financial LP boosted its position in Salesforce by 5.3% during the fourth quarter. Apexium Financial LP now owns 1,647 shares of the CRM provider's stock valued at $551,000 after purchasing an additional 83 shares in the last quarter. 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.

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