Canaccord Genuity Group Issues Pessimistic Forecast for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM - Free Report) had its price target reduced by Canaccord Genuity Group from $400.00 to $350.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the CRM provider's stock.

A number of other research firms have also weighed in on CRM. Oppenheimer dropped their price objective on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Mizuho dropped their price target on shares of Salesforce from $425.00 to $380.00 and set an "outperform" rating on the stock in a research report on Thursday, May 15th. BMO Capital Markets decreased their price objective on Salesforce from $367.00 to $350.00 and set an "outperform" rating for the company in a report on Tuesday. Redburn Atlantic began coverage on Salesforce in a research report on Wednesday, February 19th. They set a "buy" rating on the stock. Finally, Guggenheim raised Salesforce from a "sell" rating to a "neutral" rating in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-two have issued a buy rating and five have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $348.59.

Salesforce Stock Down 0.8%

NYSE CRM traded down $2.12 on Wednesday, hitting $275.07. 12,346,453 shares of the company were exchanged, compared to its average volume of 6,949,523. 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 company has a market cap of $264.45 billion, a PE ratio of 45.24, a PEG ratio of 2.58 and a beta of 1.42. The stock has a fifty day moving average of $268.16 and a 200-day moving average of $305.79. Salesforce has a 12 month low of $212.00 and a 12 month high of $369.00.

Salesforce (NYSE:CRM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.04. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. During the same quarter last year, the company earned $2.44 EPS. The firm's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, analysts forecast that Salesforce will post 7.46 earnings per share for the current year.

Salesforce Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th were given a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $1.68 annualized dividend and a dividend yield of 0.61%. This is a positive change from Salesforce's previous quarterly dividend of $0.40. Salesforce's payout ratio is 26.10%.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the sale, the chief financial officer now owns 46,750 shares in the company, valued at $14,071,750. This represents a 11.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Miguel Milano sold 705 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now directly owns 9,323 shares in the company, valued at $2,605,219.12. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,553 shares of company stock worth $12,897,323. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

Several large investors have recently added to or reduced their stakes in the business. Bernard Wealth Management Corp. purchased a new position in shares of Salesforce during the fourth quarter worth about $25,000. Accredited Wealth Management LLC purchased a new position in Salesforce in the 4th quarter worth approximately $27,000. Arlington Trust Co LLC lifted its position in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc purchased a new stake in shares of Salesforce during the fourth quarter valued at approximately $30,000. Finally, Capital A Wealth Management LLC grew its holdings in shares of 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. 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.