Salesforce (NYSE:CRM - Get Free Report) had its target price reduced by stock analysts at UBS Group from $340.00 to $320.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the CRM provider's stock. UBS Group's price objective would indicate a potential upside of 17.19% from the stock's previous close.
Several other equities analysts have also recently issued reports on CRM. Citigroup reiterated a "buy" rating on shares of Salesforce in a report on Wednesday, March 19th. Westpark Capital restated a "buy" rating and set a $320.00 target price on shares of Salesforce in a report on Wednesday, April 30th. Macquarie restated a "neutral" rating and set a $320.00 target price on shares of Salesforce in a report on Thursday, March 20th. Jefferies Financial Group reduced their target price on Salesforce from $425.00 to $375.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Cantor Fitzgerald assumed coverage on Salesforce in a report on Wednesday, April 23rd. They set an "overweight" rating and a $210.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $351.59.
View Our Latest Research Report on Salesforce
Salesforce Trading Down 3.7%
Salesforce stock traded down $10.37 during mid-day trading on Wednesday, hitting $273.05. The stock had a trading volume of 8,878,975 shares, compared to its average volume of 6,919,491. The stock has a 50-day simple moving average of $268.46 and a two-hundred day simple moving average of $306.58. The stock has a market capitalization of $262.51 billion, a PE ratio of 44.91, a P/E/G ratio of 2.58 and a beta of 1.42. Salesforce has a 12 month low of $212.00 and a 12 month 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.
Insiders Place Their Bets
In other Salesforce news, insider Miguel Milano sold 705 shares of the business'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 transaction, the insider now owns 9,323 shares of the company's stock, valued at $2,605,219.12. The trade was a 7.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Sundeep G. Reddy sold 500 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $275.00, for a total value of $137,500.00. Following the transaction, the chief accounting officer now directly owns 11,711 shares in the company, valued at $3,220,525. This trade represents a 4.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 47,011 shares of company stock valued at $13,038,373 in the last 90 days. 3.20% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in CRM. Tallon Kerry Patrick bought a new position in shares of Salesforce during the 4th quarter worth approximately $236,000. Pure Financial Advisors LLC boosted its stake in shares of Salesforce by 50.4% during the 4th quarter. Pure Financial Advisors LLC now owns 1,369 shares of the CRM provider's stock worth $458,000 after acquiring an additional 459 shares during the period. ZWJ Investment Counsel Inc. boosted its stake in shares of Salesforce by 7.5% during the 4th quarter. ZWJ Investment Counsel Inc. now owns 1,036 shares of the CRM provider's stock worth $346,000 after acquiring an additional 72 shares during the period. Perpetual Ltd boosted its stake in Salesforce by 14.3% in the 4th quarter. Perpetual Ltd now owns 7,925 shares of the CRM provider's stock valued at $2,650,000 after purchasing an additional 990 shares during the period. Finally, Roberts Wealth Advisors LLC boosted its stake in Salesforce by 0.7% in the 4th quarter. Roberts Wealth Advisors LLC now owns 11,079 shares of the CRM provider's stock valued at $3,558,000 after purchasing an additional 75 shares during the period. 80.43% of the stock is currently owned by institutional investors.
About Salesforce
(
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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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