Salesforce (NYSE:CRM) Price Target Lowered to $350.00 at Citigroup

Salesforce (NYSE:CRM) had its price target decreased by Citigroup from $390.00 to $350.00 in a research note published on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the CRM provider’s stock.

Several other research analysts have also commented on the company. Erste Group Bank upgraded Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets reduced their price target on Salesforce from $425.00 to $375.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Barclays lifted their price target on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Redburn Atlantic started coverage on Salesforce in a report on Wednesday, February 19th. They set a “buy” rating on the stock. Finally, JMP Securities reiterated a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $374.47.

Salesforce Trading Down 0.7 %

Shares of CRM stock opened at $306.02 on Tuesday. The stock’s fifty day moving average is $331.46 and its two-hundred day moving average is $306.97. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $292.86 billion, a P/E ratio of 50.33, a PEG ratio of 2.58 and a beta of 1.31. Salesforce has a fifty-two week low of $212.00 and a fifty-two week high of $369.00.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 EPS. Research analysts expect that Salesforce will post 7.46 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio is presently 26.32%.

Insider Transactions at Salesforce

In related news, insider Miguel Milano sold 458 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the transaction, the insider now directly owns 5,864 shares of the company’s stock, valued at $1,805,936.08. This represents a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the transaction, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,102,572 shares of company stock valued at $381,283,706. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. purchased a new stake in Salesforce in the fourth quarter valued at approximately $25,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the fourth quarter valued at approximately $27,000. Arlington Trust Co LLC lifted its stake 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 buying an additional 40 shares during the last quarter. Compass Financial Services Inc purchased a new stake in Salesforce in the fourth quarter valued at approximately $30,000. Finally, Asset Planning Inc purchased a new stake in Salesforce in the fourth quarter valued at approximately $31,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Company Profile

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.