Scotiabank Lowers Salesforce (NYSE:CRM) Price Target to $400.00

Salesforce (NYSE:CRM) had its price target cut by investment analysts at Scotiabank from $440.00 to $400.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the CRM provider’s stock. Scotiabank’s target price points to a potential upside of 34.39% from the stock’s previous close.

A number of other research firms have also recently commented on CRM. Redburn Atlantic initiated coverage on Salesforce in a research report on Wednesday, February 19th. They issued a “buy” rating for the company. Barclays boosted their price target on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Northland Securities reaffirmed an “outperform” rating and set a $440.00 price objective (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Citigroup reissued a “cautious” rating on shares of Salesforce in a research note on Thursday. Finally, Royal Bank of Canada upped their price target on shares of Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, five have given a hold rating, thirty-two have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $365.32.

Salesforce Stock Performance

Shares of NYSE CRM opened at $297.63 on Thursday. The company has a market capitalization of $284.83 billion, a PE ratio of 48.95, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31. 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 company’s fifty day moving average price is $329.11 and its 200 day moving average price is $307.21. Salesforce has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same period in the previous year, the company earned $1.62 earnings per share. The company’s revenue was up 8.3% compared to the same quarter last year. On average, research analysts predict that Salesforce will post 7.46 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In related news, Director G Mason Morfit sold 722,300 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the transaction, the director now owns 3,192,009 shares of the company’s stock, valued at approximately $1,104,786,234.99. This represents a 18.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total value of $109,965,671.90. Following the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,102,572 shares of company stock valued at $381,283,706 over the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Trading of Salesforce

Several hedge funds have recently made changes to their positions in CRM. Bernard Wealth Management Corp. acquired a new stake in Salesforce during the 4th quarter worth approximately $25,000. Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce in the third quarter worth $27,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce during the fourth quarter worth $27,000. Arlington Trust Co LLC raised its stake in shares of 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 acquiring an additional 40 shares in the last quarter. Finally, Compass Financial Services Inc purchased a new position in Salesforce in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.