DA Davidson Has Lowered Expectations for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its target price reduced by DA Davidson from $300.00 to $275.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the CRM provider’s stock. DA Davidson’s price objective would suggest a potential downside of 8.36% from the company’s previous close.

Several other research analysts have also recently commented on the company. The Goldman Sachs Group raised their target price on Salesforce from $360.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JMP Securities restated a “market outperform” rating and set a $450.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. Truist Financial reissued a “buy” rating and issued a $400.00 target price (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Barclays upped their price objective on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada upped their target price on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-two have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $366.50.

Salesforce Trading Down 2.4 %

Shares of NYSE:CRM traded down $7.24 during midday trading on Thursday, reaching $300.09. The company had a trading volume of 11,467,547 shares, compared to its average volume of 6,591,242. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00. 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 cap of $287.18 billion, a price-to-earnings ratio of 49.52, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31. The company has a fifty day simple moving average of $330.86 and a two-hundred day simple moving average of $306.97.

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

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. The trade was a 2.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Miguel Milano sold 458 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $307.97, for a total transaction of $141,050.26. Following the transaction, the insider now directly owns 5,864 shares in the company, valued at approximately $1,805,936.08. The trade was a 7.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,102,572 shares of company stock worth $381,283,706. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Salesforce

Several hedge funds have recently made changes to their positions in the business. Bernard Wealth Management Corp. purchased a new stake in shares of Salesforce during the fourth quarter worth approximately $25,000. Infrastructure Capital Advisors LLC acquired a new stake in shares of Salesforce in the 3rd quarter valued at $27,000. Accredited Wealth Management LLC purchased a new stake in shares of Salesforce during the 4th quarter worth $27,000. Arlington Trust Co LLC grew its stake in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after purchasing an additional 40 shares in the last quarter. Finally, Compass Financial Services Inc acquired a new stake 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.