Wells Fargo & Company Has Lowered Expectations for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its target price dropped by Wells Fargo & Company from $310.00 to $255.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the CRM provider’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 8.03% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Macquarie restated a “neutral” rating and set a $320.00 price objective on shares of Salesforce in a report on Thursday, March 20th. Redburn Atlantic began coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Canaccord Genuity Group lowered their price target on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Bank of America decreased their price objective on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Finally, Citigroup reaffirmed a “buy” rating on shares of Salesforce in a report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty have issued a buy rating and five have given a strong buy rating to the company. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $357.49.

Salesforce Price Performance

Shares of CRM stock opened at $236.05 on Tuesday. The firm has a market cap of $226.84 billion, a price-to-earnings ratio of 38.82, a P/E/G ratio of 2.58 and a beta of 1.38. Salesforce has a one year low of $212.00 and a one year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s fifty day simple moving average is $279.43 and its 200 day simple moving average is $309.44.

Insider Activity

In related news, insider Parker Harris sold 652 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $216,646.56. Following the transaction, the insider now directly owns 121,467 shares of the company’s stock, valued at approximately $40,361,054.76. The trade was a 0.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of Salesforce stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $298,055.16. Following the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at $15,534,090. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,654 shares of company stock valued at $14,124,094 in the last quarter. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

A number of large investors have recently made changes to their positions in CRM. Foundations Investment Advisors LLC increased its stake in Salesforce by 15.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares during the period. Athena Investment Management bought a new stake in shares of Salesforce in the fourth quarter worth approximately $236,000. Highland Capital Management LLC bought a new position in shares of Salesforce in the 4th quarter worth approximately $4,321,000. Nordea Investment Management AB raised its stake in shares of Salesforce by 11.9% in the fourth quarter. Nordea Investment Management AB now owns 2,288,803 shares of the CRM provider’s stock worth $766,566,000 after buying an additional 243,008 shares during the period. Finally, CWA Asset Management Group LLC raised its holdings in Salesforce by 14.1% during the fourth quarter. CWA Asset Management Group LLC now owns 15,708 shares of the CRM provider’s stock valued at $5,252,000 after acquiring an additional 1,936 shares during the period. 80.43% of the stock is owned by institutional investors.

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.