Loop Capital Issues Pessimistic Forecast for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its target price dropped by stock analysts at Loop Capital from $330.00 to $300.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “hold” rating on the CRM provider’s stock. Loop Capital’s price objective would suggest a potential upside of 1.96% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Redburn Atlantic started coverage on shares of Salesforce in a research note on Wednesday, February 19th. They set a “buy” rating for the company. Citigroup reiterated a “cautious” rating on shares of Salesforce in a research note on Thursday. DA Davidson lowered their target price on Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a report on Thursday. Piper Sandler reduced their price target on Salesforce from $405.00 to $400.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Macquarie dropped their price objective on Salesforce from $370.00 to $320.00 and set a “neutral” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-two have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $365.32.

Salesforce Trading Down 4.3 %

Shares of CRM traded down $13.09 during trading on Thursday, reaching $294.24. 13,426,150 shares of the company traded hands, compared to its average volume of 6,634,473. Salesforce has a twelve month low of $212.00 and a twelve month high of $369.00. The stock has a 50-day simple moving average of $330.86 and a 200-day simple moving average of $306.97. The stock has a market cap of $281.59 billion, a PE ratio of 48.43, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its quarterly 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). The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.62 EPS. On average, analysts anticipate that Salesforce will post 7.46 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction dated Monday, February 24th. The stock was 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 of the company’s stock, valued at $1,805,936.08. The trade was a 7.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,102,572 shares of company stock worth $381,283,706 over the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Salesforce

A number of hedge funds have recently made changes to their positions in CRM. Bernard Wealth Management Corp. bought a new stake in shares of Salesforce in the 4th quarter worth about $25,000. Infrastructure Capital Advisors LLC bought a new position in Salesforce during the 3rd quarter valued at about $27,000. Accredited Wealth Management LLC purchased a new stake in Salesforce in the 4th quarter worth about $27,000. Arlington Trust Co LLC boosted its position 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 valued at $29,000 after buying an additional 40 shares during the period. Finally, Compass Financial Services Inc bought a new position in shares of Salesforce during the fourth quarter valued at approximately $30,000. 80.43% of the stock is currently owned by hedge funds and other 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.