Wells Fargo & Company Issues Pessimistic Forecast for Salesforce (NYSE:CRM) Stock Price

Salesforce (NYSE:CRM) had its price target lowered by research analysts at Wells Fargo & Company from $345.00 to $310.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the CRM provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 0.91% from the stock’s previous close.

CRM has been the subject of several other reports. Truist Financial reiterated a “buy” rating and issued a $400.00 price target (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Morgan Stanley boosted their price target on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $450.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price target on shares of Salesforce in a report on Thursday, February 6th. Finally, Redburn Atlantic started coverage on Salesforce in a report on Wednesday, February 19th. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-two have given a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $372.55.

Salesforce Price Performance

CRM stock opened at $307.19 on Thursday. 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 stock’s 50 day moving average price is $330.86 and its 200 day moving average price is $306.97. The firm has a market cap of $293.98 billion, a P/E ratio of 50.53, a PEG ratio of 2.58 and a beta of 1.31.

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

Insider Buying and Selling

In related news, Director G Mason Morfit sold 722,300 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the sale, the director now owns 3,192,009 shares in the company, valued at $1,104,786,234.99. This represents a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,102,572 shares of company stock worth $381,283,706 over the last quarter. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Salesforce

Several large investors have recently made changes to their positions in the company. Nvest Financial LLC increased its stake in shares of Salesforce by 1.1% in the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after purchasing an additional 31 shares during the period. OMC Financial Services LTD increased its stake in shares of Salesforce by 0.3% during the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock valued at $3,808,000 after acquiring an additional 31 shares during the period. Capital Advisors Ltd. LLC increased its stake in shares of Salesforce by 4.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after acquiring an additional 31 shares during the period. Sachetta LLC increased its stake in shares of Salesforce by 0.3% during the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock valued at $3,684,000 after acquiring an additional 32 shares during the period. Finally, Prossimo Advisors LLC increased its stake in shares of Salesforce by 1.0% during the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after acquiring an additional 32 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

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.