BMO Capital Markets cuts Salesforce (NYSE: CRM) price target to $190.00

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Salesforce (NYSE: CRM – Get a rating) had its target price lowered by investment analysts at BMO Capital Markets from $207.00 to $190.00 in a research report released Thursday to clients and investors, Fly reports. BMO Capital Markets’ target price indicates a potential upside of 25.65% from the company’s previous close.

CRM has been the subject of several other research reports. Guggenheim moved Salesforce from a “sell” rating to a “neutral” rating and set a price target of $150.00 on the stock in a Friday, September 2 report. Raymond James reduced his price target on Salesforce from $250.00 to $225.00 in a Thursday, August 25 report. Mizuho lowered its price target on Salesforce from $245.00 to $235.00 and set a “buy” rating for the company in a Thursday, August 25 research note. Wolfe Research lowered its price target on Salesforce from $215.00 to $200.00 and set an “outperform” rating for the company in a Thursday, August 25 research note. Finally, Cowen lowered his price target on Salesforce from $225.00 to $210.00 and set an “outperform” rating for the company in a Thursday, Aug. 25 research note. Five investment analysts gave the stock a hold rating, thirty-two issued a buy rating and one gave the company a high buy rating. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $242.71.

Salesforce inventory up 2.4%

Salesforce shares opened at $151.21 on Thursday. Salesforce has a one-year low of $147.51 and a one-year high of $311.75. The company has a debt ratio of 0.16, a current ratio of 1.06 and a quick ratio of 1.06. The stock’s 50-day moving average is $172.06 and its 200-day moving average is $179.01. The company has a market capitalization of $151.21 billion, a price/earnings ratio of 273.39, a PEG ratio of 4.07 and a beta of 1.12.

Salesforce (NYSE: CRM – Get a rating) last announced its results on Wednesday, August 24. The CRM vendor reported EPS of $0.52 for the quarter, beating the consensus estimate of $0.37 by $0.15. The company posted revenue of $7.72 billion for the quarter, versus analyst estimates of $7.70 billion. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The company’s revenue for the quarter increased by 21.8% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $0.87. Equity research analysts expect Salesforce to post a 2.2 EPS for the current year.

Salesforce said its board launched a stock repurchase plan on Wednesday, Aug. 24 that sees the company repurchase $10.00 billion in outstanding stock. This repurchase authorization allows the CRM provider to repurchase up to 6.4% of its shares through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Salesforce

In other news, CEO Marc Benioff sold 2,300 shares of the company in a trade that took place on Wednesday, June 29. The stock was sold at an average price of $170.50, for a total value of $392,150.00. As a result of the sale, the CEO now directly owns 28,061,368 shares of the company, valued at approximately $4,784,463,244. The sale was disclosed in a legal filing with the SEC, accessible via the SEC website. In other news, CEO Marc Benioff sold 2,300 shares of the company in a trade on Wednesday, June 29. The stock was sold at an average price of $170.50, for a total value of $392,150.00. Following the completion of the sale, the CEO now directly owns 28,061,368 shares of the company, valued at approximately $4,784,463,244. The transaction was disclosed in a document filed with the Securities & Exchange Commission, available at the SEC website. Also, CEO Bret Steven Taylor sold 619 shares in a transaction dated Monday, July 25. The shares were sold at an average price of $177.87, for a total transaction of $110,101.53. As a result of the transaction, the CEO now directly owns 932,807 shares of the company, valued at approximately $165,918,381.09. Disclosure of this sale can be found here. Over the past three months, insiders have sold 68,946 shares of the company valued at $11,992,250. 3.60% of the shares are currently held by company insiders.

Hedge Funds Weigh on Salesforce

A number of institutional investors have recently changed their CRM portfolio. MCIA Inc increased its stake in Salesforce by 0.5% in the 1st quarter. MCIA Inc now owns 10,681 shares of the CRM provider worth $2,088,000 after purchasing an additional 52 shares during the period. First National Bank Sioux Falls increased its Salesforce equity stake by 4.0% in Q1. First National Bank Sioux Falls now owns 1,366 shares of the CRM provider valued at $290,000 after buying 53 additional shares during the period. AdvisorNet Financial Inc increased its stake in Salesforce shares by 1.7% in Q1. AdvisorNet Financial Inc now owns 3,262 shares of the CRM provider valued at $693,000 after buying 53 additional shares during the period. Kessler Investment Group LLC increased its Salesforce equity stake by 10.8% in Q4. Kessler Investment Group LLC now owns 554 shares of the CRM provider valued at $141,000 after buying 54 additional shares during the period. Finally, Geller Advisors LLC increased its stake in Salesforce shares by 2.0% in the 2nd quarter. Geller Advisors LLC now owns 2,752 shares of the CRM provider valued at $454,000 after buying 54 additional shares during the period. 77.02% of the shares are held by hedge funds and other institutional investors.

About Salesforce

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Salesforce, Inc provides customer relationship management technology that brings businesses and customers together around the world. Its Customer 360 platform enables its customers to work together to deliver connected experiences to their customers. The Company’s service offerings include sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and provide quotes, contracts and bills ; and Service that enables businesses to deliver reliable, highly personalized customer service and support at scale.

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