Salesforce (NYSE:CRM) Downgraded by Erste Group Bank to “Hold”

Salesforce (NYSE:CRM) was downgraded by analysts at Erste Group Bank from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, MarketBeat reports.

Other research analysts have also issued research reports about the company. Scotiabank lowered their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a research report on Monday, March 17th. Redburn Atlantic initiated coverage on Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Macquarie reaffirmed a “neutral” rating and set a $320.00 price target on shares of Salesforce in a research report on Thursday, March 20th. Stephens lowered their price target on Salesforce from $311.00 to $309.00 and set an “equal weight” rating on the stock in a research report on Friday, May 30th. Finally, BMO Capital Markets lowered their price target on Salesforce from $367.00 to $350.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $346.34.

Salesforce Price Performance

Salesforce stock opened at $262.85 on Thursday. 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 has a 12-month low of $227.77 and a 12-month high of $369.00. The stock has a market cap of $251.28 billion, a price-to-earnings ratio of 43.23, a P/E/G ratio of 2.58 and a beta of 1.38. The business’s 50-day simple moving average is $266.51 and its 200 day simple moving average is $303.30.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, May 28th. The CRM provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.55 by $0.03. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.83 billion for the quarter, compared to analyst estimates of $9.74 billion. During the same quarter last year, the firm earned $2.44 EPS. Salesforce’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, research analysts anticipate that Salesforce will post 7.46 earnings per share for the current year.

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the completion of the sale, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $12,967,047.50. This trade represents a 11.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Miguel Milano sold 705 shares of Salesforce stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $279.44, for a total transaction of $197,005.20. Following the sale, the insider now directly owns 9,323 shares of the company’s stock, valued at $2,605,219.12. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 40,332 shares of company stock worth $11,024,802. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRM. Tallon Kerry Patrick purchased a new stake in shares of Salesforce during the fourth quarter worth about $236,000. Brighton Jones LLC increased its stake in shares of Salesforce by 13.7% during the fourth quarter. Brighton Jones LLC now owns 25,668 shares of the CRM provider’s stock worth $8,582,000 after purchasing an additional 3,102 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of Salesforce during the fourth quarter worth about $104,173,000. Revolve Wealth Partners LLC increased its stake in shares of Salesforce by 12.6% during the fourth quarter. Revolve Wealth Partners LLC now owns 1,827 shares of the CRM provider’s stock worth $611,000 after purchasing an additional 205 shares in the last quarter. Finally, Lion Street Advisors LLC purchased a new stake in Salesforce during the 4th quarter valued at about $209,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

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.