Salesforce (NYSE:CRM) Given New $345.00 Price Target at Scotiabank

Salesforce (NYSE:CRM) had its target price reduced by Scotiabank from $400.00 to $345.00 in a research note released on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the CRM provider’s stock.

Several other equities research analysts have also recently weighed in on CRM. Needham & Company LLC restated a “buy” rating and issued a $400.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. Citigroup restated a “cautious” rating on shares of Salesforce in a research report on Thursday, February 27th. Macquarie lowered their price target on shares of Salesforce from $370.00 to $320.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Redburn Atlantic started coverage on shares of Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating for the company. Finally, Canaccord Genuity Group lowered their price target on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $364.14.

Salesforce Trading Up 0.5 %

CRM opened at $280.83 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $269.87 billion, a PE ratio of 46.19, a PEG ratio of 2.58 and a beta of 1.35. Salesforce has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a 50-day moving average price of $317.05 and a two-hundred day moving average price of $309.53.

Insider Buying and Selling

In other news, insider Parker Harris sold 942 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the transaction, the insider now owns 120,333 shares of the company’s stock, valued at approximately $40,886,746.74. This represents a 0.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robin L. Washington bought 1,695 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $294.61 per share, with a total value of $499,363.95. Following the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $12,799,331.45. The trade was a 4.06 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 1,108,793 shares of company stock worth $383,156,227. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRM. Bernard Wealth Management Corp. acquired a new stake in Salesforce during the 4th quarter valued at approximately $25,000. Accredited Wealth Management LLC acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $27,000. Arlington Trust Co LLC grew its position in shares of Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after buying an additional 40 shares during the period. Compass Financial Services Inc acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $30,000. Finally, Asset Planning Inc bought a new position in shares of Salesforce in the 4th quarter worth $31,000. Institutional investors 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.