Salesforce (NYSE:CRM) Hits New 12-Month Low at $150.47

Salesforce, Inc. (NYSE:CRMGet Rating) shares reached a new 52-week low during trading on Wednesday . The company traded as low as $150.47 and last traded at $150.75, with a volume of 49747 shares. The stock had previously closed at $151.72.

Analysts Set New Price Targets

A number of analysts have commented on the company. Canaccord Genuity Group decreased their target price on Salesforce from $260.00 to $215.00 in a research report on Thursday, August 25th. Loop Capital decreased their target price on Salesforce from $225.00 to $175.00 and set a “hold” rating on the stock in a research report on Thursday, June 2nd. Cowen decreased their target price on Salesforce from $225.00 to $210.00 and set an “outperform” rating on the stock in a research report on Thursday, August 25th. OTR Global cut Salesforce to a “positive” rating in a report on Thursday, May 12th. Finally, Raymond James cut their price target on Salesforce from $250.00 to $225.00 in a report on Thursday, August 25th. Five investment analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $244.11.

Salesforce Price Performance

The company has a 50 day simple moving average of $174.75 and a 200-day simple moving average of $182.02. The stock has a market cap of $156.90 billion, a price-to-earnings ratio of 290.56, a PEG ratio of 4.16 and a beta of 1.12. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.16.

Salesforce (NYSE:CRMGet Rating) last announced its quarterly earnings results on Wednesday, August 24th. The CRM provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.17. The business had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.70 billion. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The business’s quarterly revenue was up 21.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.87 EPS. As a group, research analysts anticipate that Salesforce, Inc. will post 2.2 EPS for the current fiscal year.

Salesforce announced that its Board of Directors has authorized a share repurchase program on Wednesday, August 24th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the CRM provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Salesforce

In other news, CFO Amy E. Weaver sold 924 shares of the stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $170.43, for a total transaction of $157,477.32. Following the sale, the chief financial officer now directly owns 29,989 shares in the company, valued at approximately $5,111,025.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $167.94, for a total value of $386,262.00. Following the sale, the chief executive officer now directly owns 28,761,368 shares in the company, valued at approximately $4,830,184,141.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 924 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $170.43, for a total value of $157,477.32. Following the completion of the sale, the chief financial officer now owns 29,989 shares in the company, valued at $5,111,025.27. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,849 shares of company stock worth $12,442,710. 3.60% of the stock is currently owned by company insiders.

Institutional Trading of Salesforce

Large investors have recently added to or reduced their stakes in the business. Lebenthal Global Advisors LLC bought a new position in Salesforce during the 4th quarter valued at $399,000. Soltis Investment Advisors LLC boosted its stake in Salesforce by 6.2% during the 1st quarter. Soltis Investment Advisors LLC now owns 1,133 shares of the CRM provider’s stock valued at $240,000 after purchasing an additional 66 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Salesforce by 11.4% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 170,612 shares of the CRM provider’s stock valued at $36,224,000 after purchasing an additional 17,441 shares in the last quarter. Addison Capital Co boosted its stake in shares of Salesforce by 37.4% during the 1st quarter. Addison Capital Co now owns 2,905 shares of the CRM provider’s stock worth $617,000 after acquiring an additional 790 shares in the last quarter. Finally, Peterson Wealth Services boosted its stake in shares of Salesforce by 16.9% during the 1st quarter. Peterson Wealth Services now owns 8,846 shares of the CRM provider’s stock worth $1,878,000 after acquiring an additional 1,279 shares in the last quarter. 77.02% of the stock is currently owned by institutional investors and hedge funds.

About Salesforce

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Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for 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 deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

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