Salesforce (NYSE:CRM) Trading Down 0.2% Following Analyst Downgrade

Shares of Salesforce, Inc. (NYSE:CRM) fell 0.2% during mid-day trading on Monday after Scotiabank lowered their price target on the stock from $400.00 to $345.00. Scotiabank currently has a sector outperform rating on the stock. Salesforce traded as low as $276.08 and last traded at $278.82. 1,197,746 shares changed hands during trading, a decline of 83% from the average session volume of 7,014,678 shares. The stock had previously closed at $279.40.

A number of other brokerages have also recently weighed in on CRM. Erste Group Bank upgraded shares of Salesforce from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays lifted their target price on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Needham & Company LLC restated a “buy” rating and set a $400.00 price target on shares of Salesforce in a research note on Thursday, February 27th. Oppenheimer lowered their price target on Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Finally, Wedbush reissued an “outperform” rating and set a $425.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $364.14.

Insider Transactions at Salesforce

In other Salesforce news, Director Robin L. Washington bought 1,695 shares of the stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the transaction, the director now owns 43,445 shares in the company, valued at approximately $12,799,331.45. The trade was a 4.06 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction 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 approximately $12,967,047.50. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,609 shares of company stock worth $24,920,821. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. 111 Capital acquired a new stake in shares of Salesforce during the fourth quarter worth about $1,808,000. NorthCrest Asset Manangement LLC lifted its position in Salesforce by 0.6% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 99,770 shares of the CRM provider’s stock worth $33,356,000 after acquiring an additional 604 shares during the period. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Salesforce in the 4th quarter valued at approximately $118,113,000. Capstone Triton Financial Group LLC increased its holdings in shares of Salesforce by 0.8% in the fourth quarter. Capstone Triton Financial Group LLC now owns 5,736 shares of the CRM provider’s stock valued at $1,918,000 after purchasing an additional 47 shares during the period. Finally, Mattson Financial Services LLC increased its holdings in shares of Salesforce by 43,625.0% in the fourth quarter. Mattson Financial Services LLC now owns 3,498 shares of the CRM provider’s stock valued at $1,169,000 after purchasing an additional 3,490 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a 50 day moving average price of $316.13 and a 200 day moving average price of $309.71. The firm has a market cap of $268.10 billion, a PE ratio of 45.88, a PEG ratio of 2.58 and a beta of 1.35.

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.