Salesforce (NYSE:CRM) Given New $315.00 Price Target at Piper Sandler

Salesforce (NYSE:CRM - Get Free Report) had its price target lowered by research analysts at Piper Sandler from $400.00 to $315.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the CRM provider's stock. Piper Sandler's price target indicates a potential upside of 18.29% from the company's current price.

A number of other brokerages have also recently commented on CRM. Citigroup reaffirmed a "buy" rating on shares of Salesforce in a research note on Wednesday, March 19th. DA Davidson reaffirmed an "underperform" rating and issued a $200.00 price objective on shares of Salesforce in a report on Monday. Macquarie reissued a "neutral" rating and set a $320.00 target price on shares of Salesforce in a research note on Thursday, March 20th. BMO Capital Markets restated an "outperform" rating on shares of Salesforce in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus reduced their price target on Salesforce from $425.00 to $375.00 and set a "buy" rating for the company in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce currently has an average rating of "Moderate Buy" and a consensus target price of $351.37.

Salesforce Stock Performance

Shares of NYSE CRM traded up $1.60 during trading on Wednesday, reaching $266.30. 1,049,228 shares of the company traded hands, compared to its average volume of 6,786,162. The stock has a market cap of $255.91 billion, a P/E ratio of 43.88, a PEG ratio of 2.58 and a beta of 1.38. The firm's fifty day simple moving average is $274.96 and its 200 day simple moving average is $308.44. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce has a 12-month low of $212.00 and a 12-month high of $369.00.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 1,525 shares of the business's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $253.66, for a total transaction of $386,831.50. Following the completion of the transaction, the chief accounting officer now directly owns 12,211 shares of the company's stock, valued at approximately $3,097,442.26. The trade was a 11.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Brian Millham sold 979 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $253.66, for a total transaction of $248,333.14. Following the completion of the sale, the chief executive officer now directly owns 6,487 shares in the company, valued at approximately $1,645,492.42. This trade represents a 13.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 52,051 shares of company stock worth $15,027,714 in the last ninety days. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Salesforce

Several institutional investors have recently modified their holdings of CRM. Geode Capital Management LLC increased its holdings in shares of Salesforce by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 19,955,353 shares of the CRM provider's stock valued at $6,656,078,000 after acquiring an additional 175,035 shares during the last quarter. Fisher Asset Management LLC increased its stake in Salesforce by 1.4% in the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider's stock valued at $4,163,703,000 after purchasing an additional 177,321 shares during the last quarter. Northern Trust Corp raised its holdings in Salesforce by 18.3% during the fourth quarter. Northern Trust Corp now owns 11,224,927 shares of the CRM provider's stock worth $3,752,830,000 after purchasing an additional 1,736,667 shares in the last quarter. Norges Bank acquired a new stake in Salesforce during the fourth quarter worth approximately $3,599,867,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Salesforce by 23.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,938,536 shares of the CRM provider's stock valued at $2,988,422,000 after buying an additional 1,683,233 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

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.