Salesforce (NYSE:CRM) Price Target Lowered to $345.00 at Scotiabank

Salesforce (NYSE:CRM - Free Report) had its price target reduced by Scotiabank from $400.00 to $345.00 in a report issued on Monday morning, MarketBeat Ratings reports. Scotiabank currently has a sector outperform rating on the CRM provider's stock.

CRM has been the topic of a number of other reports. TD Cowen upgraded Salesforce from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $380.00 to $400.00 in a research note on Friday, January 17th. Bank of America dropped their price target on Salesforce from $440.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. KeyCorp raised Salesforce from a "sector weight" rating to an "overweight" rating and set a $440.00 price objective for the company in a research report on Friday, December 13th. Citigroup reaffirmed a "cautious" rating on shares of Salesforce in a research report on Thursday, February 27th. Finally, Redburn Atlantic started coverage on Salesforce in a research report on Wednesday, February 19th. They set a "buy" rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the company. According to MarketBeat, Salesforce currently has a consensus rating of "Moderate Buy" and a consensus price target of $362.74.

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Salesforce Stock Performance

NYSE:CRM traded down $0.32 during midday trading on Monday, reaching $279.07. The stock had a trading volume of 4,809,488 shares, compared to its average volume of 6,358,938. The stock has a market capitalization of $268.19 billion, a P/E ratio of 45.90, 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 company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm's fifty day simple moving average is $315.19 and its 200-day simple moving average is $309.50.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 6,221 shares of the business'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 transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at approximately $12,967,047.50. The trade was a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares of the company's stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,609 shares of company stock valued at $24,920,821 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Salesforce

A number of institutional investors have recently bought and sold shares of the business. Bernard Wealth Management Corp. bought a new position in shares of Salesforce during the 4th quarter worth approximately $25,000. Infrastructure Capital Advisors LLC acquired a new stake in Salesforce during the 3rd quarter valued at $27,000. Accredited Wealth Management LLC bought a new position in Salesforce during the fourth quarter worth $27,000. Arlington Trust Co LLC increased its holdings in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider's stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Finally, Compass Financial Services Inc bought a new position in shares of Salesforce in the fourth quarter valued at about $30,000. Institutional investors and hedge funds 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.