Pritchard Capital Downgrades salesforce.com (NYSE:CRM) to Neutral

salesforce.com (NYSE:CRM) was downgraded by equities research analysts at Pritchard Capital from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, The Fly reports. They currently have a $250.00 target price on the CRM provider’s stock, down from their prior target price of $300.00. Pritchard Capital’s target price would indicate a potential upside of 13.14% from the stock’s previous close.

CRM has been the topic of several other research reports. Credit Suisse Group set a $245.00 price target on salesforce.com and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler dropped their price target on salesforce.com from $285.00 to $278.00 and set an “overweight” rating on the stock in a research report on Wednesday. Barclays boosted their price target on salesforce.com from $264.00 to $315.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. They noted that the move was a valuation call. Royal Bank of Canada restated a “buy” rating and issued a $285.00 price target on shares of salesforce.com in a research report on Wednesday, November 25th. Finally, Cowen boosted their price target on salesforce.com from $210.00 to $270.00 and gave the company an “outperform” rating in a research report on Wednesday, August 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $259.46.

CRM opened at $220.97 on Wednesday. The business’s 50-day simple moving average is $250.23 and its 200-day simple moving average is $220.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.15 and a current ratio of 1.15. salesforce.com has a one year low of $115.29 and a one year high of $284.50. The stock has a market capitalization of $201.08 billion, a P/E ratio of 57.69, a price-to-earnings-growth ratio of 8.30 and a beta of 1.21.

salesforce.com (NYSE:CRM) last posted its earnings results on Monday, November 30th. The CRM provider reported $1.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.99. salesforce.com had a return on equity of 3.99% and a net margin of 12.21%. The business had revenue of $5.42 million for the quarter, compared to analysts’ expectations of $5.25 billion. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The business’s revenue was down 99.9% compared to the same quarter last year. On average, equities research analysts forecast that salesforce.com will post 1.89 EPS for the current fiscal year.

In other salesforce.com news, CAO Joe Allanson sold 238 shares of the business’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $242.78, for a total value of $57,781.64. Following the completion of the transaction, the chief accounting officer now directly owns 31,439 shares in the company, valued at approximately $7,632,760.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Amy E. Weaver sold 5,800 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $246.12, for a total value of $1,427,496.00. Following the completion of the transaction, the insider now owns 25,260 shares of the company’s stock, valued at $6,216,991.20. The disclosure for this sale can be found here. Insiders have sold a total of 474,861 shares of company stock valued at $118,786,662 over the last 90 days. Insiders own 4.40% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Brinker Capital Investments LLC acquired a new position in salesforce.com in the 3rd quarter valued at $19,209,000. Davis R M Inc. raised its holdings in salesforce.com by 2.0% in the 3rd quarter. Davis R M Inc. now owns 2,536 shares of the CRM provider’s stock valued at $637,000 after acquiring an additional 50 shares during the last quarter. Codex Capital L.L.C. acquired a new stake in shares of salesforce.com during the 3rd quarter worth $9,036,000. Townsquare Capital LLC increased its holdings in shares of salesforce.com by 14.9% during the 3rd quarter. Townsquare Capital LLC now owns 82,247 shares of the CRM provider’s stock worth $20,574,000 after buying an additional 10,686 shares during the last quarter. Finally, Platform Technology Partners acquired a new stake in shares of salesforce.com during the 3rd quarter worth $663,000. Institutional investors own 74.58% of the company’s stock.

salesforce.com Company Profile

salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management worldwide. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.

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