Salesforce Inc. (NYSE:CRM – Get Free Report) shares fell 2.7% during mid-day trading on Friday . The stock traded as low as $195.32 and last traded at $195.8590. 8,229,490 shares were traded during trading, a decline of 40% from the average daily volume of 13,679,818 shares. The stock had previously closed at $201.37.
Salesforce News Summary
Here are the key news stories impacting Salesforce this week:
- Positive Sentiment:JPMorgan resumed coverage with an Overweight rating and a $250 price target, citing potential acceleration in Salesforce’s core business during the second half of the year. The target implies substantial appreciation from recent levels. JPMorgan turns bullish on Salesforce
- Positive Sentiment:Monness Crespi & Hardt raised its price target to $222 from $200 and maintained a Buy rating, adding to the improving analyst sentiment around CRM. Monness raises Salesforce price target
- Positive Sentiment:Salesforce’s planned $27.1 billion share-repurchase program could support earnings-per-share growth and provides valuation support, particularly as SaaS-sector sentiment improves. Salesforce buyback boost
- Positive Sentiment:Rising Agentforce adoption is positioning Salesforce as a significant enterprise “agentic AI” competitor to Microsoft and Oracle, potentially creating a new growth avenue from its large CRM customer base. <a href="https://www.zacks.com/stock/news/2975039/how-is-salesforce-challenging-orcl-msft-in-the-agentic-ai-space?cid=CS-STOCKNEWSAPI-FT-analyst_blog%7Cquick_take-2975039″ rel=”nofollow noopener” target=”_blank”>Salesforce agentic AI strategy
- Negative Sentiment:UBS reportedly expects Salesforce to temper expectations for second-half revenue acceleration, reinforcing investor concerns that AI-related growth may take longer to appear in reported results. UBS on Salesforce revenue growth
- Negative Sentiment:Investor commentary continues to highlight substitute technologies and shifting AI opportunities as threats to Salesforce’s competitive position. A fund letter also indicated that Salesforce had lost favor amid these concerns. Salesforce faces substitute technology threats
Analysts Set New Price Targets
Several research firms have recently weighed in on CRM. Morgan Stanley reissued an “equal weight” rating and issued a $185.00 price objective (down from $287.00) on shares of Salesforce in a research report on Tuesday, July 21st. Raymond James Financial reissued a “strong-buy” rating on shares of Salesforce in a report on Tuesday, July 21st. Truist Financial cut Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $250.00 price objective on shares of Salesforce in a report on Thursday, May 28th. Finally, Daiwa Securities Group dropped their price target on shares of Salesforce from $295.00 to $280.00 and set a “buy” rating on the stock in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, seventeen have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.05.
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