Salesforce (NYSE:CRM) Price Target Raised to $415.00 at Canaccord Genuity Group

Salesforce (NYSE:CRM) had its price target hoisted by Canaccord Genuity Group from $315.00 to $415.00 in a research note issued to investors on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the CRM provider’s stock.

A number of other equities research analysts have also issued reports on the stock. Barclays raised their price target on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. JMP Securities reissued a “market outperform” rating and issued a $450.00 price target on shares of Salesforce in a report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Salesforce from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, November 20th. Finally, Guggenheim reissued a “neutral” rating on shares of Salesforce in a report on Wednesday. Eight research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $370.50.

Salesforce Price Performance

CRM stock opened at $367.94 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce has a 52 week low of $212.00 and a 52 week high of $369.00. The firm’s fifty day moving average is $306.55 and its 200 day moving average is $271.81. The firm has a market cap of $351.75 billion, a P/E ratio of 63.99, a P/E/G ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same period in the prior year, the business posted $1.62 EPS. Salesforce’s revenue for the quarter was up 8.3% on a year-over-year basis. Research analysts predict that Salesforce will post 7.54 earnings per share for the current year.

Insider Transactions at Salesforce

In related news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the sale, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. The trade was a 13.37 % 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, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the sale, the chief financial officer now owns 52,930 shares of the company’s stock, valued at $15,100,399.70. This trade represents a 1.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 140,982 shares of company stock worth $41,591,457 over the last three months. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Salesforce

Large investors have recently added to or reduced their stakes in the business. Piscataqua Savings Bank grew its position in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the period. Infrastructure Capital Advisors LLC purchased a new stake in shares of Salesforce in the third quarter worth $27,000. Clear Investment Research LLC increased its stake in shares of Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares in the last quarter. Godsey & Gibb Inc. increased its stake in shares of Salesforce by 300.0% in the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Salesforce in the second quarter worth $33,000. 80.43% of the stock is currently owned by 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.