Canaccord Genuity Group Increases Salesforce (NYSE:CRM) Price Target to $215.00

Salesforce (NYSE:CRM – Get Rating) had its price objective upped by analysts at Canaccord Genuity Group from $180.00 to $215.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the CRM provider’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 15.32% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Cowen boosted their price target on Salesforce from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, February 21st. Loop Capital boosted their target price on Salesforce from $150.00 to $190.00 and gave the stock a “hold” rating in a research report on Thursday. Canaccord Genuity Group dropped their target price on Salesforce from $215.00 to $180.00 and set a “buy” rating on the stock in a research report on Thursday, December 1st. Atlantic Securities boosted their target price on Salesforce from $140.00 to $200.00 in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Salesforce from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, January 23rd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average target price of $211.24.

Salesforce Stock Down 0.1 %

CRM opened at $186.43 on Thursday. The business’s 50-day simple moving average is $156.87 and its 200-day simple moving average is $153.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.05 and a current ratio of 1.05. Salesforce has a one year low of $126.34 and a one year high of $222.15. The stock has a market capitalization of $186.43 billion, a P/E ratio of 887.76, a price-to-earnings-growth ratio of 3.18 and a beta of 1.21.

Salesforce (NYSE:CRM – Get Rating) last issued its quarterly earnings results on Wednesday, March 1st. The CRM provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.32. The firm had revenue of $8.38 billion for the quarter, compared to analysts’ expectations of $7.99 billion. Salesforce had a return on equity of 4.46% and a net margin of 0.66%. The firm’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. Analysts anticipate that Salesforce will post 3.14 EPS for the current year.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 186 shares of the firm’s stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total value of $28,939.74. Following the transaction, the chief accounting officer now directly owns 1,273 shares in the company, valued at approximately $198,066.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Sundeep G. Reddy sold 186 shares of the firm’s stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total transaction of $28,939.74. Following the sale, the chief accounting officer now owns 1,273 shares of the company’s stock, valued at approximately $198,066.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Parker Harris sold 7,500 shares of Salesforce stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $188.18, for a total value of $1,411,350.00. Following the completion of the sale, the insider now directly owns 96,795 shares in the company, valued at approximately $18,214,883.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,868 shares of company stock worth $4,560,558. Insiders own 3.60% of the company’s stock.

Institutional Trading of Salesforce

A number of hedge funds and other institutional investors have recently modified their holdings of CRM. Verition Fund Management LLC raised its position in shares of Salesforce by 1,014.8% in the second quarter. Verition Fund Management LLC now owns 32,386 shares of the CRM provider’s stock valued at $5,345,000 after buying an additional 29,481 shares in the last quarter. Stephens Inc. AR raised its position in Salesforce by 0.5% during the third quarter. Stephens Inc. AR now owns 137,757 shares of the CRM provider’s stock valued at $19,815,000 after purchasing an additional 656 shares in the last quarter. Archford Capital Strategies LLC raised its position in Salesforce by 6.6% during the third quarter. Archford Capital Strategies LLC now owns 4,736 shares of the CRM provider’s stock valued at $681,000 after purchasing an additional 295 shares in the last quarter. Personal Capital Advisors Corp raised its position in Salesforce by 26.1% during the third quarter. Personal Capital Advisors Corp now owns 490,626 shares of the CRM provider’s stock valued at $70,572,000 after purchasing an additional 101,463 shares in the last quarter. Finally, Atria Investments LLC raised its position in Salesforce by 0.5% during the second quarter. Atria Investments LLC now owns 80,140 shares of the CRM provider’s stock valued at $13,226,000 after purchasing an additional 383 shares in the last quarter. Institutional investors and hedge funds own 75.83% of the company’s stock.

About Salesforce

(Get Rating)

Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.