Salesforce (NYSE:CRM) Price Target Increased to $265.00 by Analysts at Canaccord Genuity Group

Salesforce (NYSE:CRM) had its target price boosted by Canaccord Genuity Group from $250.00 to $265.00 in a research note issued to investors on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the CRM provider’s stock.

CRM has been the subject of several other reports. UBS Group lifted their target price on shares of Salesforce from $220.00 to $240.00 and gave the company a neutral rating in a report on Thursday. Sanford C. Bernstein raised their price target on Salesforce from $145.00 to $153.00 in a report on Thursday, June 1st. Needham & Company LLC upped their price target on shares of Salesforce from $230.00 to $250.00 in a research note on Wednesday, July 12th. BMO Capital Markets raised their price objective on shares of Salesforce from $255.00 to $262.00 and gave the company an outperform rating in a research note on Thursday. Finally, Bank of America upped their target price on shares of Salesforce from $250.00 to $280.00 and gave the stock a buy rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $237.16.

Salesforce Stock Performance

Shares of CRM opened at $221.46 on Thursday. Salesforce has a one year low of $126.34 and a one year high of $238.22. The company has a 50-day simple moving average of $215.98 and a two-hundred day simple moving average of $201.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $215.70 billion, a PE ratio of 582.80, a price-to-earnings-growth ratio of 2.09 and a beta of 1.20.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.22. The company had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.53 billion. Salesforce had a return on equity of 5.75% and a net margin of 1.18%. The firm’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 earnings per share. On average, analysts anticipate that Salesforce will post 5.27 EPS for the current fiscal year.

Insider Transactions at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 150,344 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $210.62, for a total transaction of $31,665,453.28. Following the completion of the transaction, the insider now owns 55,962 shares in the company, valued at approximately $11,786,716.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, insider Srinivas Tallapragada sold 150,344 shares of Salesforce stock in a transaction on Monday, June 5th. The shares were sold at an average price of $210.62, for a total value of $31,665,453.28. Following the completion of the transaction, the insider now directly owns 55,962 shares of the company’s stock, valued at approximately $11,786,716.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Amy E. Weaver sold 24,281 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $212.35, for a total transaction of $5,156,070.35. Following the sale, the chief financial officer now owns 34,180 shares in the company, valued at $7,258,123. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,247,764 shares of company stock valued at $265,660,783. 3.70% of the stock is currently owned by insiders.

Institutional Trading of Salesforce

A number of institutional investors have recently bought and sold shares of the stock. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Salesforce by 92,823.1% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 238,763,957 shares of the CRM provider’s stock worth $50,441,274,000 after purchasing an additional 238,507,009 shares during the period. State Street Corp increased its stake in Salesforce by 0.3% in the 2nd quarter. State Street Corp now owns 45,653,307 shares of the CRM provider’s stock worth $9,644,718,000 after buying an additional 143,962 shares during the period. FMR LLC lifted its holdings in Salesforce by 1.9% during the 1st quarter. FMR LLC now owns 36,357,722 shares of the CRM provider’s stock valued at $7,263,546,000 after buying an additional 695,355 shares in the last quarter. Capital World Investors raised its stake in shares of Salesforce by 30.2% during the second quarter. Capital World Investors now owns 19,242,436 shares of the CRM provider’s stock valued at $4,065,157,000 after acquiring an additional 4,458,227 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in shares of Salesforce by 0.8% in the fourth quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock valued at $2,519,719,000 after purchasing an additional 149,012 shares during the period. 77.52% of the stock is currently owned by institutional investors.

Salesforce Company Profile

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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.