Salesforce (NYSE:CRM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Salesforce (NYSE:CRM) had its price objective upped by equities researchers at Canaccord Genuity Group from $315.00 to $415.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the CRM provider’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 14.91% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. Bank of America boosted their price target on Salesforce from $390.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group boosted their target price on shares of Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Phillip Securities reaffirmed an “accumulate” rating and set a $305.00 target price on shares of Salesforce in a report on Friday, August 30th. Citigroup lifted their price target on shares of Salesforce from $290.00 to $368.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 27th. Finally, Barclays upped their price objective on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note 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 company’s stock. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average price target of $372.86.

Salesforce Stock Down 1.8 %

Shares of Salesforce stock opened at $361.14 on Wednesday. Salesforce has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $308.26 and its 200 day moving average is $272.43. The company has a market cap of $345.25 billion, a price-to-earnings ratio of 59.40, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.31%. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same period in the previous year, the company earned $1.62 earnings per share. Salesforce’s quarterly revenue was up 8.3% compared to the same quarter last year. Research analysts anticipate that Salesforce will post 7.55 EPS for the current year.

Insider Activity at Salesforce

In other Salesforce news, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the transaction, the insider now owns 828 shares in the company, valued at $202,702.68. The trade was a 75.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Miguel Milano sold 719 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was 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 owns 4,659 shares of the company’s stock, valued at $1,597,151.79. This trade represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,982 shares of company stock valued at $41,591,457. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Salesforce

Hedge funds have recently bought and sold shares of the business. Piscataqua Savings Bank boosted its stake in shares of 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 purchasing an additional 96 shares during the period. Infrastructure Capital Advisors LLC bought a new stake in Salesforce during the 3rd quarter valued at about $27,000. Clear Investment Research LLC grew its stake in Salesforce by 816.7% in the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares in the last quarter. Godsey & Gibb Inc. increased its position in shares of Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 90 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Salesforce during the second quarter valued at approximately $33,000. Institutional investors own 80.43% of the company’s stock.

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.