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

Salesforce (NYSE:CRM) had its price target upped by research analysts at Canaccord Genuity Group from $315.00 to $415.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the CRM provider’s stock. Canaccord Genuity Group’s price target points to a potential upside of 15.51% from the company’s previous close.

A number of other research firms have also recently commented on CRM. Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. UBS Group boosted their target price on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Robert W. Baird lifted their price objective on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a report on Wednesday. Truist Financial reaffirmed a “buy” rating and set a $400.00 price objective (up from $380.00) on shares of Salesforce in a report on Wednesday. Finally, Wedbush lifted their target price on shares of Salesforce from $325.00 to $375.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. 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. According to MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $366.14.

Salesforce Stock Performance

NYSE:CRM traded up $27.84 during trading on Wednesday, reaching $359.27. The company’s stock had a trading volume of 9,050,873 shares, compared to its average volume of 6,322,121. Salesforce has a 12 month low of $212.00 and a 12 month high of $368.70. The firm has a market cap of $343.46 billion, a price-to-earnings ratio of 63.22, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The firm has a 50 day moving average of $304.68 and a 200-day moving average of $271.14. 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 (NYSE:CRM) last posted 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). The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. Salesforce’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 EPS. Research analysts expect that Salesforce will post 7.54 EPS for the current fiscal year.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the sale, the insider now directly owns 828 shares in the company, valued at $202,702.68. This trade represents a 75.00 % 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 in the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Piscataqua Savings Bank increased its stake in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Infrastructure Capital Advisors LLC bought a new stake in shares of Salesforce during the third quarter valued at approximately $27,000. Clear Investment Research LLC grew its position in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 98 shares in the last quarter. Stephens Consulting LLC increased its stake in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Salesforce in the second quarter worth $33,000. 80.43% of the stock is owned by hedge funds and other 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.