salesforce.com’s (CRM) “Buy” Rating Reaffirmed at Canaccord Genuity

Canaccord Genuity restated their buy rating on shares of salesforce.com (NYSE:CRM) in a research note released on Wednesday, MarketBeat Ratings reports. They currently have a $175.00 price target on the CRM provider’s stock, up from their previous price target of $165.00.

A number of other research analysts have also recently issued reports on the stock. Wedbush restated an outperform rating and set a $166.00 price objective on shares of salesforce.com in a report on Monday, January 7th. TheStreet upgraded shares of salesforce.com from a c+ rating to a b rating in a report on Thursday, January 31st. Pivotal Research upgraded shares of salesforce.com from a hold rating to a buy rating and boosted their price objective for the company from $140.00 to $164.00 in a report on Monday, January 7th. Stephens started coverage on shares of salesforce.com in a report on Wednesday, January 16th. They set an overweight rating and a $183.00 price objective for the company. Finally, Piper Jaffray Companies decreased their price objective on shares of salesforce.com from $190.00 to $160.00 and set an overweight rating for the company in a report on Wednesday, November 21st. Three investment analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $177.62.

Shares of NYSE CRM opened at $155.06 on Wednesday. The company has a market cap of $118.62 billion, a P/E ratio of 106.94, a PEG ratio of 5.23 and a beta of 1.37. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.22. salesforce.com has a 52-week low of $111.34 and a 52-week high of $166.15.

salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Monday, March 4th. The CRM provider reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.14. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.56 billion. salesforce.com had a net margin of 6.51% and a return on equity of 8.06%. During the same quarter in the previous year, the company earned $0.35 earnings per share. As a group, equities research analysts predict that salesforce.com will post 1.29 earnings per share for the current year.

In other news, Chairman Marc Benioff sold 10,000 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $155.04, for a total value of $1,550,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Craig Conway sold 200 shares of the business’s stock in a transaction on Tuesday, January 15th. The stock was sold at an average price of $146.07, for a total transaction of $29,214.00. Following the completion of the sale, the director now directly owns 9,198 shares in the company, valued at approximately $1,343,551.86. The disclosure for this sale can be found here. In the last three months, insiders sold 549,034 shares of company stock worth $79,205,643. 6.00% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the company. MUFG Securities EMEA plc lifted its position in shares of salesforce.com by 931.6% in the fourth quarter. MUFG Securities EMEA plc now owns 211,631 shares of the CRM provider’s stock worth $28,987,000 after purchasing an additional 191,117 shares in the last quarter. American Century Companies Inc. raised its position in salesforce.com by 3.4% during the fourth quarter. American Century Companies Inc. now owns 3,220,615 shares of the CRM provider’s stock worth $441,128,000 after acquiring an additional 105,845 shares in the last quarter. Belpointe Asset Management LLC raised its position in salesforce.com by 126.5% during the fourth quarter. Belpointe Asset Management LLC now owns 11,920 shares of the CRM provider’s stock worth $1,633,000 after acquiring an additional 6,658 shares in the last quarter. Norges Bank bought a new stake in salesforce.com during the fourth quarter worth $938,778,000. Finally, Actinver Wealth Management Inc. bought a new stake in salesforce.com during the fourth quarter worth $535,000. 83.17% of the stock is currently owned by institutional investors and hedge funds.

salesforce.com Company Profile

salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.

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Analyst Recommendations for salesforce.com (NYSE:CRM)

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