Canaccord Genuity Reaffirms Buy Rating for Salesforce.com (CRM)

Canaccord Genuity restated their buy rating on shares of Salesforce.com (NYSE:CRM) in a report released on Friday. Canaccord Genuity currently has a $135.00 price target on the CRM provider’s stock.

A number of other brokerages also recently weighed in on CRM. Citigroup lifted their target price on Salesforce.com from $130.00 to $140.00 and gave the stock a buy rating in a report on Thursday, March 1st. Vetr downgraded Salesforce.com from a buy rating to a hold rating and set a $107.78 target price for the company. in a report on Monday, December 11th. Stifel Nicolaus lifted their target price on Salesforce.com from $120.00 to $142.00 and gave the stock a buy rating in a report on Thursday, March 1st. Cowen lifted their target price on Salesforce.com from $118.00 to $130.00 and gave the stock an outperform rating in a report on Thursday, February 22nd. Finally, Credit Suisse Group reiterated an outperform rating and issued a $130.00 target price (up from $120.00) on shares of Salesforce.com in a report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and forty-five have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $124.28.

Shares of CRM opened at $116.10 on Friday. Salesforce.com has a 1 year low of $83.00 and a 1 year high of $128.87. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.07. The stock has a market cap of $83,859.03, a PE ratio of 258.00, a P/E/G ratio of 4.94 and a beta of 1.23.

Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.81 billion. Salesforce.com had a return on equity of 3.86% and a net margin of 1.22%. The firm’s revenue was up 24.3% compared to the same quarter last year. During the same period last year, the company earned $0.28 earnings per share. research analysts anticipate that Salesforce.com will post 0.97 EPS for the current fiscal year.

In other Salesforce.com news, insider Alexandre Dayon sold 1,015 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $113.47, for a total value of $115,172.05. Following the sale, the insider now directly owns 17,452 shares in the company, valued at $1,980,278.44. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Susan Wojcicki bought 6,000 shares of the stock in a transaction on Tuesday, January 9th. The stock was purchased at an average price of $109.14 per share, for a total transaction of $654,840.00. Following the completion of the purchase, the director now owns 39,223 shares of the company’s stock, valued at $4,280,798.22. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 334,666 shares of company stock worth $38,785,512. Corporate insiders own 6.20% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Bessemer Group Inc. raised its stake in shares of Salesforce.com by 196.4% during the 4th quarter. Bessemer Group Inc. now owns 1,150 shares of the CRM provider’s stock valued at $118,000 after purchasing an additional 762 shares during the period. First Mercantile Trust Co. bought a new stake in shares of Salesforce.com during the 4th quarter valued at $123,000. Cerebellum GP LLC bought a new stake in shares of Salesforce.com during the 4th quarter valued at $125,000. Icon Wealth Partners LLC bought a new stake in shares of Salesforce.com during the 4th quarter valued at $131,000. Finally, Truewealth LLC bought a new stake in shares of Salesforce.com during the 4th quarter valued at $133,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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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.

Analyst Recommendations for Salesforce.com (NYSE:CRM)

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