Salesforce (NYSE:CRM) Given New $315.00 Price Target at Canaccord Genuity Group

Salesforce (NYSE:CRM) had its price objective hoisted by Canaccord Genuity Group from $300.00 to $315.00 in a report issued on Thursday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the CRM provider’s stock.

CRM has been the topic of several other research reports. BMO Capital Markets raised their price objective on shares of Salesforce from $265.00 to $305.00 and gave the company an outperform rating in a research report on Thursday. Needham & Company LLC reissued a buy rating and issued a $345.00 price target on shares of Salesforce in a research report on Thursday. Citigroup lifted their price target on shares of Salesforce from $260.00 to $290.00 and gave the company a neutral rating in a research report on Monday. Piper Sandler lifted their price target on shares of Salesforce from $250.00 to $268.00 and gave the company a neutral rating in a research report on Thursday. Finally, Stifel Nicolaus dropped their price target on shares of Salesforce from $350.00 to $300.00 and set a buy rating on the stock in a research report on Thursday, May 30th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has an average rating of Moderate Buy and an average price target of $301.91.

Salesforce Stock Performance

CRM stock opened at $256.91 on Thursday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $248.95 billion, a P/E ratio of 46.21, a P/E/G ratio of 2.22 and a beta of 1.29. The firm has a 50 day simple moving average of $253.98 and a 200 day simple moving average of $271.54. Salesforce has a 52 week low of $193.68 and a 52 week high of $318.71.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $1.92 EPS for the quarter, topping the consensus estimate of $1.73 by $0.19. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company posted $1.63 earnings per share. Research analysts anticipate that Salesforce will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 0.62%. Salesforce’s dividend payout ratio is presently 28.78%.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amy E. Weaver sold 897 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the transaction, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. In the last three months, insiders sold 112,964 shares of company stock worth $27,956,647. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Salesforce

Large investors have recently made changes to their positions in the stock. Ruedi Wealth Management Inc. raised its stake in Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 56 shares during the period. Signature Resources Capital Management LLC acquired a new position in shares of Salesforce in the fourth quarter valued at $26,000. Piscataqua Savings Bank raised its position 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 valued at $26,000 after purchasing an additional 96 shares during the period. Red Tortoise LLC acquired a new stake in shares of Salesforce during the 1st quarter worth about $33,000. Finally, Clear Investment Research LLC boosted its holdings in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares during the period. Institutional investors and hedge funds 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.