CRM

Salesforce (NYSE:CRM) Given New $300.00 Price Target at Canaccord Genuity Group

May 31, 2024

30 4 minutes read

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Salesforce (NYSE:CRM – Free Report) had its price target trimmed by Canaccord Genuity Group from $350.00 to $300.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the CRM provider’s stock.

Several other equities analysts also recently issued reports on the stock. KeyCorp initiated coverage on shares of Salesforce in a research note on Thursday, March 21st. They set a sector weight rating on the stock. Morgan Stanley reduced their price objective on shares of Salesforce from $350.00 to $320.00 and set an overweight rating on the stock in a research note on Thursday. Stifel Nicolaus reissued a buy rating and set a $350.00 price objective on shares of Salesforce in a research note on Wednesday, April 3rd. Wedbush upped their price objective on shares of Salesforce from $280.00 to $325.00 and gave the company a buy rating in a research note on Thursday, February 29th. Finally, BMO Capital Markets upped their price objective on shares of Salesforce from $325.00 to $335.00 and gave the company an outperform rating in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $293.33.

Check Out Our Latest Analysis on Salesforce

Salesforce Stock Down 19.7 %

Shares of NYSE CRM opened at $218.04 on Thursday. Salesforce has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a market capitalization of $211.06 billion, a PE ratio of 51.91, a price-to-earnings-growth ratio of 2.38 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The firm’s 50-day moving average is $283.26 and its two-hundred day moving average is $275.45.

Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the prior year, the firm earned $1.15 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. Equities analysts anticipate that Salesforce will post 7.45 EPS for the current fiscal year.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $309.64, for a total transaction of $4,644,600.00. Following the completion of the transaction, the chief executive officer now directly owns 13,101,166 shares in the company, valued at approximately $4,056,645,040.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $309.64, for a total transaction of $4,644,600.00. Following the completion of the transaction, the chief executive officer now directly owns 13,101,166 shares in the company, valued at approximately $4,056,645,040.24. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $269.26, for a total transaction of $1,130,892.00. Following the transaction, the insider now owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The disclosure for this sale can be found here. Insiders sold a total of 623,070 shares of company stock worth $179,662,826 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Salesforce

A number of hedge funds have recently made changes to their positions in CRM. Americana Partners LLC raised its stake in shares of Salesforce by 104.9% in the 3rd quarter. Americana Partners LLC now owns 7,387 shares of the CRM provider’s stock valued at $1,465,000 after buying an additional 3,782 shares in the last quarter. Community Financial Services Group LLC bought a new stake in shares of Salesforce in the 3rd quarter worth about $413,000. Chartwell Investment Partners LLC grew its holdings in shares of Salesforce by 31.6% in the 3rd quarter. Chartwell Investment Partners LLC now owns 25,479 shares of the CRM provider’s stock worth $5,167,000 after purchasing an additional 6,118 shares during the last quarter. Merit Financial Group LLC grew its holdings in shares of Salesforce by 20.5% in the 3rd quarter. Merit Financial Group LLC now owns 15,077 shares of the CRM provider’s stock worth $3,057,000 after purchasing an additional 2,564 shares during the last quarter. Finally, Great Lakes Advisors LLC grew its holdings in shares of Salesforce by 2.5% in the 3rd quarter. Great Lakes Advisors LLC now owns 34,837 shares of the CRM provider’s stock worth $7,064,000 after purchasing an additional 850 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

About Salesforce

(Get Free Report)

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.