salesforce.com (CRM) Price Target Raised to $150.00 at Canaccord Genuity
salesforce.com (NYSE:CRM) had its price target upped by investment analysts at Canaccord Genuity from $135.00 to $150.00 in a research note issued to investors on Wednesday. The firm presently has a “buy” rating on the CRM provider’s stock. Canaccord Genuity’s price target would indicate a potential upside of 15.98% from the company’s current price.
Other research analysts have also issued reports about the stock. Cleveland Research assumed coverage on shares of salesforce.com in a research note on Wednesday, January 31st. They issued a “buy” rating on the stock. Argus raised their price objective on shares of salesforce.com to $141.00 and gave the stock a “buy” rating in a report on Friday, March 2nd. Sanford C. Bernstein lifted their target price on shares of salesforce.com from $125.00 to $135.00 and gave the stock a “neutral” rating in a research note on Wednesday. BMO Capital Markets lifted their target price on shares of salesforce.com from $133.00 to $147.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Cowen raised their price objective on shares of salesforce.com from $118.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, February 22nd. Five investment analysts have rated the stock with a hold rating, forty-seven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $133.75.
Shares of NYSE CRM opened at $129.33 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.07. salesforce.com has a 52-week low of $83.55 and a 52-week high of $132.55. The company has a market capitalization of $92.78 billion, a price-to-earnings ratio of 287.40, a price-to-earnings-growth ratio of 5.36 and a beta of 1.24.
In other salesforce.com news, Chairman Marc Benioff sold 5,000 shares of the business’s stock in a transaction dated Thursday, May 31st. The stock was sold at an average price of $129.69, for a total transaction of $648,450.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Joe Allanson sold 323 shares of the business’s stock in a transaction dated Wednesday, May 23rd. The shares were sold at an average price of $125.95, for a total value of $40,681.85. Following the sale, the chief accounting officer now directly owns 30,619 shares of the company’s stock, valued at approximately $3,856,463.05. The disclosure for this sale can be found here. In the last three months, insiders have acquired 18,000 shares of company stock valued at $2,301,780 and have sold 518,281 shares valued at $63,975,378. Company insiders own 6.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC increased its holdings in salesforce.com by 7.0% in the fourth quarter. TIAA CREF Investment Management LLC now owns 9,865,725 shares of the CRM provider’s stock valued at $1,008,573,000 after buying an additional 645,099 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of salesforce.com by 3.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 6,572,224 shares of the CRM provider’s stock valued at $764,350,000 after purchasing an additional 226,056 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of salesforce.com by 4.9% during the first quarter. Baillie Gifford & Co. now owns 6,046,347 shares of the CRM provider’s stock valued at $703,190,000 after purchasing an additional 280,110 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of salesforce.com by 2.4% during the fourth quarter. Brown Advisory Inc. now owns 4,756,094 shares of the CRM provider’s stock valued at $486,216,000 after purchasing an additional 112,839 shares during the last quarter. Finally, Tybourne Capital Management HK Ltd. grew its holdings in salesforce.com by 27.8% in the 4th quarter. Tybourne Capital Management HK Ltd. now owns 4,346,500 shares of the CRM provider’s stock worth $444,343,000 after buying an additional 945,000 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.
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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