Concert Wealth Management Inc. decreased its stake in shares of Salesforce.com Inc. (NYSE:CRM) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 17,063 shares of the CRM provider’s stock after selling 46 shares during the period. Concert Wealth Management Inc.’s holdings in Salesforce.com were worth $1,357,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Signaturefd LLC boosted its position in shares of Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares during the period. Trust Co. of Vermont boosted its position in shares of Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock valued at $154,000 after buying an additional 1,071 shares during the period. Advisory Services Network LLC boosted its position in shares of Salesforce.com by 5.1% in the second quarter. Advisory Services Network LLC now owns 2,206 shares of the CRM provider’s stock valued at $175,000 after buying an additional 107 shares during the period. Savant Capital LLC bought a new position in shares of Salesforce.com during the second quarter valued at about $200,000. Finally, Private Bank & Trust Co. bought a new position in shares of Salesforce.com during the second quarter valued at about $201,000. Institutional investors and hedge funds own 87.03% of the company’s stock.
Shares of Salesforce.com Inc. (NYSE:CRM) traded up 0.2475% during mid-day trading on Wednesday, hitting $72.9501. 2,006,467 shares of the stock traded hands. Salesforce.com Inc. has a 52 week low of $52.60 and a 52 week high of $84.48. The stock has a 50-day moving average of $73.19 and a 200-day moving average of $77.72. The company has a market cap of $49.97 billion, a price-to-earnings ratio of 225.1546 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The business earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business’s revenue was up 25.0% on a year-over-year basis. During the same period last year, the firm posted $0.19 earnings per share. Analysts anticipate that Salesforce.com Inc. will post $0.95 EPS for the current year.
Several brokerages have recently issued reports on CRM. Raymond James Financial Inc. set a $105.00 price objective on Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. FBN Securities set a $90.00 price objective on Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. DA Davidson set a $86.00 price objective on Salesforce.com and gave the company a “hold” rating in a report on Sunday, September 11th. Vetr cut Salesforce.com from a “buy” rating to a “hold” rating and set a $83.58 price objective for the company. in a report on Monday, July 11th. Finally, Stephens began coverage on Salesforce.com in a report on Tuesday, August 2nd. They issued an “overweight” rating for the company. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and forty-six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $92.19.
In related news, CEO Marc Benioff sold 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total value of $847,000.00. Following the completion of the sale, the chief executive officer now owns 35,033,000 shares in the company, valued at approximately $2,373,836,080. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Parker Harris sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 18th. The shares were sold at an average price of $73.00, for a total transaction of $219,000.00. Following the completion of the sale, the insider now owns 37,467 shares of the company’s stock, valued at approximately $2,735,091. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Salesforce.com Company Profile
salesforce.com, inc. is a provider of enterprise cloud computing solutions, with a focus on customer relationship management (CRM). The Company’s Customer Success Platform, including sales force automation, customer service and support, marketing automation, community management, analytics, application development, Internet of Things (IoT) integration and its professional cloud services, provide the next-generation platform of enterprise applications and services.
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