Brean Capital reissued their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research report report published on Thursday morning. The brokerage currently has a $110.00 price objective on the CRM provider’s stock.
Several other brokerages have also recently issued reports on CRM. Bank of America Corp. reiterated a buy rating on shares of Salesforce.com in a research note on Wednesday, June 8th. Morgan Stanley cut their price target on Salesforce.com from $110.00 to $94.00 and set an overweight rating on the stock in a research note on Monday, July 25th. Cowen and Company assumed coverage on Salesforce.com in a research note on Friday, June 24th. They issued an outperform rating and a $79.39 price target on the stock. Goldman Sachs Group Inc. restated a buy rating on shares of Salesforce.com in a research note on Monday, June 13th. Finally, Jefferies Group restated a hold rating and issued a $80.00 price target on shares of Salesforce.com in a research note on Tuesday, July 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have issued a buy rating to the company. Salesforce.com presently has a consensus rating of Buy and an average price target of $92.56.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The business earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the business posted $0.19 earnings per share. The company’s quarterly revenue was up 25.0% on a year-over-year basis.
In other news, CEO Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total transaction 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 filing with the SEC, which can be accessed through this link. Also, insider Keith Block sold 20,000 shares of Salesforce.com stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $81.00, for a total transaction of $1,620,000.00. Following the sale, the insider now owns 20,000 shares of the company’s stock, valued at approximately $1,620,000. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of CRM. Vanguard Group Inc. boosted its stake in shares of Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock valued at $3,130,829,000 after buying an additional 1,181,756 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Salesforce.com by 0.9% in the second quarter. Jennison Associates LLC now owns 20,109,339 shares of the CRM provider’s stock valued at $1,596,883,000 after buying an additional 183,663 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Salesforce.com by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,394,124 shares of the CRM provider’s stock valued at $1,301,857,000 after buying an additional 127,481 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Salesforce.com by 4.5% in the second quarter. Ameriprise Financial Inc. now owns 8,227,065 shares of the CRM provider’s stock valued at $653,308,000 after buying an additional 353,274 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its stake in shares of Salesforce.com by 0.7% in the second quarter. Baillie Gifford & Co. now owns 6,981,936 shares of the CRM provider’s stock valued at $554,435,000 after buying an additional 47,955 shares in the last quarter. Institutional investors own 87.23% of the company’s stock.
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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