Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reaffirmed by equities researchers at BMO Capital Markets in a research report issued on Wednesday. They currently have a $86.00 price target on the CRM provider’s stock. BMO Capital Markets’ price objective indicates a potential upside of 20.68% from the stock’s current price.
A number of other analysts also recently weighed in on the stock. Bank of America Corp. reissued a “buy” rating and set a $70.52 price target (down previously from $100.00) on shares of Salesforce.com in a research report on Wednesday. Vetr raised shares of Salesforce.com from a “hold” rating to a “buy” rating in a research report on Friday, September 23rd. Morgan Stanley decreased their price target on shares of Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Piper Jaffray Cos. reissued an “overweight” rating and set a $100.00 price target on shares of Salesforce.com in a research report on Monday, August 15th. Finally, Mizuho raised their price target on shares of Salesforce.com from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $92.56.
Salesforce.com (NYSE:CRM) opened at 71.26 on Wednesday. Salesforce.com has a 12 month low of $52.60 and a 12 month high of $84.48. The stock has a market cap of $48.81 billion, a P/E ratio of 219.94 and a beta of 1.59. The firm’s 50-day moving average is $74.52 and its 200-day moving average is $77.71.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the company earned $0.19 earnings per share. The business’s quarterly revenue was up 25.0% compared to the same quarter last year. On average, equities analysts forecast that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In related news, Director Susan Wojcicki purchased 1,356 shares of the stock in a transaction on Monday, September 19th. The shares were purchased at an average cost of $73.71 per share, for a total transaction of $99,950.76. Following the completion of the transaction, the director now directly owns 14,147 shares of the company’s stock, valued at approximately $1,042,775.37. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Marc Benioff sold 37,500 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $81.64, for a total value of $3,061,500.00. Following the completion of the sale, the chairman now owns 35,383,000 shares in the company, valued at $2,888,668,120. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC boosted its stake in shares of Salesforce.com by 0.5% in the second quarter. Brighton Jones LLC now owns 4,270 shares of the CRM provider’s stock worth $339,000 after buying an additional 22 shares during the period. Hollencrest Securities LLC boosted its stake in shares of Salesforce.com by 0.9% in the second quarter. Hollencrest Securities LLC now owns 3,229 shares of the CRM provider’s stock worth $256,000 after buying an additional 29 shares during the period. Cornerstone Advisors Inc. boosted its stake in shares of Salesforce.com by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,552 shares of the CRM provider’s stock worth $282,000 after buying an additional 35 shares during the period. Integrated Investment Consultants LLC boosted its stake in shares of Salesforce.com by 1.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,835 shares of the CRM provider’s stock worth $225,000 after buying an additional 37 shares during the period. Finally, Fulton Bank N.A. boosted its stake in shares of Salesforce.com by 0.3% in the second quarter. Fulton Bank N.A. now owns 12,763 shares of the CRM provider’s stock worth $1,014,000 after buying an additional 38 shares during the period. Hedge funds and other institutional investors own 87.23% 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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