Vetr upgraded shares of Salesforce.com Inc. (NYSE:CRM) from a hold rating to a buy rating in a research report released on Friday.
CRM has been the topic of several other research reports. Jefferies Group reaffirmed a hold rating and issued a $80.00 price target on shares of Salesforce.com in a report on Friday, August 19th. Bank of America Corp. reissued a buy rating and set a $77.82 target price (down from $100.00) on shares of Salesforce.com in a research note on Thursday, August 25th. Stifel Nicolaus reissued a buy rating and set a $93.00 target price on shares of Salesforce.com in a research note on Thursday, August 25th. Macquarie reissued an outperform rating and set a $97.00 target price on shares of Salesforce.com in a research note on Wednesday, August 31st. Finally, Morgan Stanley cut their target price on shares of Salesforce.com from $110.00 to $94.00 and set an overweight rating on the stock in a research note on Monday, July 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and forty-two have issued a buy rating to the company’s stock. Salesforce.com currently has a consensus rating of Buy and an average target price of $92.63.
Salesforce.com (NYSE:CRM) traded down 0.33% on Friday, reaching $70.16. The company’s stock had a trading volume of 2,161,217 shares. The stock has a 50 day moving average price of $76.89 and a 200-day moving average price of $77.77. Salesforce.com has a 1-year low of $52.60 and a 1-year high of $84.48. The company has a market capitalization of $48.06 billion, a price-to-earnings ratio of 216.54 and a beta of 1.57.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The firm’s revenue was up 25.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.19 earnings per share. Equities analysts predict that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In related news, insider Parker Harris sold 5,000 shares of Salesforce.com stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $73.08, for a total transaction of $365,400.00. Following the completion of the sale, the insider now owns 39,467 shares of the company’s stock, valued at approximately $2,884,248.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Benioff sold 25,000 shares of Salesforce.com stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $78.16, for a total transaction of $1,954,000.00. Following the sale, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at approximately $2,765,535,280. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Teachers Advisors Inc. boosted its stake in shares of Salesforce.com by 4.4% in the first quarter. Teachers Advisors Inc. now owns 2,664,558 shares of the CRM provider’s stock valued at $196,724,000 after buying an additional 112,120 shares during the period. TIAA CREF Investment Management LLC boosted its stake in shares of Salesforce.com by 3.0% in the first quarter. TIAA CREF Investment Management LLC now owns 9,129,463 shares of the CRM provider’s stock valued at $674,028,000 after buying an additional 264,783 shares during the period. Parker Investment Management LLC acquired a new stake in shares of Salesforce.com during the first quarter valued at $594,000. Ngam Advisors L.P. boosted its stake in shares of Salesforce.com by 37.2% in the first quarter. Ngam Advisors L.P. now owns 29,442 shares of the CRM provider’s stock valued at $2,174,000 after buying an additional 7,986 shares during the period. Finally, Pacad Investment Ltd. boosted its stake in shares of Salesforce.com by 660.1% in the first quarter. Pacad Investment Ltd. now owns 54,826 shares of the CRM provider’s stock valued at $4,048,000 after buying an additional 47,613 shares during the period. 87.23% of the stock is owned by institutional investors and hedge funds.
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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