Bank of America Corp. restated their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a report issued on Wednesday morning. The brokerage currently has a $70.52 target price on the CRM provider’s stock, down from their previous target price of $100.00.
A number of other research firms also recently issued reports on CRM. Raymond James Financial Inc. set a $105.00 price objective on shares of Salesforce.com and gave the stock a buy rating in a report on Sunday, September 4th. FBN Securities set a $90.00 price objective on shares of Salesforce.com and gave the stock a buy rating in a report on Sunday, September 4th. DA Davidson set a $86.00 price objective on shares of Salesforce.com and gave the stock a hold rating in a report on Sunday, September 11th. Wedbush reissued an outperform rating and issued a $96.00 price objective on shares of Salesforce.com in a report on Wednesday. Finally, Vetr downgraded shares of Salesforce.com from a buy rating to a hold rating and set a $83.58 price objective on the stock. in a report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded up 3.880% during trading on Wednesday, hitting $71.075. 10,813,723 shares of the stock were exchanged. The stock has a market cap of $48.69 billion, a PE ratio of 219.367 and a beta of 1.59. The firm has a 50 day moving average of $74.66 and a 200-day moving average of $77.76. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS 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 firm earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the business posted $0.19 earnings per share. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities research analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In related news, COO Keith Block sold 40,000 shares of the firm’s stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $81.00, for a total transaction of $3,240,000.00. Following the completion of the sale, the chief operating officer now directly owns 40,000 shares of the company’s stock, valued at approximately $3,240,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $67.76, for a total value of $847,000.00. Following the sale, the chief executive officer now directly owns 35,033,000 shares of the company’s stock, valued at $2,373,836,080. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Brighton Jones LLC increased 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 last quarter. Hollencrest Securities LLC increased 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 last quarter. Cornerstone Advisors Inc. increased 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 last quarter. Integrated Investment Consultants LLC increased 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 last quarter. Finally, Fulton Bank N.A. increased 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 last quarter. 87.23% of the stock is owned by hedge funds and other institutional investors.
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.
Receive News & Ratings for Salesforce.com Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce.com Inc. and related companies with MarketBeat.com's FREE daily email newsletter.