Investors Buy Salesforce.com Inc. (CRM) on Weakness Following Insider Selling
Investors purchased shares of Salesforce.com Inc. (NYSE:CRM) on weakness during trading hours on Tuesday following insider selling activity. $104.32 million flowed into the stock on the tick-up and $36.90 million flowed out of the stock on the tick-down, for a money net flow of $67.42 million into the stock. Of all equities tracked, Salesforce.com had the 4th highest net in-flow for the day. Salesforce.com traded down ($0.09) for the day and closed at $72.91Specifically, COO Keith Block sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $81.11, for a total transaction of $811,100.00. Following the sale, the chief operating officer now directly owns 10,000 shares of the company’s stock, valued at $811,100. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan Wojcicki purchased 1,356 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were bought at an average cost of $73.71 per share, for a total transaction of $99,950.76. Following the completion of the purchase, the director now directly owns 14,147 shares of the company’s stock, valued at $1,042,775.37. The disclosure for this purchase can be found here. Insiders own 6.70% of the company’s stock.
Several equities analysts recently weighed in on the stock. Morgan Stanley restated a “buy” rating on shares of Salesforce.com in a report on Tuesday, May 31st. BTIG Research restated a “buy” rating and issued a $100.00 price objective on shares of Salesforce.com in a report on Wednesday, June 1st. Brean Capital restated a “buy” rating on shares of Salesforce.com in a report on Thursday, June 2nd. DA Davidson set a $86.00 price objective on shares of Salesforce.com and gave the company a “hold” rating in a report on Sunday, September 11th. Finally, FBN Securities set a $90.00 price objective on shares of Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and forty-one have given a buy rating to the stock. Salesforce.com presently has a consensus rating of “Buy” and an average price target of $92.63.
The stock has a 50 day moving average of $77.53 and a 200-day moving average of $77.82. The stock has a market capitalization of $49.94 billion, a PE ratio of 225.03 and a beta of 1.57.
Salesforce.com (NYSE:CRM) last issued its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate 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 had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter last year, the business earned $0.19 earnings per share. The business’s revenue was up 25.0% on a year-over-year basis. Equities research analysts expect that Salesforce.com Inc. will post $0.95 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position 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 position 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 position 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. TIAA CREF Investment Management LLC boosted its position 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 in the last quarter. Finally, Ameriprise Financial Inc. boosted its position 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. Hedge funds and other institutional investors own 87.68% 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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