Salesforce.com Inc. (CRM) Shares Up 3.2% After Insider Buying Activity
Salesforce.com Inc. (NYSE:CRM) rose 3.2% during mid-day trading on Tuesday following insider buying activity. The company traded as high as $72.89 and last traded at $72.75, with a volume of 7,499,726 shares changing hands. The stock had previously closed at $70.52.
Specifically, Chairman Marc Benioff sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $70.13, for a total value of $876,625.00. Following the sale, the chairman now directly owns 35,033,000 shares of the company’s stock, valued at approximately $2,456,864,290. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Keith Block sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $82.68, for a total transaction of $826,800.00. Following the completion of the sale, the insider now directly owns 10,000 shares in the company, valued at $826,800. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
Several equities research analysts recently weighed in on CRM shares. Morgan Stanley reaffirmed an “overweight” rating and set a $107.00 target price on shares of Salesforce.com in a research note on Monday, September 26th. DA Davidson reaffirmed a “neutral” rating and set a $86.00 target price on shares of Salesforce.com in a research note on Wednesday, August 31st. Royal Bank Of Canada cut their target price on shares of Salesforce.com from $91.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, September 1st. BMO Capital Markets started coverage on shares of Salesforce.com in a research note on Tuesday, June 14th. They set an “outperform” rating and a $98.00 target price on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $96.00 target price (down from $98.00) on shares of Salesforce.com in a research note on Thursday, September 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $92.49.
The company has a 50 day moving average of $74.94 and a 200 day moving average of $77.82. The firm has a market cap of $49.75 billion, a PE ratio of 224.17 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last issued its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. Salesforce.com’s revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 earnings per share. On average, equities analysts anticipate that Salesforce.com Inc. will post $0.95 EPS for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Signaturefd LLC raised its position in Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares in the last quarter. M&R Capital Management Inc. bought a new position in Salesforce.com during the second quarter valued at about $119,000. Ropes Wealth Advisors LLC raised its position in Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock valued at $143,000 after buying an additional 1,009 shares in the last quarter. Mycio Wealth Partners LLC raised its position in Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock valued at $149,000 after buying an additional 44 shares in the last quarter. Finally, Trust Co. of Vermont raised its position in Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock valued at $154,000 after buying an additional 1,071 shares in the last quarter. Hedge funds and other 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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