Investors Sell Shares of Salesforce.com Inc. (CRM) on Strength After Insider Selling
Traders sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading on Thursday following insider selling activity. $256.69 million flowed into the stock on the tick-up and $292.50 million flowed out of the stock on the tick-down, for a money net flow of $35.81 million out of the stock. Of all stocks tracked, Salesforce.com had the 17th highest net out-flow for the day. Salesforce.com traded up $2.84 for the day and closed at $71.26Specifically, Director Craig Conway sold 400 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $81.86, for a total transaction of $32,744.00. Following the completion of the sale, the director now directly owns 9,268 shares of the company’s stock, valued at $758,678.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Keith Block sold 40,000 shares of the stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $81.00, for a total value of $3,240,000.00. Following the sale, the chief operating officer now directly owns 40,000 shares of the company’s stock, valued at $3,240,000. The disclosure for this sale can be found here. 6.70% of the stock is owned by insiders.
A number of analysts recently commented on CRM shares. Bank of America Corp. reaffirmed a “buy” rating and set a $70.52 price target (down from $100.00) on shares of Salesforce.com in a research report on Wednesday. Vetr raised 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 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. reaffirmed 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 increased their price target on Salesforce.com from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 1st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have assigned a buy rating to the company. Salesforce.com presently has a consensus rating of “Buy” and an average price target of $92.56.
The firm has a 50-day moving average price of $74.66 and a 200 day moving average price of $77.76. The stock has a market capitalization of $48.81 billion, a P/E ratio of 219.94 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the prior year, the company posted $0.19 EPS. The firm’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities research analysts anticipate that Salesforce.com Inc. will post $0.95 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the company. Cullen Frost Bankers Inc. raised its stake in Salesforce.com by 1.3% in the second quarter. Cullen Frost Bankers Inc. now owns 206,019 shares of the CRM provider’s stock worth $16,360,000 after buying an additional 2,648 shares during the period. Bank of Montreal Can bought a new position in shares of Salesforce.com during the second quarter worth approximately $31,592,000. Soroban Capital Partners LP bought a new position in shares of Salesforce.com during the first quarter worth approximately $290,380,000. Tybourne Capital Management HK Ltd. bought a new position in shares of Salesforce.com during the first quarter worth approximately $72,518,000. Finally, Thrax Management LLC raised its position in shares of Salesforce.com by 42.5% in the first quarter. Thrax Management LLC now owns 401,562 shares of the CRM provider’s stock worth $29,647,000 after buying an additional 119,731 shares during the period. 87.23% of the stock is currently owned by institutional investors.
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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