Salesforce.com’s (CRM) “Buy” Rating Reaffirmed at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. reaffirmed their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research note issued to investors on Wednesday morning. The firm currently has a $96.00 target price on the CRM provider’s stock.
CRM has been the topic of several other reports. Bank of America Corp. restated a buy rating on shares of Salesforce.com in a report on Wednesday, June 8th. Brean Capital restated a buy rating and set a $110.00 price target on shares of Salesforce.com in a report on Thursday, June 9th. SunTrust Banks Inc. restated a buy rating and set a $98.00 price target on shares of Salesforce.com in a report on Tuesday, June 14th. BMO Capital Markets initiated coverage on shares of Salesforce.com in a report on Tuesday, June 14th. They set an outperform rating and a $98.00 price target on the stock. Finally, Vetr upgraded shares of Salesforce.com from a strong sell rating to a strong-buy rating and set a $97.12 price target on the stock in a report on Tuesday, June 14th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded up 3.87% on Wednesday, hitting $71.07. 10,813,423 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $74.66 and its 200 day moving average is $77.76. Salesforce.com has a 12 month low of $52.60 and a 12 month high of $84.48. The firm has a market cap of $48.68 billion, a P/E ratio of 219.35 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The firm earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business’s revenue was up 25.0% on a year-over-year basis. During the same period last year, the company earned $0.19 earnings per share. On average, equities analysts predict that Salesforce.com will post $0.95 earnings per share for the current year.
In related news, CEO Marc Benioff sold 50,000 shares of the firm’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $79.15, for a total value of $3,957,500.00. Following the completion of the transaction, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at $2,800,564,450. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Alexandre Dayon sold 2,158 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $73.82, for a total transaction of $159,303.56. Following the completion of the transaction, the insider now directly owns 17,454 shares of the company’s stock, valued at $1,288,454.28. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Soroban Capital Partners LP acquired a new position in Salesforce.com during the first quarter worth $290,380,000. Vanguard Group Inc. raised its position in Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock worth $3,130,829,000 after buying an additional 1,181,756 shares during the period. American Century Companies Inc. raised its position in Salesforce.com by 54.4% in the second quarter. American Century Companies Inc. now owns 3,297,549 shares of the CRM provider’s stock worth $261,858,000 after buying an additional 1,161,596 shares during the period. Waddell & Reed Financial Inc. raised its position in Salesforce.com by 489.5% in the second quarter. Waddell & Reed Financial Inc. now owns 1,384,048 shares of the CRM provider’s stock worth $109,908,000 after buying an additional 1,149,275 shares during the period. Finally, Tybourne Capital Management HK Ltd. acquired a new position in Salesforce.com during the first quarter worth $72,518,000. 87.23% of the stock is owned by hedge funds and other 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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