Salesforce.com’s (CRM) Buy Rating Reaffirmed at Wunderlich
Several other research firms also recently commented on CRM. Bank of America Corp. reaffirmed a buy rating on shares of Salesforce.com in a report on Wednesday, June 8th. Brean Capital reaffirmed a buy rating and issued a $110.00 price objective on shares of Salesforce.com in a report on Thursday, June 9th. Morgan Stanley cut their price objective on shares of Salesforce.com from $110.00 to $94.00 and set an overweight rating for the company in a report on Monday, July 25th. Cowen and Company began coverage on shares of Salesforce.com in a report on Friday, June 24th. They issued an outperform rating and a $79.39 price objective for the company. Finally, Goldman Sachs Group Inc. reaffirmed a buy rating on shares of Salesforce.com in a report on Monday, June 13th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have assigned a buy rating to the company. Salesforce.com presently has an average rating of Buy and a consensus target price of $92.56.
Salesforce.com (NYSE:CRM) traded up 4.6622% during midday trading on Wednesday, hitting $71.6099. 9,669,896 shares of the stock were exchanged. Salesforce.com has a 1-year low of $52.60 and a 1-year high of $84.48. The firm has a market capitalization of $49.05 billion, a P/E ratio of 221.0182 and a beta of 1.59. The firm’s 50-day moving average price is $74.66 and its 200 day moving average price is $77.76.
Salesforce.com (NYSE:CRM) last released its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating 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 firm earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the prior year, the firm earned $0.19 EPS. The company’s revenue was up 25.0% compared to the same quarter last year. Analysts expect that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In other Salesforce.com news, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total transaction of $847,000.00. Following the completion of the transaction, the chief executive officer now directly owns 35,033,000 shares of the company’s stock, valued at approximately $2,373,836,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Keith Block sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $82.68, for a total transaction of $826,800.00. Following the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at $826,800. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC raised its position in Salesforce.com by 78.7% in the first quarter. Acadian Asset Management LLC now owns 5,605 shares of the CRM provider’s stock worth $414,000 after buying an additional 2,469 shares in the last quarter. Ngam Advisors L.P. raised its position in Salesforce.com by 37.2% in the first quarter. Ngam Advisors L.P. now owns 29,442 shares of the CRM provider’s stock valued at $2,174,000 after buying an additional 7,986 shares during the period. Nikko Asset Management Americas Inc. purchased a new position in Salesforce.com during the first quarter valued at $282,000. NN Investment Partners Holdings N.V. purchased a new position in Salesforce.com during the first quarter valued at $3,993,000. Finally, Bessemer Group Inc. raised its position in Salesforce.com by 65.3% in the first quarter. Bessemer Group Inc. now owns 5,997 shares of the CRM provider’s stock valued at $442,000 after buying an additional 2,370 shares during the period. 87.23% of the stock is owned by 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.
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