Salesforce.com Inc. (CRM) Rating Reiterated by Bank of America Corp.
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reissued by analysts at Bank of America Corp. in a report released on Wednesday. They presently have a $70.52 target price on the CRM provider’s stock, down from their previous target price of $100.00. Bank of America Corp.’s price target would indicate a potential downside of 1.04% from the company’s previous close.
Other equities research analysts also recently issued research reports about the company. SunTrust Banks Inc. reaffirmed a “buy” rating and set a $98.00 price objective on shares of Salesforce.com in a research report on Tuesday, June 14th. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Salesforce.com in a report on Monday, June 13th. Brean Capital reissued a “buy” rating and issued a $110.00 price target on shares of Salesforce.com in a report on Thursday, June 9th. Vetr downgraded Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $83.58 price target for the company. in a report on Monday, July 4th. Finally, Morgan Stanley reissued a “buy” rating on shares of Salesforce.com in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-four have assigned a buy rating to the company’s stock. Salesforce.com has a consensus rating of “Buy” and a consensus target price of $92.56.
Salesforce.com (NYSE:CRM) opened at 71.05 on Wednesday. The stock has a market cap of $48.67 billion, a price-to-earnings ratio of 219.29 and a beta of 1.59. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48. The stock has a 50 day moving average price of $74.52 and a 200 day moving average price of $77.71.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. Analysts expect that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other news, CEO Marc Benioff sold 12,500 shares of the company’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $81.57, for a total transaction of $1,019,625.00. Following the completion of the sale, the chief executive officer now owns 35,383,000 shares of the company’s stock, valued at approximately $2,886,191,310. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Parker Harris sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $71.29, for a total transaction of $356,450.00. Following the sale, the insider now directly owns 39,467 shares of the company’s stock, valued at approximately $2,813,602.43. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in CRM. Signaturefd LLC raised its stake 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 during the last quarter. M&R Capital Management Inc. acquired a new stake in Salesforce.com during the second quarter valued at approximately $119,000. Ropes Wealth Advisors LLC raised its stake 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 during the last quarter. Mycio Wealth Partners LLC raised its stake 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 during the last quarter. Finally, Trust Co. of Vermont raised its stake 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 during the last quarter. 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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