Salesforce.com’s (CRM) Buy Rating Reaffirmed at Brean Capital
Brean Capital reaffirmed their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a report published on Thursday. Brean Capital currently has a $110.00 target price on the CRM provider’s stock.
A number of other brokerages have also issued reports on CRM. Bank of America Corp. reaffirmed a buy rating and set a $70.52 target price (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 cut their target price on Salesforce.com from $110.00 to $94.00 and set an overweight rating on the stock in a research report on Monday, July 25th. Piper Jaffray Cos. reaffirmed an overweight rating and set a $100.00 target price on shares of Salesforce.com in a research report on Monday, August 15th. Finally, Mizuho boosted their target price on Salesforce.com from $85.00 to $100.00 and gave the stock a buy rating in a research report on Thursday, September 1st. Two equities 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 stock. The stock currently has a consensus rating of Buy and an average price target of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded down 0.76% during mid-day trading on Thursday, reaching $70.72. The company’s stock had a trading volume of 2,951,255 shares. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48. The firm’s 50 day moving average is $74.52 and its 200-day moving average is $77.71. The company has a market capitalization of $48.44 billion, a PE ratio of 218.27 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 EPS for the quarter, topping the Zacks’ consensus estimate 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 in the previous year, the business earned $0.19 EPS. The company’s quarterly revenue was up 25.0% compared to the same quarter last year. Analysts forecast that Salesforce.com will post $0.95 EPS for the current year.
In other Salesforce.com news, Director Susan Wojcicki purchased 1,356 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The shares were purchased at an average cost of $73.71 per share, with a total value of $99,950.76. Following the completion of the transaction, the director now owns 14,147 shares of the company’s stock, valued at $1,042,775.37. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 12,500 shares of the company’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $81.57, for a total value of $1,019,625.00. Following the transaction, the chief executive officer now directly owns 35,383,000 shares in the company, valued at $2,886,191,310. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC raised its position in Salesforce.com by 0.5% in the second quarter. Brighton Jones LLC now owns 4,270 shares of the CRM provider’s stock valued at $339,000 after buying an additional 22 shares during the last quarter. Hollencrest Securities LLC raised its position in Salesforce.com by 0.9% in the second quarter. Hollencrest Securities LLC now owns 3,229 shares of the CRM provider’s stock valued at $256,000 after buying an additional 29 shares during the last quarter. Cornerstone Advisors Inc. raised its position in Salesforce.com by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,552 shares of the CRM provider’s stock valued at $282,000 after buying an additional 35 shares during the last quarter. Integrated Investment Consultants LLC raised its position in Salesforce.com by 1.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,835 shares of the CRM provider’s stock valued at $225,000 after buying an additional 37 shares during the last quarter. Finally, Fulton Bank N.A. raised its position in Salesforce.com by 0.3% in the second quarter. Fulton Bank N.A. now owns 12,763 shares of the CRM provider’s stock valued at $1,014,000 after buying an additional 38 shares during the last quarter. 87.23% of the stock is currently owned by hedge funds and other 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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