SunTrust Banks Inc. Reiterates Buy Rating for Salesforce.com Inc. (CRM)
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reaffirmed by equities researchers at SunTrust Banks Inc. in a research note issued on Thursday.
Other analysts also recently issued reports about the stock. Raymond James Financial Inc. set a $105.00 target price on shares of Salesforce.com and gave the stock a “buy” rating in a report on Sunday, September 4th. FBN Securities set a $90.00 price objective on shares of Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. DA Davidson set a $86.00 price objective on shares of Salesforce.com and gave the company a “hold” rating in a report on Sunday, September 11th. Vetr downgraded shares of Salesforce.com from a “buy” rating to a “hold” rating and set a $83.58 price objective on the stock. in a report on Monday, July 11th. Finally, Brean Capital reiterated a “buy” rating and issued a $110.00 price objective on shares of Salesforce.com in a report on Thursday, June 9th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $92.56.
Shares of Salesforce.com (NYSE:CRM) opened at 70.91 on Thursday. The company has a 50 day moving average of $74.35 and a 200-day moving average of $77.70. The company has a market capitalization of $48.57 billion, a P/E ratio of 218.86 and a beta of 1.59. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48.
Salesforce.com (NYSE:CRM) last announced its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period last year, the company posted $0.19 EPS. On average, equities analysts anticipate that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other Salesforce.com news, insider Parker Harris sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, September 27th. The stock was sold at an average price of $70.13, for a total value of $350,650.00. Following the sale, the insider now owns 39,467 shares of the company’s stock, valued at approximately $2,767,820.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total value of $847,000.00. Following the completion of the sale, the chief executive officer now directly owns 35,033,000 shares in the company, valued at approximately $2,373,836,080. The disclosure for this sale can be found here. 6.70% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake 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 boosted its position in shares of Salesforce.com by 0.9% in the second quarter. Hollencrest Securities LLC now owns 3,229 shares of the CRM provider’s stock worth $256,000 after buying an additional 29 shares in the last quarter. Cornerstone Advisors Inc. boosted its position in shares of Salesforce.com by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,552 shares of the CRM provider’s stock worth $282,000 after buying an additional 35 shares in the last quarter. Integrated Investment Consultants LLC boosted its position in shares of Salesforce.com by 1.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,835 shares of the CRM provider’s stock worth $225,000 after buying an additional 37 shares in the last quarter. Finally, Fulton Bank N.A. boosted its position in shares of Salesforce.com by 0.3% in the second quarter. Fulton Bank N.A. now owns 12,763 shares of the CRM provider’s stock worth $1,014,000 after buying an additional 38 shares in 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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