Credit Agricole SA Reiterates “Buy” Rating for Salesforce.com Inc. (CRM)
Credit Agricole SA restated their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research report sent to investors on Wednesday morning. The firm currently has a $101.00 price objective on the CRM provider’s stock.
Several other equities analysts have also recently issued reports on CRM. Bank of America Corp. reissued a buy rating on shares of Salesforce.com in a report on Wednesday, June 8th. Brean Capital restated a buy rating and issued a $110.00 price target on shares of Salesforce.com in a research note on Thursday, June 9th. Goldman Sachs Group Inc. restated a buy rating on shares of Salesforce.com in a research note on Monday, June 13th. SunTrust Banks Inc. restated a buy rating and issued a $98.00 price target on shares of Salesforce.com in a research note on Tuesday, June 14th. Finally, BMO Capital Markets started coverage on Salesforce.com in a research note on Tuesday, June 14th. They issued an outperform rating and a $98.00 price target for the company. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $92.56.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings results 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 earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the previous year, the firm posted $0.19 EPS. The firm’s revenue was up 25.0% compared to the same quarter last year.
In other news, insider Keith Block sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $82.68, for a total value of $826,800.00. Following the completion of the sale, the insider now owns 10,000 shares of the company’s stock, valued at approximately $826,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 12,500 shares of the business’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $81.64, for a total transaction of $1,020,500.00. Following the completion of the sale, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at approximately $2,888,668,120. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in CRM. Signaturefd LLC increased 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 shares of Salesforce.com during the second quarter worth $119,000. Ropes Wealth Advisors LLC increased its stake in shares of Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock worth $143,000 after buying an additional 1,009 shares in the last quarter. Mycio Wealth Partners LLC increased its stake in shares of Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock worth $149,000 after buying an additional 44 shares in the last quarter. Finally, Trust Co. of Vermont increased its stake in shares of Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock worth $154,000 after buying an additional 1,071 shares in the last quarter. 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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