Salesforce.com Inc. (CRM) Given “Buy” Rating at BTIG Research
BTIG Research reiterated their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research note released on Wednesday. The brokerage currently has a $100.00 price objective on the CRM provider’s stock.
CRM has been the topic of several other reports. Bank of America Corp. restated a buy rating and set a $77.82 target price (down from $100.00) on shares of Salesforce.com in a report on Thursday, August 25th. Jefferies Group restated a hold rating and set a $80.00 target price on shares of Salesforce.com in a report on Tuesday, July 12th. Citigroup Inc. lowered their target price on Salesforce.com from $97.00 to $94.00 and set a buy rating on the stock in a report on Wednesday, July 20th. Piper Jaffray Cos. restated a buy rating and set a $100.00 target price on shares of Salesforce.com in a report on Thursday, September 1st. Finally, Cowen and Company restated an outperform rating and set a $100.00 target price on shares of Salesforce.com in a report on Monday, October 3rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $92.56.
Salesforce.com (NYSE:CRM) last issued its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The business’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 EPS.
In other Salesforce.com news, CEO Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction on Wednesday, July 13th. The shares were sold at an average price of $81.64, for a total value of $1,020,500.00. Following the transaction, the chief executive officer now owns 35,383,000 shares in the company, valued at approximately $2,888,668,120. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 5,000 shares of Salesforce.com stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $71.29, for a total transaction of $356,450.00. Following the completion of the transaction, the insider now owns 39,467 shares in the company, valued at approximately $2,813,602.43. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in CRM. Soroban Capital Partners LP bought a new position in shares of Salesforce.com during the first quarter worth $290,380,000. Vanguard Group Inc. raised its position in shares of Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock worth $3,130,829,000 after buying an additional 1,181,756 shares during the period. American Century Companies Inc. raised its position in shares of Salesforce.com by 54.4% in the second quarter. American Century Companies Inc. now owns 3,297,549 shares of the CRM provider’s stock worth $261,858,000 after buying an additional 1,161,596 shares during the period. Waddell & Reed Financial Inc. raised its position in shares of Salesforce.com by 489.5% in the second quarter. Waddell & Reed Financial Inc. now owns 1,384,048 shares of the CRM provider’s stock worth $109,908,000 after buying an additional 1,149,275 shares during the period. Finally, Tybourne Capital Management HK Ltd. bought a new position in shares of Salesforce.com during the first quarter worth $72,518,000. Institutional investors own 87.23% of the company’s stock.
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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