Salesforce.com Inc. (CRM) Receives Overweight Rating from JPMorgan Chase & Co.
JPMorgan Chase & Co. reissued their overweight rating on shares of Salesforce.com Inc. (NYSE:CRM) in a report released on Wednesday morning. JPMorgan Chase & Co. currently has a $95.00 price objective on the CRM provider’s stock.
Several other equities analysts have also weighed in on CRM. SunTrust Banks Inc. restated a buy rating and set a $98.00 price objective on shares of Salesforce.com in a research report on Tuesday, June 14th. BMO Capital Markets began coverage on shares of Salesforce.com in a research note on Tuesday, June 14th. They set an outperform rating and a $98.00 price objective for the company. Vetr raised shares of Salesforce.com from a strong sell rating to a strong-buy rating and set a $97.12 price objective for the company in a research note on Tuesday, June 14th. Cowen and Company began coverage on shares of Salesforce.com in a research note on Friday, June 24th. They set an outperform rating and a $79.39 price objective for the company. Finally, Brean Capital reaffirmed a buy rating and set a $110.00 price objective on shares of Salesforce.com in a research note on Saturday, June 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-five have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $92.51.
Shares of Salesforce.com (NYSE:CRM) traded down 1.73% during midday trading on Wednesday, hitting $70.98. 2,039,358 shares of the stock were exchanged. The firm has a 50 day moving average of $73.98 and a 200 day moving average of $77.72. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48. The firm has a market cap of $48.62 billion, a P/E ratio of 219.07 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 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The company earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the firm posted $0.19 EPS. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities analysts forecast that Salesforce.com will post $0.95 EPS for the current fiscal year.
In related news, CFO Mark J. Hawkins sold 992 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $79.93, for a total transaction of $79,290.56. Following the completion of the sale, the chief financial officer now owns 9,281 shares of the company’s stock, valued at $741,830.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Craig Conway sold 400 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $81.86, for a total value of $32,744.00. Following the sale, the director now directly owns 9,268 shares of the company’s stock, valued at approximately $758,678.48. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Signaturefd LLC boosted 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 in the last quarter. M&R Capital Management Inc. purchased a new stake in shares of Salesforce.com during the second quarter worth approximately $119,000. Ropes Wealth Advisors LLC boosted 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 during the period. Mycio Wealth Partners LLC boosted 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 during the period. Finally, Trust Co. of Vermont boosted 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 during the period. 87.23% of the stock is owned by institutional investors and hedge funds.
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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