Canaccord Genuity Reiterates Buy Rating for Salesforce.com Inc. (CRM)
Canaccord Genuity reaffirmed their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research report released on Monday. The firm currently has a $95.00 target price on the CRM provider’s stock.
Several other equities research analysts have also weighed in on CRM. DA Davidson set a $86.00 target price on shares of Salesforce.com and gave the stock a hold rating in a report on Sunday, September 11th. FBN Securities set a $90.00 target price on shares of Salesforce.com and gave the stock a buy rating in a report on Sunday, September 4th. 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. Morgan Stanley reiterated a buy rating on shares of Salesforce.com in a report on Tuesday, June 28th. Finally, Citigroup Inc. cut their target price on shares of Salesforce.com from $97.00 to $94.00 and set a buy rating on the stock in a report on Wednesday, July 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-five have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $92.51.
Shares of Salesforce.com (NYSE:CRM) opened at 70.63 on Monday. The company has a market capitalization of $48.38 billion, a PE ratio of 217.99 and a beta of 1.59. The company has a 50-day moving average of $73.77 and a 200-day moving average of $77.67. Salesforce.com has a one year low of $52.60 and a one year high of $84.48.
Salesforce.com (NYSE:CRM) last posted 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 company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same period last year, the business posted $0.19 earnings per share. On average, analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current year.
In related news, COO Keith Block sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $81.47, for a total transaction of $814,700.00. Following the completion of the sale, the chief operating officer now owns 10,000 shares in the company, valued at $814,700. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $81.75, for a total transaction of $1,021,875.00. Following the sale, the chief executive officer now owns 35,383,000 shares of the company’s stock, valued at approximately $2,892,560,250. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of 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 worth $107,000 after buying an additional 693 shares during the period. M&R Capital Management Inc. bought a new stake in Salesforce.com during the second quarter worth about $119,000. Ropes Wealth Advisors LLC increased its stake in 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 increased its stake in 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 increased its stake in 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. Institutional investors and hedge funds own 87.23% of the company’s stock.
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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