7,455 Shares in Salesforce.com Inc. (CRM) Acquired by Cypress Capital Management LLC WY
Cypress Capital Management LLC WY acquired a new stake in shares of Salesforce.com Inc. (NYSE:CRM) during the second quarter, according to its most recent filing with the SEC. The fund acquired 7,455 shares of the CRM provider’s stock, valued at approximately $592,000. Salesforce.com makes up 0.8% of Cypress Capital Management LLC WY’s investment portfolio, making the stock its 26th largest position.
Other hedge funds also recently modified their holdings of the company. Soroban Capital Partners LP bought a new stake in shares of Salesforce.com during the first quarter valued at about $290,380,000. American Century Companies Inc. increased its position in 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 valued at $261,858,000 after buying an additional 1,161,596 shares in the last quarter. Tybourne Capital Management HK Ltd. purchased a new position in Salesforce.com during the first quarter valued at $72,518,000. Bank of Montreal Can purchased a new position in Salesforce.com during the second quarter valued at $31,592,000. Finally, Atalanta Sosnoff Capital LLC increased its position in Salesforce.com by 101.8% in the second quarter. Atalanta Sosnoff Capital LLC now owns 340,333 shares of the CRM provider’s stock valued at $27,026,000 after buying an additional 171,655 shares in the last quarter. Hedge funds and other institutional investors own 87.03% of the company’s stock.
Shares of Salesforce.com Inc. (NYSE:CRM) traded down 1.94% during mid-day trading on Monday, reaching $72.83. The company’s stock had a trading volume of 8,777,211 shares. The company has a 50 day moving average of $73.40 and a 200-day moving average of $77.74. Salesforce.com Inc. has a 12 month low of $52.60 and a 12 month high of $84.48. The firm has a market capitalization of $49.89 billion, a P/E ratio of 224.78 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. The firm earned $2.04 billion during 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 company’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 EPS. Equities research analysts forecast that Salesforce.com Inc. will post $0.95 EPS for the current year.
Several research firms have weighed in on CRM. Morgan Stanley dropped their target price on Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Cowen and Company began coverage on Salesforce.com in a research report on Friday, June 24th. They issued an “outperform” rating and a $79.39 target price for the company. Jefferies Group reaffirmed a “hold” rating and issued a $80.00 target price on shares of Salesforce.com in a research report on Tuesday, July 12th. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $100.00 target price on shares of Salesforce.com in a research report on Monday, August 15th. Finally, Mizuho reaffirmed an “outperform” rating and issued a $100.00 target price on shares of Salesforce.com in a research report on Monday, August 15th. Two investment 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 presently has a consensus rating of “Buy” and an average price target of $92.23.
In other news, Chairman Marc Benioff sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, October 14th. The stock was sold at an average price of $72.32, for a total value of $904,000.00. Following the sale, the chairman now directly owns 34,965,280 shares in the company, valued at approximately $2,528,689,049.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 27th. The shares were sold at an average price of $70.13, for a total value of $350,650.00. Following the completion of the sale, the insider now owns 39,467 shares in the company, valued at $2,767,820.71. The disclosure for this sale can be found here. 6.70% of the stock is owned by company insiders.
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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