Salesforce.com’s (CRM) “Outperform” Rating Reiterated at Cowen and Company
Cowen and Company reissued their outperform rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research note released on Wednesday morning. They currently have a $100.00 target price on the CRM provider’s stock.
Other equities research analysts also recently issued reports about the company. Brean Capital reaffirmed a buy rating and set a $110.00 price target on shares of Salesforce.com in a report on Saturday, June 25th. SunTrust Banks Inc. reiterated a buy rating and issued a $98.00 price objective on shares of Salesforce.com in a research report on Tuesday, June 14th. Vetr cut Salesforce.com from a strong-buy rating to a buy rating and set a $83.58 price objective for the company. in a research report on Monday, July 4th. Morgan Stanley reiterated a buy rating on shares of Salesforce.com in a research report on Tuesday, June 28th. Finally, Credit Suisse Group AG reiterated a buy rating on shares of Salesforce.com in a research report on Tuesday, June 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-five have issued a buy rating to the company. Salesforce.com presently has an average rating of Buy and an average target price of $92.51.
Salesforce.com (NYSE:CRM) opened at 74.27 on Wednesday. The firm has a market cap of $50.87 billion, a PE ratio of 229.23 and a beta of 1.59. Salesforce.com has a 12 month low of $52.60 and a 12 month high of $84.48. The stock’s 50 day moving average is $73.60 and its 200 day moving average is $77.68.
Salesforce.com (NYSE:CRM) last issued its quarterly 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. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The firm earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period last year, the company earned $0.19 earnings per share. The company’s revenue for the quarter was up 25.0% on a year-over-year basis. On average, equities analysts forecast that Salesforce.com will post $0.95 earnings per share for the current year.
In related news, insider Alexandre Dayon sold 2,158 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $73.82, for a total transaction of $159,303.56. Following the completion of the sale, the insider now owns 17,454 shares in the company, valued at approximately $1,288,454.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Susan Wojcicki bought 1,356 shares of the firm’s stock in a transaction that occurred on Monday, September 19th. The shares were acquired at an average price of $73.71 per share, with a total value of $99,950.76. Following the purchase, the director now owns 14,147 shares in the company, valued at $1,042,775.37. The disclosure for this purchase can be found here. Insiders own 6.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Webster Bank N. A. increased its stake in shares of Salesforce.com by 5.6% in the third quarter. Webster Bank N. A. now owns 29,102 shares of the CRM provider’s stock valued at $2,076,000 after buying an additional 1,555 shares during the last quarter. National Pension Service increased its stake in shares of Salesforce.com by 8.8% in the third quarter. National Pension Service now owns 416,529 shares of the CRM provider’s stock valued at $29,711,000 after buying an additional 33,571 shares during the last quarter. Private Bank & Trust Co. increased its stake in shares of Salesforce.com by 15.8% in the third quarter. Private Bank & Trust Co. now owns 2,934 shares of the CRM provider’s stock valued at $209,000 after buying an additional 400 shares during the last quarter. Highland Capital Management LLC acquired a new stake in shares of Salesforce.com during the third quarter valued at $776,000. Finally, Gulf International Bank UK Ltd increased its stake in shares of Salesforce.com by 3.7% in the third quarter. Gulf International Bank UK Ltd now owns 196,015 shares of the CRM provider’s stock valued at $13,981,000 after buying an additional 6,950 shares during the last quarter. Hedge funds and other institutional investors own 87.03% 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.
Receive News & Ratings for Salesforce.com Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce.com Inc. and related companies with MarketBeat.com's FREE daily email newsletter.