Salesforce.com Inc. (CRM) Given a $95.00 Price Target at Cowen and Company
A number of other equities research analysts also recently commented on the company. Bank of America Corp. reiterated a buy rating and issued a $70.52 target price (down from $100.00) on shares of Salesforce.com in a research report on Wednesday, October 5th. Vetr upgraded Salesforce.com from a hold rating to a buy rating in a research report on Friday, September 23rd. Piper Jaffray Cos. reissued an overweight rating and set a $100.00 price objective on shares of Salesforce.com in a research note on Monday, August 15th. Mizuho boosted their price objective on Salesforce.com from $85.00 to $100.00 and gave the stock a buy rating in a research note on Thursday, September 1st. Finally, Wedbush reissued an outperform rating and set a $98.00 price objective (up from $96.00) on shares of Salesforce.com in a research note on Friday, August 26th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and forty-two have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $92.05.
Shares of Salesforce.com (NYSE:CRM) opened at 72.93 on Tuesday. The stock has a market cap of $50.81 billion, a PE ratio of 247.22 and a beta of 1.55. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48. The firm has a 50-day moving average price of $74.32 and a 200 day moving average price of $77.55.
Salesforce.com (NYSE:CRM) last posted its earnings results on Thursday, November 17th. The CRM provider reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. Salesforce.com had a return on equity of 2.40% and a net margin of 2.60%. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.21 earnings per share. Equities research analysts expect that Salesforce.com will post $0.98 earnings per share for the current year.
In other news, Chairman Marc Benioff sold 25,000 shares of Salesforce.com stock in a transaction on Monday, November 28th. The shares were sold at an average price of $73.37, for a total transaction of $1,834,250.00. Following the completion of the sale, the chairman now directly owns 34,595,500 shares of the company’s stock, valued at approximately $2,538,271,835. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Amy E. Weaver sold 5,650 shares of Salesforce.com stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $75.73, for a total transaction of $427,874.50. Following the sale, the executive vice president now directly owns 19,530 shares of the company’s stock, valued at $1,479,006.90. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in CRM. Vanguard Group Inc. boosted its stake 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. Jennison Associates LLC boosted its stake in shares of Salesforce.com by 3.2% in the third quarter. Jennison Associates LLC now owns 20,758,784 shares of the CRM provider’s stock worth $1,480,724,000 after buying an additional 649,445 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Salesforce.com by 3.6% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 16,980,055 shares of the CRM provider’s stock worth $1,211,187,000 after buying an additional 585,931 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Salesforce.com by 5.1% in the third quarter. Ameriprise Financial Inc. now owns 8,648,009 shares of the CRM provider’s stock worth $616,865,000 after buying an additional 420,944 shares during the period. Finally, Baillie Gifford & Co. boosted its stake in shares of Salesforce.com by 0.7% in the second quarter. Baillie Gifford & Co. now owns 6,981,936 shares of the CRM provider’s stock worth $554,435,000 after buying an additional 47,955 shares during the period. 85.24% 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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