Salesforce.com Inc. (CRM) Sees Strong Trading Volume
Salesforce.com Inc. (NYSE:CRM) shares saw unusually-strong trading volume on Wednesday . Approximately 4,228,572 shares were traded during trading, an increase of 13% from the previous session’s volume of 3,735,157 shares.The stock last traded at $76.29 and had previously closed at $77.96.
Several equities research analysts recently weighed in on CRM shares. Societe Generale set a $92.00 price target on Salesforce.com and gave the stock a “buy” rating in a report on Tuesday, May 10th. Morgan Stanley decreased their price target on Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Zacks Investment Research downgraded Salesforce.com from a “hold” rating to a “sell” rating in a report on Friday, May 20th. Sanford C. Bernstein set a $73.00 price target on Salesforce.com and gave the stock a “sell” rating in a report on Thursday, May 19th. Finally, JMP Securities reaffirmed an “outperform” rating and set a $92.00 price target on shares of Salesforce.com in a report on Sunday, June 26th. Three analysts have rated the stock with a sell rating, four have given a hold rating, forty have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $92.35.
The company’s market capitalization is $51.71 billion. The stock has a 50 day moving average of $80.70 and a 200-day moving average of $75.72.
In other Salesforce.com news, Chairman Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $78.32, for a total value of $979,000.00. Following the sale, the chairman now owns 35,383,000 shares of the company’s stock, valued at approximately $2,771,196,560. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alexandre Dayon sold 2,166 shares of Salesforce.com stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $82.00, for a total value of $177,612.00. Following the completion of the sale, the insider now directly owns 13,517 shares in the company, valued at approximately $1,108,394. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in CRM. Schwab Charles Investment Management Inc. increased its stake in Salesforce.com by 4.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,595,430 shares of the CRM provider’s stock valued at $125,082,000 after buying an additional 72,605 shares in the last quarter. RS Investment Management Co. LLC increased its stake in Salesforce.com by 171.3% in the fourth quarter. RS Investment Management Co. LLC now owns 111,850 shares of the CRM provider’s stock valued at $8,769,000 after buying an additional 70,620 shares in the last quarter. Alta Park Capital LP purchased a new stake in Salesforce.com during the fourth quarter valued at about $3,293,000. Redwood Investments LLC increased its stake in Salesforce.com by 41.0% in the fourth quarter. Redwood Investments LLC now owns 42,997 shares of the CRM provider’s stock valued at $3,371,000 after buying an additional 12,502 shares in the last quarter. Finally, Calvert Investment Management Inc. increased its stake in Salesforce.com by 36.4% in the fourth quarter. Calvert Investment Management Inc. now owns 25,477 shares of the CRM provider’s stock valued at $1,997,000 after buying an additional 6,804 shares in the last quarter.
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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