Salesforce.com Inc (CRM) Sets New 52-Week High at $96.21
Salesforce.com Inc (NYSE:CRM) reached a new 52-week high during trading on Tuesday . The stock traded as high as $96.21 and last traded at $96.14, with a volume of 2,796,362 shares traded. The stock had previously closed at $96.01.
A number of research analysts have issued reports on the stock. Stephens restated an “overweight” rating and issued a $107.00 target price (up from $100.00) on shares of Salesforce.com in a report on Thursday, August 31st. Benchmark Co. restated a “buy” rating on shares of Salesforce.com in a report on Thursday, August 24th. Instinet restated a “buy” rating and issued a $90.00 target price on shares of Salesforce.com in a report on Thursday, August 24th. Wells Fargo & Company restated a “buy” rating and issued a $100.00 target price on shares of Salesforce.com in a report on Thursday, August 24th. Finally, Bank of America Corporation restated a “buy” rating and issued a $100.00 target price on shares of Salesforce.com in a report on Thursday, August 24th. One analyst has rated the stock with a sell rating, seven have given a hold rating and forty-six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $101.82.
The stock’s market cap is $69.12 billion. The stock has a 50-day moving average price of $91.25 and a 200-day moving average price of $87.10.
Salesforce.com (NYSE:CRM) last released its earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.24. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.52 billion. Salesforce.com had a positive return on equity of 1.83% and a negative net margin of 0.85%. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 earnings per share. On average, equities research analysts anticipate that Salesforce.com Inc will post $1.31 EPS for the current year.
In related news, Chairman Marc Benioff sold 30,000 shares of the company’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $86.67, for a total value of $2,600,100.00. Following the completion of the sale, the chairman now owns 34,195,300 shares in the company, valued at $2,963,706,651. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark J. Hawkins sold 111,646 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $95.08, for a total value of $10,615,301.68. Following the completion of the sale, the chief financial officer now owns 118,302 shares of the company’s stock, valued at approximately $11,248,154.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 724,306 shares of company stock valued at $65,011,655. 6.70% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. grew its stake in Salesforce.com by 1.4% in the second quarter. Prudential Financial Inc. now owns 911,249 shares of the CRM provider’s stock valued at $78,914,000 after acquiring an additional 12,516 shares during the period. Gilbert & Cook Inc. acquired a new position in Salesforce.com in the second quarter valued at about $251,000. KBC Group NV grew its stake in Salesforce.com by 16.9% in the first quarter. KBC Group NV now owns 521,167 shares of the CRM provider’s stock valued at $42,991,000 after acquiring an additional 75,430 shares during the period. Compton Capital Management Inc. RI acquired a new position in Salesforce.com in the first quarter valued at about $436,000. Finally, Synovus Financial Corp grew its stake in Salesforce.com by 10.7% in the second quarter. Synovus Financial Corp now owns 22,247 shares of the CRM provider’s stock valued at $1,927,000 after acquiring an additional 2,144 shares during the period. Institutional investors and hedge funds own 86.98% of the company’s stock.
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Salesforce.com Company Profile
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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