Salesforce.com Inc (CRM) Hits New 1-Year High at $96.21
Salesforce.com Inc (NYSE:CRM) hit 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.
CRM has been the topic of several recent research reports. Benchmark Co. boosted their price objective on shares of Salesforce.com from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. Zacks Investment Research lowered shares of Salesforce.com from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Vetr raised shares of Salesforce.com from a “buy” rating to a “strong-buy” rating and set a $100.19 target price for the company in a research note on Monday, June 12th. BTIG Research reissued a “buy” rating and issued a $100.00 target price on shares of Salesforce.com in a research note on Monday, May 22nd. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $102.00 target price (up previously from $100.00) on shares of Salesforce.com in a research note on Friday, May 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and forty-seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $102.28.
The stock’s 50-day moving average price is $91.67 and its 200-day moving average price is $87.40. The firm’s market capitalization is $68.87 billion.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.24. The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The company’s revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 EPS. Equities analysts predict that Salesforce.com Inc will post $1.31 EPS for the current year.
In other Salesforce.com news, CFO Mark J. Hawkins sold 490 shares of Salesforce.com stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $93.52, for a total value of $45,824.80. Following the sale, the chief financial officer now directly owns 14,886 shares in the company, valued at approximately $1,392,138.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Marc Benioff sold 20,000 shares of Salesforce.com stock in a transaction on Monday, June 12th. The shares were sold at an average price of $87.29, for a total transaction of $1,745,800.00. Following the completion of the sale, the chairman now owns 34,195,300 shares in the company, valued at $2,984,907,737. The disclosure for this sale can be found here. Insiders have sold a total of 712,105 shares of company stock worth $63,938,891 in the last quarter. Corporate insiders own 6.70% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Appropriate Balance Financial Services Inc. boosted its stake in shares of Salesforce.com by 6.9% during the 2nd quarter. Appropriate Balance Financial Services Inc. now owns 513 shares of the CRM provider’s stock worth $5,928,000 after purchasing an additional 33 shares during the period. Capital Analysts LLC boosted its stake in shares of Salesforce.com by 14.1% during the 2nd quarter. Capital Analysts LLC now owns 1,266 shares of the CRM provider’s stock worth $110,000 after purchasing an additional 156 shares during the period. Peddock Capital Advisors LLC boosted its stake in shares of Salesforce.com by 3,000.0% during the 2nd quarter. Peddock Capital Advisors LLC now owns 1,395 shares of the CRM provider’s stock worth $121,000 after purchasing an additional 1,350 shares during the period. People s United Financial Inc. boosted its stake in shares of Salesforce.com by 60.1% during the 2nd quarter. People s United Financial Inc. now owns 1,465 shares of the CRM provider’s stock worth $127,000 after purchasing an additional 550 shares during the period. Finally, Shine Investment Advisory Services Inc. purchased a new position in shares of Salesforce.com during the 2nd quarter worth about $130,000. 86.98% of the stock is owned by hedge funds and other institutional investors.
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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.