Investors Buy Shares of Salesforce.com Inc (CRM) on Weakness
Traders bought shares of Salesforce.com Inc (NYSE:CRM) on weakness during trading on Tuesday. $111.19 million flowed into the stock on the tick-up and $69.20 million flowed out of the stock on the tick-down, for a money net flow of $41.99 million into the stock. Of all equities tracked, Salesforce.com had the 9th highest net in-flow for the day. Salesforce.com traded down ($0.86) for the day and closed at $96.85
A number of equities research analysts have commented on the stock. Canaccord Genuity reaffirmed a “buy” rating on shares of Salesforce.com in a research report on Monday. Northland Securities reiterated a “buy” rating and set a $105.00 price target on shares of Salesforce.com in a research note on Sunday. Moffett Nathanson initiated coverage on shares of Salesforce.com in a research note on Wednesday, September 6th. They set a “buy” rating and a $125.00 price target on the stock. Stephens reiterated an “overweight” rating and set a $107.00 price target (up previously from $100.00) on shares of Salesforce.com in a research note on Thursday, August 31st. Finally, BNP Paribas reiterated a “buy” rating and set a $95.00 price target on shares of Salesforce.com in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and forty-seven have issued a buy rating to the stock. Salesforce.com currently has an average rating of “Buy” and an average price target of $102.28.
The stock’s 50-day moving average is $92.48 and its 200-day moving average is $87.84. The company’s market cap is $68.71 billion.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.24. The company 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%. Salesforce.com’s revenue was up 25.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 EPS. On average, analysts predict that Salesforce.com Inc will post $1.32 EPS for the current year.
In related news, insider Parker Harris sold 8,027 shares of the business’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $96.01, for a total value of $770,672.27. Following the sale, the insider now directly owns 51,572 shares in the company, valued at approximately $4,951,427.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark J. Hawkins sold 111,646 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $95.08, for a total transaction of $10,615,301.68. Following the completion of the sale, the chief financial officer now owns 118,302 shares in the company, valued at $11,248,154.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 653,850 shares of company stock worth $58,869,048. Corporate insiders own 6.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CRM. Janus Henderson Group PLC lifted its holdings in Salesforce.com by 911.7% in the 2nd quarter. Janus Henderson Group PLC now owns 12,759,741 shares of the CRM provider’s stock valued at $1,104,945,000 after purchasing an additional 11,498,509 shares in the last quarter. Jennison Associates LLC lifted its holdings in Salesforce.com by 17.0% in the 2nd quarter. Jennison Associates LLC now owns 18,819,812 shares of the CRM provider’s stock valued at $1,629,796,000 after purchasing an additional 2,740,329 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Salesforce.com by 5.2% in the 2nd quarter. Vanguard Group Inc. now owns 46,149,530 shares of the CRM provider’s stock valued at $3,996,548,000 after purchasing an additional 2,268,623 shares in the last quarter. Tybourne Capital Management HK Ltd. lifted its holdings in Salesforce.com by 76.5% in the 2nd quarter. Tybourne Capital Management HK Ltd. now owns 4,738,144 shares of the CRM provider’s stock valued at $410,323,000 after purchasing an additional 2,053,200 shares in the last quarter. Finally, Janus Capital Management LLC lifted its holdings in Salesforce.com by 21.6% in the 1st quarter. Janus Capital Management LLC now owns 10,755,181 shares of the CRM provider’s stock valued at $927,363,000 after purchasing an additional 1,910,921 shares in the last quarter. Institutional investors own 86.98% of the company’s stock.
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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.
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