Wells Fargo & Co Reaffirms “Outperform” Rating for salesforce.com (CRM)
salesforce.com (NYSE:CRM)‘s stock had its “outperform” rating reiterated by equities research analysts at Wells Fargo & Co in a research note issued to investors on Thursday. They currently have a $150.00 price objective on the CRM provider’s stock, up from their previous price objective of $130.00. Wells Fargo & Co’s target price suggests a potential upside of 23.03% from the company’s current price.
A number of other research firms also recently issued reports on CRM. Pivotal Research restated a “hold” rating and issued a $116.00 price target on shares of salesforce.com in a research note on Wednesday. KeyCorp restated an “overweight” rating and issued a $147.00 price target (up from $124.00) on shares of salesforce.com in a research note on Wednesday. Mizuho raised their price target on salesforce.com from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday. Citigroup raised their price target on salesforce.com from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, BMO Capital Markets raised their price target on salesforce.com from $118.00 to $133.00 and gave the stock an “outperform” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and forty-five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $121.15.
Shares of salesforce.com (NYSE:CRM) opened at $121.92 on Thursday. The company has a market capitalization of $86,264.30, a price-to-earnings ratio of 717.22, a price-to-earnings-growth ratio of 6.62 and a beta of 1.25. salesforce.com has a fifty-two week low of $80.50 and a fifty-two week high of $122.47. The company has a quick ratio of 0.82, a current ratio of 0.92 and a debt-to-equity ratio of 0.07.
In other salesforce.com news, CAO Joe Allanson sold 321 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $113.47, for a total transaction of $36,423.87. Following the sale, the chief accounting officer now directly owns 30,618 shares of the company’s stock, valued at $3,474,224.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Craig Conway sold 250 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $110.85, for a total value of $27,712.50. Following the sale, the director now directly owns 8,908 shares in the company, valued at $987,451.80. The disclosure for this sale can be found here. Insiders have sold 276,444 shares of company stock worth $30,262,857 over the last three months. 6.20% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CRM. Egerton Capital UK LLP bought a new stake in salesforce.com during the fourth quarter worth approximately $294,547,000. Arrowstreet Capital Limited Partnership increased its stake in salesforce.com by 323.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,568,872 shares of the CRM provider’s stock worth $364,846,000 after acquiring an additional 2,725,972 shares during the last quarter. Tybourne Capital Management HK Ltd. increased its stake in salesforce.com by 27.8% during the fourth quarter. Tybourne Capital Management HK Ltd. now owns 4,346,500 shares of the CRM provider’s stock worth $444,343,000 after acquiring an additional 945,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in salesforce.com during the fourth quarter worth approximately $83,414,000. Finally, Janus Henderson Group PLC increased its stake in salesforce.com by 5.3% during the third quarter. Janus Henderson Group PLC now owns 13,435,212 shares of the CRM provider’s stock worth $1,255,082,000 after acquiring an additional 675,471 shares during the last quarter. 86.01% of the stock is currently owned by institutional investors.
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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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