salesforce.com (CRM) Earns “Outperform” Rating from Wedbush
Wedbush restated their outperform rating on shares of salesforce.com (NYSE:CRM) in a research report sent to investors on Thursday. The firm currently has a $123.00 target price on the CRM provider’s stock, down from their prior target price of $140.00.
A number of other equities research analysts also recently weighed in on the company. BMO Capital Markets upped their target price on salesforce.com from $112.00 to $118.00 and gave the stock an outperform rating in a research report on Wednesday, November 22nd. Royal Bank of Canada restated a buy rating on shares of salesforce.com in a research report on Thursday, November 9th. KeyCorp restated a buy rating and issued a $108.00 target price on shares of salesforce.com in a research report on Wednesday, November 8th. Morgan Stanley restated an overweight rating and issued a $127.00 target price (up from $107.00) on shares of salesforce.com in a research report on Thursday, November 16th. Finally, Vetr upgraded salesforce.com from a hold rating to a buy rating and set a $110.67 target price for the company in a research report on Tuesday, December 12th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and forty-five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $121.20.
Shares of salesforce.com (CRM) opened at $121.92 on Thursday. The firm has a market capitalization of $88,062.82, a P/E ratio of 717.22, a price-to-earnings-growth ratio of 6.96 and a beta of 1.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.92 and a quick ratio of 0.82. salesforce.com has a 52-week low of $80.50 and a 52-week high of $122.47.
In related news, Chairman Marc Benioff sold 5,000 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $120.20, for a total value of $601,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Craig Conway sold 250 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $110.85, for a total transaction of $27,712.50. Following the completion of the sale, the director now owns 8,908 shares of the company’s stock, valued at $987,451.80. The disclosure for this sale can be found here. Insiders sold 276,444 shares of company stock valued at $30,262,857 over the last quarter. 6.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Janus Henderson Group PLC boosted its holdings in salesforce.com by 5.3% in 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 purchasing an additional 675,471 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in salesforce.com by 7.0% in the fourth quarter. TIAA CREF Investment Management LLC now owns 9,865,725 shares of the CRM provider’s stock worth $1,008,573,000 after purchasing an additional 645,099 shares in the last quarter. Brown Advisory Inc. boosted its holdings in salesforce.com by 2.4% in the fourth quarter. Brown Advisory Inc. now owns 4,756,094 shares of the CRM provider’s stock worth $486,216,000 after purchasing an additional 112,839 shares in the last quarter. Tybourne Capital Management HK Ltd. boosted its holdings in salesforce.com by 27.8% in 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 purchasing an additional 945,000 shares in the last quarter. Finally, Fred Alger Management Inc. boosted its holdings in salesforce.com by 2.1% in the fourth quarter. Fred Alger Management Inc. now owns 3,683,014 shares of the CRM provider’s stock worth $376,515,000 after purchasing an additional 76,255 shares in the last quarter. Hedge funds and other institutional investors own 85.82% 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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