Investors Sell Shares of Salesforce.com Inc. (CRM) on Strength After Insider Selling
Investors sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading hours on Wednesday following insider selling activity. $81.37 million flowed into the stock on the tick-up and $121.03 million flowed out of the stock on the tick-down, for a money net flow of $39.66 million out of the stock. Of all equities tracked, Salesforce.com had the 7th highest net out-flow for the day. Salesforce.com traded up $1.57 for the day and closed at $71.62Specifically, Director Craig Conway sold 400 shares of the company’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $81.86, for a total transaction of $32,744.00. Following the completion of the sale, the director now directly owns 9,268 shares in the company, valued at $758,678.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Marc Benioff sold 12,500 shares of the company’s stock in a transaction dated Tuesday, September 27th. The shares were sold at an average price of $70.13, for a total transaction of $876,625.00. Following the sale, the chairman now owns 35,033,000 shares of the company’s stock, valued at $2,456,864,290. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
CRM has been the subject of a number of recent analyst reports. Citigroup Inc. restated a “buy” rating on shares of Salesforce.com in a report on Wednesday, June 1st. Morgan Stanley restated a “buy” rating on shares of Salesforce.com in a report on Tuesday, May 31st. BTIG Research reaffirmed a “buy” rating and set a $100.00 price objective on shares of Salesforce.com in a research report on Wednesday, June 1st. Vetr raised shares of Salesforce.com from a “strong sell” rating to a “hold” rating and set a $82.92 price objective for the company in a research report on Wednesday, June 1st. Finally, Jefferies Group reaffirmed a “hold” rating and set a $80.00 price objective on shares of Salesforce.com in a research report on Thursday, June 2nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and forty-two have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $92.63.
The company has a 50 day moving average of $76.25 and a 200 day moving average of $77.86. The company has a market capitalization of $49.06 billion, a price-to-earnings ratio of 221.05 and a beta of 1.57.
Salesforce.com (NYSE:CRM) last issued its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. Salesforce.com’s revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, analysts forecast that Salesforce.com Inc. will post $0.95 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Signaturefd LLC increased its position in Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares during the last quarter. M&R Capital Management Inc. acquired a new position in Salesforce.com during the second quarter valued at $119,000. Ropes Wealth Advisors LLC increased its position in Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock valued at $143,000 after buying an additional 1,009 shares during the last quarter. Mycio Wealth Partners LLC increased its position in Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock valued at $149,000 after buying an additional 44 shares during the last quarter. Finally, Trust Co. of Vermont increased its position in Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock valued at $154,000 after buying an additional 1,071 shares during the last quarter. Hedge funds and other institutional investors own 87.23% of the company’s stock.
Salesforce.com Company Profile
salesforce.com, inc. is a provider of enterprise cloud computing solutions, with a focus on customer relationship management (CRM). The Company’s Customer Success Platform, including sales force automation, customer service and support, marketing automation, community management, analytics, application development, Internet of Things (IoT) integration and its professional cloud services, provide the next-generation platform of enterprise applications and services.
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