Salesforce.com Inc. (CRM) Price Target Lowered to $80.00 at DA Davidson
Salesforce.com Inc. (NYSE:CRM) had its target price cut by equities research analysts at DA Davidson from $86.00 to $80.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “neutral” rating on the CRM provider’s stock. DA Davidson’s price objective would suggest a potential upside of 13.44% from the stock’s previous close.
A number of other research firms have also issued reports on CRM. Morgan Stanley reissued an “overweight” rating and issued a $107.00 price target on shares of Salesforce.com in a research report on Monday, September 26th. Royal Bank Of Canada reduced their price target on shares of Salesforce.com from $91.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, September 1st. BMO Capital Markets initiated coverage on shares of Salesforce.com in a research report on Tuesday, June 14th. They issued an “outperform” rating and a $98.00 price target for the company. Wedbush reissued an “outperform” rating and issued a $96.00 price target (down from $98.00) on shares of Salesforce.com in a research report on Thursday, September 1st. Finally, Cowen and Company started coverage on shares of Salesforce.com in a research report on Friday, June 24th. They set an “outperform” rating and a $79.39 price objective on the stock. Two equities research 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 company. Salesforce.com has a consensus rating of “Buy” and an average price target of $92.49.
Salesforce.com (NYSE:CRM) opened at 70.52 on Tuesday. The stock has a 50 day moving average of $75.12 and a 200 day moving average of $77.82. The stock has a market capitalization of $48.31 billion, a P/E ratio of 217.65 and a beta of 1.59. Salesforce.com has a 52 week low of $52.60 and a 52 week high of $84.48.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The business earned $2.04 billion during 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%. The firm’s revenue was up 25.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 earnings per share. On average, equities research analysts predict that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In other Salesforce.com news, insider Keith Block sold 10,000 shares of Salesforce.com stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $82.68, for a total value of $826,800.00. Following the completion of the sale, the insider now directly owns 10,000 shares in the company, valued at $826,800. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $70.13, for a total value of $876,625.00. Following the completion of 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 owned by company insiders.
A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC increased its stake in shares of Salesforce.com by 78.7% in the first quarter. Acadian Asset Management LLC now owns 5,605 shares of the CRM provider’s stock worth $414,000 after buying an additional 2,469 shares during the last quarter. Ngam Advisors L.P. increased its stake in shares of Salesforce.com by 37.2% in the first quarter. Ngam Advisors L.P. now owns 29,442 shares of the CRM provider’s stock worth $2,174,000 after buying an additional 7,986 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Salesforce.com by 0.7% in the first quarter. Prudential Financial Inc. now owns 822,780 shares of the CRM provider’s stock worth $60,745,000 after buying an additional 6,100 shares during the last quarter. Mckinley Capital Management LLC Delaware increased its stake in shares of Salesforce.com by 1.8% in the first quarter. Mckinley Capital Management LLC Delaware now owns 91,657 shares of the CRM provider’s stock worth $6,767,000 after buying an additional 1,587 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. acquired a new stake in shares of Salesforce.com during the first quarter worth $282,000. Institutional investors and hedge funds own 87.23% of the company’s stock.
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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