Bank of America Corp. Reiterates “Buy” Rating for Salesforce.com Inc. (CRM)
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating restated by research analysts at Bank of America Corp. in a report released on Wednesday. They presently have a $70.52 target price on the CRM provider’s stock, down from their prior target price of $100.00. Bank of America Corp.’s target price points to a potential downside of 2.91% from the stock’s current price.
Several other research analysts have also commented on CRM. DA Davidson set a $86.00 price target on Salesforce.com and gave the stock a “hold” rating in a research report on Sunday, September 11th. FBN Securities set a $90.00 price target on Salesforce.com and gave the stock a “buy” rating in a research report on Sunday, September 4th. Wedbush restated an “outperform” rating and set a $96.00 price target on shares of Salesforce.com in a research report on Wednesday. Raymond James Financial Inc. set a $105.00 price target on Salesforce.com and gave the stock a “buy” rating in a research report on Sunday, September 4th. Finally, Morgan Stanley restated a “buy” rating on shares of Salesforce.com in a research report on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $92.33.
Shares of Salesforce.com (NYSE:CRM) opened at 72.63 on Wednesday. The company’s 50 day moving average price is $74.94 and its 200-day moving average price is $77.82. The company has a market capitalization of $49.75 billion, a price-to-earnings ratio of 224.17 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 issued its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The company earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 earnings per share. Analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In other Salesforce.com news, CFO Mark J. Hawkins sold 8,624 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $81.80, for a total value of $705,443.20. Following the sale, the chief financial officer now owns 16,029 shares in the company, valued at $1,311,172.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $79.15, for a total transaction of $3,957,500.00. Following the completion of the sale, the chief executive officer now owns 35,383,000 shares in the company, valued at approximately $2,800,564,450. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Several large investors have recently made changes to their positions in CRM. Signaturefd LLC raised its stake in shares of 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. bought a new position in Salesforce.com during the second quarter valued at about $119,000. Ropes Wealth Advisors LLC boosted 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 period. Mycio Wealth Partners LLC boosted 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 period. Finally, Trust Co. of Vermont boosted 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 period. Institutional investors 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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