Investors Sell Shares of Salesforce.com Inc. (CRM) on Strength Following Analyst Downgrade
Investors sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading on Tuesday after DA Davidson lowered their price target on the stock from $86.00 to $80.00. $152.12 million flowed into the stock on the tick-up and $164.81 million flowed out of the stock on the tick-down, for a money net flow of $12.69 million out of the stock. Of all companies tracked, Salesforce.com had the 0th highest net out-flow for the day. Salesforce.com traded up $2.11 for the day and closed at $72.63
Other analysts have also recently issued research reports about the company. Vetr cut Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 target price for the company. in a report on Thursday, August 25th. Barclays PLC reiterated an “overweight” rating and set a $89.00 target price on shares of Salesforce.com in a report on Sunday. Jefferies Group reiterated a “hold” rating and set a $80.00 target price on shares of Salesforce.com in a report on Thursday, September 1st. Bank of America Corp. reiterated a “buy” rating and set a $77.82 target price (down previously from $100.00) on shares of Salesforce.com in a report on Thursday, August 25th. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Salesforce.com in a report on Tuesday, September 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and forty-three have given a buy rating to the company. Salesforce.com presently has an average rating of “Buy” and an average target price of $92.49.
In other news, Director Lawrence Tomlinson sold 1,600 shares of the business’s stock in a transaction on Thursday, July 7th. The stock was sold at an average price of $78.50, for a total transaction of $125,600.00. Following the completion of the sale, the director now owns 27,029 shares in the company, valued at $2,121,776.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Marc Benioff sold 50,000 shares of the business’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $79.15, for a total value of $3,957,500.00. Following the sale, the chief executive officer now owns 35,383,000 shares of the company’s stock, valued at approximately $2,800,564,450. The disclosure for this sale can be found here. 6.70% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. Signaturefd LLC increased its stake in Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock worth $107,000 after buying an additional 693 shares during the last quarter. M&R Capital Management Inc. purchased a new stake in Salesforce.com during the second quarter worth $119,000. Ropes Wealth Advisors LLC increased its stake 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 worth $143,000 after buying an additional 1,009 shares during the last quarter. Mycio Wealth Partners LLC increased its stake 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 worth $149,000 after buying an additional 44 shares during the last quarter. Finally, Trust Co. of Vermont increased its stake 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 worth $154,000 after buying an additional 1,071 shares during the last quarter. Institutional investors own 87.23% of the company’s stock.
The firm has a 50 day moving average price of $74.94 and a 200-day moving average price of $77.82. The stock has a market capitalization of $49.75 billion, a P/E ratio of 224.17 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.19 earnings per share. Analysts forecast that Salesforce.com Inc. will post $0.95 EPS for the current year.
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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