Salesforce.com Inc. (CRM) Receives “Buy” Rating from JMP Securities
A number of other research firms also recently issued reports on CRM. Morgan Stanley reaffirmed an overweight rating and issued a $107.00 target price on shares of Salesforce.com in a research report on Monday, September 26th. DA Davidson reissued a neutral rating and set a $86.00 price target on shares of Salesforce.com in a research report on Wednesday, August 31st. Royal Bank Of Canada lowered their price target on Salesforce.com from $91.00 to $85.00 and set an outperform rating on the stock in a research report on Thursday, September 1st. BMO Capital Markets initiated coverage on Salesforce.com in a research report on Tuesday, June 14th. They set an outperform rating and a $98.00 price target on the stock. Finally, Wedbush reissued an outperform rating and set a $96.00 price target (down previously from $98.00) on shares of Salesforce.com in a research report on Thursday, September 1st. Two analysts have rated the stock with a sell rating, three have given 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 target price of $92.33.
Shares of Salesforce.com (NYSE:CRM) traded down 7.27% during trading on Tuesday, hitting $67.35. The stock had a trading volume of 17,319,832 shares. The stock has a market capitalization of $46.13 billion, a P/E ratio of 207.87 and a beta of 1.59. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48. The stock’s 50-day moving average is $74.94 and its 200-day moving average is $77.82.
Salesforce.com (NYSE:CRM) last released its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. Salesforce.com’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.19 earnings per share. Analysts predict that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other Salesforce.com news, EVP Amy E. Weaver sold 9,381 shares of Salesforce.com stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $71.08, for a total transaction of $666,801.48. Following the completion of the sale, the executive vice president now directly owns 23,261 shares in the company, valued at approximately $1,653,391.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Keith Block sold 10,000 shares of Salesforce.com stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $82.68, for a total transaction of $826,800.00. Following the sale, the insider now owns 10,000 shares of the company’s stock, valued at $826,800. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Soroban Capital Partners LP acquired a new stake in shares of Salesforce.com during the first quarter valued at approximately $290,380,000. Vanguard Group Inc. boosted its stake in shares of Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock valued at $3,130,829,000 after buying an additional 1,181,756 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Salesforce.com by 54.4% in the second quarter. American Century Companies Inc. now owns 3,297,549 shares of the CRM provider’s stock valued at $261,858,000 after buying an additional 1,161,596 shares during the last quarter. Waddell & Reed Financial Inc. boosted its stake in shares of Salesforce.com by 489.5% in the second quarter. Waddell & Reed Financial Inc. now owns 1,384,048 shares of the CRM provider’s stock valued at $109,908,000 after buying an additional 1,149,275 shares during the last quarter. Finally, Tybourne Capital Management HK Ltd. acquired a new stake in shares of Salesforce.com during the first quarter valued at approximately $72,518,000. 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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