Salesforce.com Inc. (CRM) Trading 3.2% Higher After Insider Buying Activity
Salesforce.com Inc. (NYSE:CRM)’s share price traded up 3.2% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $72.89 and last traded at $72.75, with a volume of 7,499,726 shares trading hands. The stock had previously closed at $70.52.
Specifically, Director Susan Wojcicki acquired 1,356 shares of the stock in a transaction dated Monday, September 19th. The stock was purchased at an average cost of $73.71 per share, with a total value of $99,950.76. Following the completion of the purchase, the director now owns 14,147 shares in the company, valued at approximately $1,042,775.37. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lawrence Tomlinson sold 1,600 shares of the company’s stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $78.50, for a total transaction of $125,600.00. Following the transaction, the director now directly owns 27,029 shares of the company’s stock, valued at $2,121,776.50. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
Several equities analysts have recently commented on CRM shares. Vetr downgraded shares of Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 price objective for the company. in a research note on Thursday, August 25th. Barclays PLC reissued an “overweight” rating and issued a $89.00 price target on shares of Salesforce.com in a research note on Sunday. Jefferies Group reissued a “hold” rating and issued a $80.00 price target on shares of Salesforce.com in a research note on Thursday, September 1st. Bank of America Corp. reissued a “buy” rating and issued a $77.82 price target (down from $100.00) on shares of Salesforce.com in a research note on Thursday, August 25th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Salesforce.com in a research note on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $92.49.
The company’s 50 day moving average is $74.94 and its 200-day moving average is $77.82. The firm has a market cap of $49.75 billion, a price-to-earnings ratio of 224.17 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last issued its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations 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 quarter last year, the company earned $0.19 earnings per share. On average, analysts predict that Salesforce.com Inc. will post $0.95 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of CRM. Signaturefd LLC boosted 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 period. M&R Capital Management Inc. purchased a new stake in shares of Salesforce.com during the second quarter valued at $119,000. Ropes Wealth Advisors LLC boosted its stake in shares of 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 stake in shares of 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 stake in shares of 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. 87.23% of the stock is currently owned by hedge funds and other institutional investors.
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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