Salesforce.com Inc. (CRM) Receives Outperform Rating from Wedbush
Several other analysts have also issued reports on the company. JMP Securities reiterated a buy rating on shares of Salesforce.com in a report on Tuesday. DA Davidson cut their price objective on Salesforce.com from $86.00 to $80.00 and set a neutral rating for the company in a report on Tuesday. Cowen and Company reiterated an outperform rating and set a $100.00 price objective on shares of Salesforce.com in a report on Monday. Barclays PLC reiterated an overweight rating and set a $89.00 price objective on shares of Salesforce.com in a report on Sunday. Finally, Nomura reiterated a buy rating and set a $90.00 price objective on shares of Salesforce.com in a report on Tuesday, September 27th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have issued a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded up 3.87% on Wednesday, reaching $71.07. The company had a trading volume of 10,813,423 shares. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48. The firm has a market capitalization of $48.68 billion, a PE ratio of 219.35 and a beta of 1.59. The company has a 50-day moving average price of $74.66 and a 200-day moving average price of $77.76.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The business earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same period last year, the company earned $0.19 earnings per share. Salesforce.com’s quarterly revenue was up 25.0% compared to the same quarter last year. Equities research analysts forecast that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other news, Director Susan Wojcicki purchased 1,356 shares of Salesforce.com stock in a transaction that occurred on Monday, September 19th. The shares were acquired at an average price of $73.71 per share, for a total transaction of $99,950.76. Following the transaction, the director now owns 14,147 shares of the company’s stock, valued at approximately $1,042,775.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alexandre Dayon sold 2,158 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $73.82, for a total transaction of $159,303.56. Following the sale, the insider now owns 17,454 shares in the company, valued at approximately $1,288,454.28. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Cullen Frost Bankers Inc. raised its stake in shares of Salesforce.com by 1.3% in the second quarter. Cullen Frost Bankers Inc. now owns 206,019 shares of the CRM provider’s stock worth $16,360,000 after buying an additional 2,648 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Salesforce.com during the second quarter worth $31,592,000. Soroban Capital Partners LP bought a new stake in shares of Salesforce.com during the first quarter worth $290,380,000. Tybourne Capital Management HK Ltd. bought a new stake in shares of Salesforce.com during the first quarter worth $72,518,000. Finally, Thrax Management LLC raised its stake in shares of Salesforce.com by 42.5% in the first quarter. Thrax Management LLC now owns 401,562 shares of the CRM provider’s stock worth $29,647,000 after buying an additional 119,731 shares in the last quarter. 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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