Salesforce.com Inc. (CRM) Shares Down 6.3% on Insider Selling
Shares of Salesforce.com Inc. (NYSE:CRM) fell 6.3% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $66.77 and last traded at $68.05, with a volume of 26,059,228 shares changing hands. The stock had previously closed at $72.63.
Specifically, insider Parker Harris sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $81.92, for a total value of $409,600.00. Following the transaction, the insider now owns 37,620 shares in the company, valued at $3,081,830.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Craig Conway sold 400 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $81.86, for a total transaction of $32,744.00. Following the completion of the transaction, the director now owns 9,268 shares in the company, valued at approximately $758,678.48. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
A number of brokerages recently weighed in on CRM. Bank of America Corp. restated a “buy” rating and set a $77.82 price objective (down previously from $100.00) on shares of Salesforce.com in a research report on Thursday, August 25th. Jefferies Group restated a “hold” rating and set a $80.00 price objective on shares of Salesforce.com in a research report on Tuesday, July 12th. Citigroup Inc. lowered their price objective on shares of Salesforce.com from $97.00 to $94.00 and set a “buy” rating on the stock in a research report on Wednesday, July 20th. Piper Jaffray Cos. restated a “buy” rating and set a $100.00 price objective on shares of Salesforce.com in a research report on Thursday, September 1st. Finally, Cowen and Company restated an “outperform” rating and set a $100.00 price objective on shares of Salesforce.com in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $92.52.
The firm has a market capitalization of $46.87 billion, a price-to-earnings ratio of 211.17 and a beta of 1.59. The stock 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 earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same period last year, the firm posted $0.19 earnings per share. On average, equities research analysts forecast that Salesforce.com Inc. will post $0.95 EPS for the current fiscal year.
Large investors have recently modified their holdings of the company. Signaturefd LLC increased 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 in the last quarter. M&R Capital Management Inc. bought a new stake in shares of Salesforce.com during the second quarter valued at $119,000. Ropes Wealth Advisors LLC increased 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 in the last quarter. Mycio Wealth Partners LLC increased 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 in the last quarter. Finally, Trust Co. of Vermont increased 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 in the last quarter. 87.23% of the stock is 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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