Salesforce.com’s (CRM) “Buy” Rating Reaffirmed at BMO Capital Markets
BMO Capital Markets reaffirmed their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research report released on Wednesday. They currently have a $86.00 price target on the CRM provider’s stock.
Several other research firms also recently commented on CRM. Morgan Stanley reissued an overweight rating and issued a $107.00 price objective on shares of Salesforce.com in a research note on Monday, September 26th. DA Davidson reissued a neutral rating and issued a $86.00 price objective on shares of Salesforce.com in a research note on Wednesday, August 31st. Royal Bank Of Canada reduced their price objective on Salesforce.com from $91.00 to $85.00 and set an outperform rating for the company in a research note on Thursday, September 1st. Wedbush reissued an outperform rating and issued a $96.00 price objective (down from $98.00) on shares of Salesforce.com in a research note on Thursday, September 1st. Finally, Cowen and Company initiated coverage on Salesforce.com in a research note on Friday, June 24th. They issued an outperform rating and a $79.39 price objective for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have given a buy rating to the stock. Salesforce.com has a consensus rating of Buy and a consensus target price of $92.56.
Salesforce.com (NYSE:CRM) traded up 3.87% on Wednesday, reaching $71.07. 10,813,423 shares of the company’s stock traded hands. Salesforce.com has a 52 week low of $52.60 and a 52 week high of $84.48. The firm has a 50-day moving average price of $74.66 and a 200-day moving average price of $77.76. The stock has a market capitalization of $48.68 billion, a price-to-earnings ratio of 219.35 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, beating 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 firm earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the prior year, the company earned $0.19 EPS. The firm’s revenue was up 25.0% compared to the same quarter last year. On average, analysts predict that Salesforce.com will post $0.95 earnings per share for the current year.
In other news, CEO Marc Benioff sold 12,500 shares of the business’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total value of $847,000.00. Following the completion of the transaction, the chief executive officer now owns 35,033,000 shares of the company’s stock, valued at approximately $2,373,836,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Keith Block sold 10,000 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $826,800. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
Several institutional investors have recently made changes to their positions in CRM. Soroban Capital Partners LP purchased a new position in shares of Salesforce.com during the first quarter valued at about $290,380,000. Vanguard Group Inc. raised its position 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 period. American Century Companies Inc. raised its position 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 period. Waddell & Reed Financial Inc. raised its position 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 period. Finally, Tybourne Capital Management HK Ltd. purchased a new position in shares of Salesforce.com during the first quarter valued at about $72,518,000. 87.23% of the stock is owned by institutional investors.
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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