Salesforce.com’s (CRM) “Buy” Rating Reaffirmed at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. reissued their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research report report published on Wednesday morning. The firm currently has a $96.00 target price on the CRM provider’s stock.
A number of other brokerages have also issued reports on CRM. Bank of America Corp. reaffirmed a buy rating on shares of Salesforce.com in a research note on Wednesday, June 8th. Brean Capital reaffirmed a buy rating and set a $110.00 price target on shares of Salesforce.com in a research note on Thursday, June 9th. Morgan Stanley decreased their price target on Salesforce.com from $110.00 to $94.00 and set an overweight rating for the company in a research note on Monday, July 25th. Cowen and Company began coverage on Salesforce.com in a research note on Friday, June 24th. They set an outperform rating and a $79.39 price target for the company. Finally, Jefferies Group reaffirmed a hold rating and set a $80.00 price target on shares of Salesforce.com in a research note on Tuesday, July 12th. Two 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’s stock. Salesforce.com has a consensus rating of Buy and a consensus price target of $92.56.
Salesforce.com (NYSE:CRM) traded up 3.87% during trading on Wednesday, reaching $71.07. The company had a trading volume of 10,813,423 shares. The stock has a market cap of $48.68 billion, a PE ratio of 219.35 and a beta of 1.59. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48. 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 issued its quarterly 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 firm earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period last year, the company posted $0.19 EPS. On average, analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current year.
In related news, Director Susan Wojcicki purchased 1,356 shares of the stock in a transaction on Monday, September 19th. The shares were purchased at an average cost of $73.71 per share, with a total value of $99,950.76. Following the acquisition, the director now directly owns 14,147 shares in the company, valued at $1,042,775.37. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Keith Block sold 40,000 shares of the stock in a transaction dated Friday, July 8th. The shares were sold at an average price of $81.00, for a total transaction of $3,240,000.00. Following the completion of the transaction, the chief operating officer now directly owns 40,000 shares in the company, valued at $3,240,000. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its position in 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 position in Salesforce.com during the second quarter valued at $119,000. Ropes Wealth Advisors LLC boosted its position in 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 boosted its position in 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 boosted its position in 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 currently owned by hedge funds and other 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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