Investors Sell Salesforce.com Inc. (CRM) on Strength on Insider Selling
Traders sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading on Thursday after an insider sold shares in the company. $256.69 million flowed into the stock on the tick-up and $292.50 million flowed out of the stock on the tick-down, for a money net flow of $35.81 million out of the stock. Of all equities tracked, Salesforce.com had the 0th highest net out-flow for the day. Salesforce.com traded up $2.84 for the day and closed at $71.26Specifically, insider Keith Block sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $82.68, for a total value of $826,800.00. Following the completion of the sale, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $826,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Marc Benioff sold 12,500 shares of the stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $81.57, for a total transaction of $1,019,625.00. Following the completion of the sale, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at $2,886,191,310. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
Several equities research analysts recently issued reports on CRM shares. Bank of America Corp. reissued a “buy” rating and issued a $70.52 target price (down from $100.00) on shares of Salesforce.com in a report on Wednesday. Vetr raised shares of Salesforce.com from a “hold” rating to a “buy” rating in a report on Friday, September 23rd. Morgan Stanley cut their price objective on shares of Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Salesforce.com in a report on Monday, August 15th. Finally, Mizuho increased their price objective on shares of Salesforce.com from $85.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 1st. Two investment 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. The company has an average rating of “Buy” and a consensus price target of $92.56.
The company’s 50-day moving average price is $74.35 and its 200-day moving average price is $77.70. The firm has a market cap of $48.57 billion, a price-to-earnings ratio of 218.86 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ 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 quarter in the previous year, the business earned $0.19 earnings per share. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. Analysts forecast that Salesforce.com Inc. will post $0.95 earnings per share for the current year.
Large investors have recently bought and sold shares of the stock. Brighton Jones LLC increased its stake in Salesforce.com by 0.5% in the second quarter. Brighton Jones LLC now owns 4,270 shares of the CRM provider’s stock worth $339,000 after buying an additional 22 shares during the period. Hollencrest Securities LLC increased its stake in Salesforce.com by 0.9% in the second quarter. Hollencrest Securities LLC now owns 3,229 shares of the CRM provider’s stock worth $256,000 after buying an additional 29 shares during the period. Cornerstone Advisors Inc. increased its stake in Salesforce.com by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,552 shares of the CRM provider’s stock worth $282,000 after buying an additional 35 shares during the period. Integrated Investment Consultants LLC increased its stake in Salesforce.com by 1.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,835 shares of the CRM provider’s stock worth $225,000 after buying an additional 37 shares during the period. Finally, Fulton Bank N.A. increased its stake in Salesforce.com by 0.3% in the second quarter. Fulton Bank N.A. now owns 12,763 shares of the CRM provider’s stock worth $1,014,000 after buying an additional 38 shares during the period. 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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