Investors Sell Shares of Salesforce.com Inc. (CRM) on Strength After Insider Selling
Traders sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading on Friday 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, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $67.76, for a total value of $847,000.00. Following the completion of the sale, the chief executive officer now owns 35,033,000 shares of the company’s stock, valued at $2,373,836,080. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan Wojcicki bought 1,356 shares of the firm’s stock in a transaction dated Monday, September 19th. The stock was acquired at an average cost of $73.71 per share, with a total value of $99,950.76. Following the transaction, the director now owns 14,147 shares of the company’s stock, valued at $1,042,775.37. The disclosure for this purchase can be found here. 6.70% of the stock is owned by corporate insiders.
CRM has been the subject of several recent analyst reports. SunTrust Banks Inc. reaffirmed a “buy” rating and issued a $98.00 target price on shares of Salesforce.com in a research report on Tuesday, June 14th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Salesforce.com in a research report on Monday, June 13th. Brean Capital reaffirmed a “buy” rating and issued a $110.00 target price on shares of Salesforce.com in a research report on Saturday, June 25th. Vetr cut Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $83.58 target price for the company. in a research report on Monday, July 4th. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Salesforce.com in a research report on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $92.56.
The firm has a market cap of $48.57 billion, a P/E ratio of 218.86 and a beta of 1.59. The company has a 50-day moving average of $74.35 and a 200 day moving average of $77.70.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.02. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business 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 firm posted $0.19 EPS. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. Equities analysts predict that Salesforce.com Inc. will post $0.95 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the company. Triangle Securities Wealth Management purchased a new stake in shares of Salesforce.com during the third quarter worth about $843,000. New England Research & Management Inc. bought a new position in Salesforce.com during the third quarter worth $449,000. Boltwood Capital Management boosted its position in Salesforce.com by 4.2% in the third quarter. Boltwood Capital Management now owns 11,345 shares of the CRM provider’s stock worth $809,000 after buying an additional 460 shares during the last quarter. Fulton Bank N.A. boosted its position in Salesforce.com by 44.0% in the third quarter. Fulton Bank N.A. now owns 18,383 shares of the CRM provider’s stock worth $1,311,000 after buying an additional 5,620 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in Salesforce.com by 4.4% in the third quarter. BNP Paribas Arbitrage SA now owns 3,330,380 shares of the CRM provider’s stock worth $237,556,000 after buying an additional 139,700 shares during the last quarter. 87.23% of the stock is owned by institutional investors and hedge funds.
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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