Salesforce.com Inc. (CRM) Stock Rating Reaffirmed by Citigroup Inc.
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reiterated by equities researchers at Citigroup Inc. in a note issued to investors on Saturday. They presently have a $89.00 target price on the CRM provider’s stock. Citigroup Inc.’s target price suggests a potential upside of 25.51% from the company’s current price.
CRM has been the topic of several other reports. Bank of America Corp. reaffirmed a “buy” rating and set a $77.82 target price (down from $100.00) on shares of Salesforce.com in a report on Thursday, August 25th. Jefferies Group reaffirmed a “hold” rating and set a $80.00 target price on shares of Salesforce.com in a report on Tuesday, July 12th. Piper Jaffray Cos. reaffirmed a “buy” rating and set a $100.00 target price on shares of Salesforce.com in a report on Thursday, September 1st. Cowen and Company reaffirmed an “outperform” rating and set a $100.00 target price on shares of Salesforce.com in a report on Monday, October 3rd. Finally, DA Davidson lowered their target price on shares of Salesforce.com from $86.00 to $80.00 and set a “neutral” rating on the stock in a report on Tuesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have issued a buy rating to the stock. Salesforce.com presently has an average rating of “Buy” and a consensus target price of $92.56.
Salesforce.com (NYSE:CRM) opened at 70.91 on Friday. 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 of $74.35 and a 200 day moving average of $77.70. The company has a market cap of $48.57 billion, a PE ratio of 218.86 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last announced its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the firm earned $0.19 earnings per share. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities research analysts predict that Salesforce.com will post $0.95 EPS for the current year.
In related news, insider Parker Harris sold 5,000 shares of the stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $81.92, for a total value of $409,600.00. Following the completion of the transaction, the insider now directly owns 37,620 shares in the company, valued at approximately $3,081,830.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Marc Benioff sold 12,500 shares of the stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $71.17, for a total transaction of $889,625.00. Following the completion of the transaction, the chairman now owns 35,033,000 shares of the company’s stock, valued at $2,493,298,610. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Triangle Securities Wealth Management acquired a new position in shares of Salesforce.com during the third quarter valued at about $843,000. New England Research & Management Inc. acquired a new position in shares of Salesforce.com during the third quarter valued at about $449,000. Boltwood Capital Management raised its position in shares of Salesforce.com by 4.2% in the third quarter. Boltwood Capital Management now owns 11,345 shares of the CRM provider’s stock valued at $809,000 after buying an additional 460 shares during the last quarter. Fulton Bank N.A. raised its position in shares of Salesforce.com by 44.0% in the third quarter. Fulton Bank N.A. now owns 18,383 shares of the CRM provider’s stock valued at $1,311,000 after buying an additional 5,620 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of 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 valued at $237,556,000 after buying an additional 139,700 shares during the last quarter. Institutional investors own 87.23% of the company’s stock.
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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