Investors Sell Salesforce.com Inc. (CRM) on Strength Following Insider Selling
Traders sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading on Monday following insider selling activity. $339.33 million flowed into the stock on the tick-up and $384.10 million flowed out of the stock on the tick-down, for a money net flow of $44.77 million out of the stock. Of all stocks tracked, Salesforce.com had the 11th highest net out-flow for the day. Salesforce.com traded up $4.19 for the day and closed at $75.10Specifically, Chairman Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction dated Friday, October 7th. The shares were sold at an average price of $70.96, for a total transaction of $887,000.00. Following the completion of the transaction, the chairman now directly owns 35,033,000 shares of the company’s stock, valued at approximately $2,485,941,680. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Parker Harris sold 5,000 shares of Salesforce.com stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $81.92, for a total transaction of $409,600.00. Following the transaction, the insider now directly owns 37,620 shares of the company’s stock, valued at $3,081,830.40. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
A number of research analysts recently issued reports on CRM shares. JMP Securities reissued a “buy” rating on shares of Salesforce.com in a research report on Tuesday, October 4th. Vetr cut shares of Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 target price for the company. in a report on Thursday, August 25th. Barclays PLC reaffirmed an “overweight” rating and issued a $89.00 target price on shares of Salesforce.com in a report on Sunday, October 2nd. Jefferies Group reaffirmed a “hold” rating and issued a $80.00 target price on shares of Salesforce.com in a report on Thursday, September 1st. Finally, Bank of America Corp. reaffirmed a “buy” rating and issued a $77.82 target price (down from $100.00) on shares of Salesforce.com in a report on Thursday, August 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $92.56.
The company has a market cap of $51.44 billion, a price-to-earnings ratio of 231.79 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 announced its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, topping 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 had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the company posted $0.19 earnings per share. Salesforce.com’s quarterly revenue was up 25.0% on a year-over-year basis. Equities research analysts expect that Salesforce.com Inc. will post $0.95 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in CRM. Signaturefd LLC raised its position in shares of Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock worth $107,000 after buying an additional 693 shares in the last quarter. M&R Capital Management Inc. acquired a new position in shares of Salesforce.com during the second quarter worth $119,000. Ropes Wealth Advisors LLC raised its position in shares of Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock worth $143,000 after buying an additional 1,009 shares in the last quarter. Mycio Wealth Partners LLC raised its position in shares of Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock worth $149,000 after buying an additional 44 shares in the last quarter. Finally, Trust Co. of Vermont raised its position in shares of Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock worth $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 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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