Salesforce.com Inc. (CRM) Receives “Outperform” Rating from Cowen and Company
Cowen and Company restated their outperform rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research report report published on Wednesday morning. They currently have a $100.00 target price on the CRM provider’s stock.
A number of other equities research analysts have also issued reports on CRM. SunTrust Banks Inc. reaffirmed a buy rating and issued a $98.00 price target on shares of Salesforce.com in a research report on Tuesday, June 14th. BMO Capital Markets began coverage on Salesforce.com in a report on Tuesday, June 14th. They issued an outperform rating and a $98.00 price objective on the stock. Vetr upgraded Salesforce.com from a strong sell rating to a strong-buy rating and set a $97.12 price objective on the stock in a report on Tuesday, June 14th. Brean Capital reiterated a buy rating and issued a $110.00 price objective on shares of Salesforce.com in a report on Saturday, June 25th. Finally, JMP Securities reiterated an outperform rating and issued a $92.00 price objective on shares of Salesforce.com in a report on Sunday, June 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-five have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $92.51.
Shares of Salesforce.com (NYSE:CRM) opened at 72.23 on Wednesday. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48. The company’s 50 day moving average price is $73.98 and its 200-day moving average price is $77.72. The firm has a market cap of $49.48 billion, a P/E ratio of 222.93 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 analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $2.04 billion for 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%. Salesforce.com’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 EPS. On average, equities research analysts anticipate that Salesforce.com will post $0.95 EPS for the current year.
In other Salesforce.com news, CEO Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction dated Wednesday, October 12th. The shares were sold at an average price of $72.33, for a total value of $904,125.00. Following the sale, the chief executive officer now owns 34,983,000 shares of the company’s stock, valued at $2,530,320,390. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Keith Block sold 20,000 shares of Salesforce.com stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $81.00, for a total transaction of $1,620,000.00. Following the completion of the sale, the insider now directly owns 20,000 shares in the company, valued at approximately $1,620,000. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CRM. Signaturefd LLC raised its stake 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 valued at $107,000 after buying an additional 693 shares in the last quarter. M&R Capital Management Inc. bought a new stake in shares of Salesforce.com during the second quarter valued at approximately $119,000. Ropes Wealth Advisors LLC raised its stake 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 valued at $143,000 after buying an additional 1,009 shares in the last quarter. Mycio Wealth Partners LLC raised its stake 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 valued at $149,000 after buying an additional 44 shares in the last quarter. Finally, Trust Co. of Vermont raised its stake 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 valued at $154,000 after buying an additional 1,071 shares in the last quarter. 87.23% of the stock is currently 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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