Salesforce.com Inc. (CRM) Receives Overweight Rating from JPMorgan Chase & Co.
JPMorgan Chase & Co. reiterated their overweight rating on shares of Salesforce.com Inc. (NYSE:CRM) in a research note released on Wednesday morning. The brokerage currently has a $95.00 price objective on the CRM provider’s stock.
Other equities research analysts also recently issued reports about the stock. Raymond James Financial Inc. set a $105.00 price objective on shares of Salesforce.com and gave the stock a buy rating in a research note on Sunday, September 4th. FBN Securities set a $90.00 price objective on shares of Salesforce.com and gave the stock a buy rating in a research note on Sunday, September 4th. DA Davidson set a $86.00 price objective on shares of Salesforce.com and gave the stock a hold rating in a research note on Sunday, September 11th. Vetr downgraded shares of Salesforce.com from a buy rating to a hold rating and set a $83.58 price objective for the company. in a research note on Monday, July 11th. Finally, Stephens began coverage on shares of Salesforce.com in a research report on Tuesday, August 2nd. They set an overweight rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-five have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $92.51.
Salesforce.com (NYSE:CRM) traded down 1.76% during mid-day trading on Wednesday, hitting $70.96. 2,037,779 shares of the stock traded hands. The company has a market cap of $48.61 billion, a price-to-earnings ratio of 219.01 and a beta of 1.59. The firm’s 50-day moving average is $73.98 and its 200-day moving average is $77.72. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48.
Salesforce.com (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the 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 earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period in the previous year, the firm earned $0.19 earnings per share. Salesforce.com’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities research analysts expect that Salesforce.com will post $0.95 EPS for the current year.
In other news, insider Parker Harris sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 19th. The shares were sold at an average price of $81.39, for a total value of $406,950.00. Following the sale, the insider now directly owns 37,620 shares in the company, valued at approximately $3,061,891.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Marc Benioff sold 37,500 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $81.64, for a total transaction of $3,061,500.00. Following the completion of the sale, the chairman now owns 35,383,000 shares in the company, valued at $2,888,668,120. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. raised its stake in shares of Salesforce.com by 1.3% in the second quarter. Cullen Frost Bankers Inc. now owns 206,019 shares of the CRM provider’s stock worth $16,360,000 after buying an additional 2,648 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Salesforce.com during the second quarter worth $31,592,000. Soroban Capital Partners LP purchased a new stake in shares of Salesforce.com during the first quarter worth $290,380,000. Tybourne Capital Management HK Ltd. purchased a new stake in shares of Salesforce.com during the first quarter worth $72,518,000. Finally, Thrax Management LLC raised its stake in shares of Salesforce.com by 42.5% in the first quarter. Thrax Management LLC now owns 401,562 shares of the CRM provider’s stock worth $29,647,000 after buying an additional 119,731 shares during the last quarter. Institutional investors and hedge funds 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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