Salesforce.com’s (CRM) Outperform Rating Reaffirmed at Robert W. Baird
Robert W. Baird reissued their outperform rating on shares of Salesforce.com Inc. (NYSE:CRM) in a report released on Wednesday. The firm currently has a $90.00 price objective on the CRM provider’s stock.
CRM has been the subject of a number of other research reports. Bank of America Corp. reaffirmed a buy rating and set a $77.82 target price (down previously from $100.00) on shares of Salesforce.com in a research note on Thursday, August 25th. Citigroup Inc. decreased their target price on shares of Salesforce.com from $97.00 to $94.00 and set a buy rating for the company in a research note on Wednesday, July 20th. Jefferies Group reaffirmed a hold rating and set a $80.00 target price on shares of Salesforce.com in a research note on Tuesday, July 12th. Piper Jaffray Cos. reissued a buy rating and set a $100.00 price target on shares of Salesforce.com in a research report on Thursday, September 1st. Finally, Cowen and Company reissued an outperform rating and set a $100.00 price target on shares of Salesforce.com in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-five have issued a buy rating to the company. Salesforce.com currently has a consensus rating of Buy and a consensus target price of $92.51.
Salesforce.com (NYSE:CRM) traded down 1.73% during trading on Wednesday, reaching $70.98. The company had a trading volume of 1,269,039 shares. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48. The firm has a market capitalization of $48.62 billion, a PE ratio of 219.07 and a beta of 1.59. The firm’s 50 day moving average price is $73.98 and its 200 day moving average price is $77.72.
Salesforce.com (NYSE:CRM) last announced its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating 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 quarter 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 forecast 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 that occurred on Wednesday, October 12th. The stock was sold at an average price of $72.33, for a total value of $904,125.00. Following the transaction, the chief executive officer now directly owns 34,983,000 shares of the company’s stock, valued at approximately $2,530,320,390. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Keith Block sold 20,000 shares of Salesforce.com stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $81.00, for a total value of $1,620,000.00. Following the completion of the transaction, the insider now directly owns 20,000 shares in the company, valued at $1,620,000. The disclosure for this sale can be found here. 6.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cullen Frost Bankers Inc. increased its position 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 valued at $16,360,000 after buying an additional 2,648 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of Salesforce.com during the second quarter valued at approximately $31,592,000. Soroban Capital Partners LP acquired a new position in shares of Salesforce.com during the first quarter valued at approximately $290,380,000. Tybourne Capital Management HK Ltd. acquired a new position in shares of Salesforce.com during the first quarter valued at approximately $72,518,000. Finally, Thrax Management LLC increased its position 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 valued at $29,647,000 after buying an additional 119,731 shares in the last quarter. 87.23% of the stock is currently owned by institutional investors.
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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