Investors Buy Shares of Salesforce.com Inc. (CRM) on Weakness After Insider Selling
Traders purchased shares of Salesforce.com Inc. (NYSE:CRM) on weakness during trading hours on Monday following insider selling activity. $128.97 million flowed into the stock on the tick-up and $97.84 million flowed out of the stock on the tick-down, for a money net flow of $31.13 million into the stock. Of all equities tracked, Salesforce.com had the 16th highest net in-flow for the day. Salesforce.com traded down ($1.44) for the day and closed at $72.83Specifically, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The stock was sold at an average price of $81.39, for a total transaction of $1,017,375.00. Following the sale, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at $2,879,822,370. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Keith Block sold 10,000 shares of the firm’s stock in a transaction dated Thursday, July 21st. The shares were sold at an average price of $82.68, for a total value of $826,800.00. Following the sale, the insider now directly owns 10,000 shares in the company, valued at $826,800. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
A number of equities research analysts have commented on the company. Raymond James Financial Inc. set a $105.00 price target on Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. FBN Securities set a $90.00 price target on Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. DA Davidson set a $86.00 price target on Salesforce.com and gave the company a “hold” rating in a report on Sunday, September 11th. Macquarie reissued an “outperform” rating and set a $84.00 price target on shares of Salesforce.com in a report on Monday. Finally, Vetr cut Salesforce.com from a “buy” rating to a “hold” rating and set a $83.58 target price on the stock. in a report on Monday, July 11th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and forty-five have assigned a buy rating to the company. Salesforce.com has a consensus rating of “Buy” and a consensus price target of $92.23.
The company’s 50-day moving average is $73.60 and its 200 day moving average is $77.68. The firm has a market capitalization of $49.89 billion, a P/E ratio of 224.78 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The company’s revenue was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.19 earnings per share. Equities analysts forecast that Salesforce.com Inc. will post $0.95 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock valued at $3,130,829,000 after buying an additional 1,181,756 shares during the period. Jennison Associates LLC raised its position in shares of Salesforce.com by 0.9% in the second quarter. Jennison Associates LLC now owns 20,109,339 shares of the CRM provider’s stock valued at $1,596,883,000 after buying an additional 183,663 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Salesforce.com by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,394,124 shares of the CRM provider’s stock valued at $1,301,857,000 after buying an additional 127,481 shares during the period. Ameriprise Financial Inc. raised its position in shares of Salesforce.com by 4.5% in the second quarter. Ameriprise Financial Inc. now owns 8,227,065 shares of the CRM provider’s stock valued at $653,308,000 after buying an additional 353,274 shares during the period. Finally, Baillie Gifford & Co. raised its position in shares of Salesforce.com by 0.7% in the second quarter. Baillie Gifford & Co. now owns 6,981,936 shares of the CRM provider’s stock valued at $554,435,000 after buying an additional 47,955 shares during the period. 87.03% of the stock is 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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