Macquarie Reiterates “Outperform” Rating for Salesforce.com Inc. (CRM)
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “outperform” rating restated by research analysts at Macquarie in a note issued to investors on Monday. They currently have a $84.00 price objective on the CRM provider’s stock. Macquarie’s price target indicates a potential upside of 15.43% from the stock’s previous close.
Other equities analysts have also recently issued reports about the company. Raymond James Financial Inc. set a $105.00 price target on Salesforce.com and gave the company a “buy” rating in a research 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 research 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 research report on Sunday, September 11th. Vetr cut Salesforce.com from a “buy” rating to a “hold” rating and set a $83.58 price target on the stock. in a research report on Monday, July 11th. Finally, Stephens began coverage on Salesforce.com in a research report on Tuesday, August 2nd. They set an “overweight” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $92.19.
Salesforce.com (NYSE:CRM) opened at 72.77 on Monday. Salesforce.com has a 1-year low of $52.60 and a 1-year high of $84.48. The company has a 50-day moving average price of $73.19 and a 200 day moving average price of $77.72. The firm has a market capitalization of $49.85 billion, a price-to-earnings ratio of 224.60 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the firm earned $0.19 EPS. The firm’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current year.
In other Salesforce.com news, Chairman Marc Benioff sold 37,500 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $81.64, for a total value of $3,061,500.00. Following the completion of the transaction, the chairman now directly owns 35,383,000 shares in the company, valued at $2,888,668,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Keith Block sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $82.68, for a total transaction of $826,800.00. Following the completion of the transaction, the insider now owns 10,000 shares of the company’s stock, valued at $826,800. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Soroban Capital Partners LP purchased a new position in shares of Salesforce.com during the first quarter worth approximately $290,380,000. Vanguard Group Inc. increased 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 worth $3,130,829,000 after buying an additional 1,181,756 shares in the last quarter. American Century Companies Inc. increased its position in shares of Salesforce.com by 54.4% in the second quarter. American Century Companies Inc. now owns 3,297,549 shares of the CRM provider’s stock worth $261,858,000 after buying an additional 1,161,596 shares in the last quarter. Waddell & Reed Financial Inc. increased its position in shares of Salesforce.com by 489.5% in the second quarter. Waddell & Reed Financial Inc. now owns 1,384,048 shares of the CRM provider’s stock worth $109,908,000 after buying an additional 1,149,275 shares in the last quarter. Finally, Tybourne Capital Management HK Ltd. purchased a new position in shares of Salesforce.com during the first quarter worth approximately $72,518,000. Institutional investors and hedge funds own 87.03% of the company’s stock.
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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