Adage Capital Partners GP L.L.C. Has $87,108,000 Stake in Salesforce.com Inc. (CRM)
Adage Capital Partners GP L.L.C. increased its stake in Salesforce.com Inc. (NYSE:CRM) by 17.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,096,940 shares of the CRM provider’s stock after buying an additional 165,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.16% of Salesforce.com worth $87,108,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Guggenheim Capital LLC increased its stake in shares of Salesforce.com by 2.2% in the second quarter. Guggenheim Capital LLC now owns 1,042,708 shares of the CRM provider’s stock valued at $82,801,000 after buying an additional 22,359 shares during the period. Folger Hill Asset Management LP bought a new stake in shares of Salesforce.com during the second quarter valued at approximately $6,845,000. Veritable L.P. increased its stake in shares of Salesforce.com by 12.8% in the second quarter. Veritable L.P. now owns 15,295 shares of the CRM provider’s stock valued at $1,215,000 after buying an additional 1,737 shares during the period. Rainier Investment Management LLC increased its stake in shares of Salesforce.com by 12.2% in the second quarter. Rainier Investment Management LLC now owns 181,850 shares of the CRM provider’s stock valued at $14,440,000 after buying an additional 19,800 shares during the period. Finally, Melvin Capital Management LP increased its stake in shares of Salesforce.com by 154.5% in the second quarter. Melvin Capital Management LP now owns 700,000 shares of the CRM provider’s stock valued at $55,587,000 after buying an additional 425,000 shares during the period. 87.17% of the stock is owned by hedge funds and other institutional investors.
Shares of Salesforce.com Inc. (NYSE:CRM) traded up 1.30% on Friday, reaching $74.59. 8,881,786 shares of the company traded hands. The stock has a market capitalization of $51.09 billion, a price-to-earnings ratio of 230.22 and a beta of 1.55. Salesforce.com Inc. has a 1-year low of $52.60 and a 1-year high of $84.48. The company has a 50-day moving average of $73.17 and a 200-day moving average of $77.56.
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 Thomson Reuters’ consensus estimate of $0.22 by $0.02. The company earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. Salesforce.com’s revenue was up 25.0% compared to the same quarter last year. During the same period last year, the firm earned $0.19 earnings per share. Analysts anticipate that Salesforce.com Inc. will post $0.95 earnings per share for the current fiscal year.
Several analysts have recently commented on the company. Morgan Stanley reissued an “overweight” rating and issued a $107.00 price objective on shares of Salesforce.com in a research note on Wednesday, November 2nd. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $95.00 price target on shares of Salesforce.com in a research report on Sunday, October 30th. Rosenblatt Securities started coverage on Salesforce.com in a research report on Tuesday, October 18th. They set a “buy” rating and a $90.00 price target for the company. Macquarie reaffirmed an “outperform” rating and set a $84.00 price target on shares of Salesforce.com in a research report on Monday, October 17th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $90.00 price target on shares of Salesforce.com in a research report on Wednesday, October 12th. Two equities research 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 stock. The stock presently has a consensus rating of “Buy” and an average target price of $92.13.
In other news, Chairman Marc Benioff sold 37,500 shares of Salesforce.com stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $73.80, for a total transaction of $2,767,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig Conway sold 400 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $79.33, for a total transaction of $31,732.00. Following the transaction, the director now directly owns 8,868 shares of the company’s stock, valued at approximately $703,498.44. The disclosure for this sale can be found here. Insiders own 6.70% 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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