Salesforce.com Inc. (CRM) PT Set at $95.00 by Cowen and Company
Salesforce.com Inc. (NYSE:CRM) received a $95.00 price objective from Cowen and Company in a note issued to investors on Monday. The firm presently has a a “buy” rating on the CRM provider’s stock. Cowen and Company’s target price would indicate a potential upside of 28.34% from the company’s previous close.
A number of other equities research analysts have also issued reports on CRM. Citigroup Inc. dropped their target price on Salesforce.com from $97.00 to $94.00 and set a “buy” rating on the stock in a research report on Wednesday, July 20th. Morgan Stanley lowered their price target on Salesforce.com from $110.00 to $94.00 and set an “overweight” rating on the stock in a research report on Monday, July 25th. Stephens started coverage on Salesforce.com in a research report on Tuesday, August 2nd. They set an “overweight” rating on the stock. MKM Partners reaffirmed a “buy” rating and set a $96.00 price target on shares of Salesforce.com in a research report on Friday, August 5th. Finally, Vetr raised Salesforce.com from a “hold” rating to a “buy” rating and set a $83.92 price target on the stock in a research report on Wednesday, August 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $92.02.
Salesforce.com (NYSE:CRM) opened at 74.02 on Monday. Salesforce.com has a 52 week low of $52.60 and a 52 week high of $84.48. The company has a 50 day moving average price of $73.34 and a 200-day moving average price of $77.55. The firm has a market capitalization of $50.70 billion, a price-to-earnings ratio of 228.46 and a beta of 1.55.
Salesforce.com (NYSE:CRM) last announced its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the firm earned $0.19 EPS. Salesforce.com’s revenue for the quarter was up 25.0% compared to the same quarter last year. Equities analysts predict that Salesforce.com will post $0.95 earnings per share for the current year.
In other Salesforce.com news, EVP Burke F. Norton sold 180,000 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $74.15, for a total transaction of $13,347,000.00. Following the sale, the executive vice president now owns 253,923 shares in the company, valued at $18,828,390.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $76.81, for a total value of $960,125.00. Following the sale, the chairman now owns 35,383,000 shares in the company, valued at approximately $2,717,768,230. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CRM. Two Sigma Advisers LP increased its stake in Salesforce.com by 639.2% in the third quarter. Two Sigma Advisers LP now owns 2,252,776 shares of the CRM provider’s stock worth $160,691,000 after buying an additional 1,948,000 shares during the last quarter. Manning & Napier Advisors LLC increased its position in Salesforce.com by 256.6% in the third quarter. Manning & Napier Advisors LLC now owns 1,841,411 shares of the CRM provider’s stock valued at $131,347,000 after buying an additional 1,324,985 shares in the last quarter. Vanguard Group Inc. increased its position in 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 in the last quarter. Capital Fund Management S.A. bought a new position in Salesforce.com during the third quarter valued at approximately $82,896,000. Finally, American Century Companies Inc. increased its position in 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 valued at $261,858,000 after buying an additional 1,161,596 shares in the last quarter. Institutional investors and hedge funds own 86.97% 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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