Salesforce.com Inc. (CRM) Earns Buy Rating from BTIG Research
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reissued by equities researchers at BTIG Research in a research note issued on Friday.
Several other equities analysts have also issued reports on the stock. Bank of America Corp. reiterated a “buy” rating and set a $70.52 target price (down from $100.00) on shares of Salesforce.com in a report on Wednesday, October 5th. Vetr upgraded shares of Salesforce.com from a “hold” rating to a “buy” rating in a report on Friday, September 23rd. Morgan Stanley lowered their target price on shares of Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Piper Jaffray Cos. restated an “overweight” rating and issued a $100.00 price objective on shares of Salesforce.com in a report on Monday, August 15th. Finally, Mizuho boosted their price objective on shares of Salesforce.com from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 1st. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $92.04.
Salesforce.com (NYSE:CRM) traded up 4.36% during trading on Friday, hitting $78.47. The stock had a trading volume of 15,369,064 shares. Salesforce.com has a 1-year low of $52.60 and a 1-year high of $84.48. The stock’s 50-day moving average price is $73.53 and its 200-day moving average price is $77.50. The company has a market capitalization of $53.75 billion, a P/E ratio of 242.19 and a beta of 1.55.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Thursday, November 17th. The CRM provider reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.03. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.12 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The business’s revenue was up 25.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 EPS. Analysts expect that Salesforce.com will post $0.95 earnings per share for the current year.
In other Salesforce.com news, CFO Mark J. Hawkins sold 992 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $79.93, for a total transaction of $79,290.56. Following the completion of the transaction, the chief financial officer now owns 9,281 shares in the company, valued at approximately $741,830.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Marc Benioff sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $77.23, for a total transaction of $1,930,750.00. Following the transaction, the chairman now owns 35,383,000 shares of the company’s stock, valued at approximately $2,732,629,090. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Piedmont Investment Advisors LLC purchased a new position in Salesforce.com during the third quarter valued at approximately $9,398,000. Marvin & Palmer Associates Inc. boosted its position in Salesforce.com by 90.8% in the third quarter. Marvin & Palmer Associates Inc. now owns 56,660 shares of the CRM provider’s stock valued at $4,042,000 after buying an additional 26,960 shares during the period. LPL Financial LLC boosted its position in Salesforce.com by 6.2% in the third quarter. LPL Financial LLC now owns 26,626 shares of the CRM provider’s stock valued at $1,934,000 after buying an additional 1,554 shares during the period. Peloton Wealth Strategists purchased a new position in Salesforce.com during the third quarter valued at approximately $2,040,000. Finally, Salem Investment Counselors Inc. boosted its position in Salesforce.com by 5.6% in the third quarter. Salem Investment Counselors Inc. now owns 21,575 shares of the CRM provider’s stock valued at $1,539,000 after buying an additional 1,150 shares during the period. Institutional investors 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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