Salesforce.com Inc. (CRM) Issues Q4 Earnings Guidance
Salesforce.com Inc. (NYSE:CRM) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.24-0.25 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.25. The company issued revenue guidance of $2.267-2.277 billion, compared to the consensus revenue estimate of $2.24 billion.
Salesforce.com Inc. (NYSE:CRM) opened at 75.19 on Friday. Salesforce.com Inc. has a 12-month low of $52.60 and a 12-month high of $84.48. The firm has a market capitalization of $51.51 billion, a P/E ratio of 232.07 and a beta of 1.55. The firm has a 50 day moving average of $73.53 and a 200 day moving average of $77.50.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Thursday, November 17th. The CRM provider reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. The company earned $2.14 billion during 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%. Salesforce.com’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.21 EPS. On average, analysts forecast that Salesforce.com Inc. will post $0.95 EPS for the current fiscal year.
CRM has been the subject of a number of research analyst reports. Bank of America Corp. reissued a buy rating and set a $70.52 target price (down previously from $100.00) on shares of Salesforce.com in a report on Wednesday, October 5th. Vetr raised Salesforce.com from a hold rating to a buy rating in a report on Friday, September 23rd. Morgan Stanley reduced their target price on 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. reissued an overweight rating and set a $100.00 target price on shares of Salesforce.com in a report on Monday, August 15th. Finally, Mizuho increased their target price on Salesforce.com from $85.00 to $100.00 and gave the company a buy rating in a report on Thursday, September 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-six have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $92.02.
In related news, Chairman Marc Benioff sold 25,000 shares of the stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $77.23, for a total transaction of $1,930,750.00. Following the sale, the chairman now owns 35,383,000 shares in the company, valued at $2,732,629,090. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan Wojcicki acquired 1,356 shares of the company’s stock in a transaction that occurred on Monday, September 19th. The shares were acquired at an average price of $73.71 per share, for a total transaction of $99,950.76. Following the purchase, the director now owns 14,147 shares of the company’s stock, valued at $1,042,775.37. The disclosure for this purchase can be found here. 6.70% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in CRM. Cornerstone Advisors Inc. raised its stake in Salesforce.com by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,552 shares of the CRM provider’s stock valued at $282,000 after buying an additional 35 shares during the period. American Century Companies Inc. raised its stake 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 during the period. Segall Bryant & Hamill LLC raised its stake in Salesforce.com by 7.0% in the second quarter. Segall Bryant & Hamill LLC now owns 6,139 shares of the CRM provider’s stock valued at $487,000 after buying an additional 400 shares during the period. Bank of Nova Scotia raised its stake in Salesforce.com by 7.3% in the second quarter. Bank of Nova Scotia now owns 12,754 shares of the CRM provider’s stock valued at $1,013,000 after buying an additional 870 shares during the period. Finally, Quadrature Capital Ltd raised its stake in Salesforce.com by 5.2% in the second quarter. Quadrature Capital Ltd now owns 29,000 shares of the CRM provider’s stock valued at $2,303,000 after buying an additional 1,438 shares during the period. Hedge funds and other institutional investors own 86.97% 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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