Salesforce.com’s (CRM) Buy Rating Reiterated at Pacific Crest
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reiterated by stock analysts at Pacific Crest in a note issued to investors on Friday. They presently have a $95.00 price objective on the CRM provider’s stock. Pacific Crest’s target price would indicate a potential upside of 26.35% from the stock’s previous close.
The analysts wrote, “We are raising our estimates slightly for this year and next.””
CRM has been the topic of a number of other reports. Bank of America Corp. reaffirmed a “buy” rating and set a $70.52 price target (down from $100.00) on shares of Salesforce.com in a research report on Wednesday, October 5th. Vetr raised Salesforce.com from a “hold” rating to a “buy” rating in a research report on Friday, September 23rd. Morgan Stanley reduced 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. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $100.00 price target on shares of Salesforce.com in a research report on Monday, August 15th. Finally, Mizuho upped their price target on Salesforce.com from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and forty-six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $92.04.
Salesforce.com (NYSE:CRM) traded up 3.43% during trading on Friday, hitting $77.77. The stock had a trading volume of 19,892,739 shares. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48. The company’s 50 day moving average is $73.53 and its 200 day moving average is $77.50. The firm has a market cap of $53.27 billion, a PE ratio of 240.03 and a beta of 1.55.
Salesforce.com (NYSE:CRM) last posted its 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 analyst estimates of $2.12 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. Salesforce.com’s revenue was up 25.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.21 earnings per share. Equities research analysts forecast that Salesforce.com will post $0.95 earnings per share for the current year.
In related news, EVP Amy E. Weaver sold 5,650 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $75.73, for a total transaction of $427,874.50. Following the transaction, the executive vice president now owns 19,530 shares of the company’s stock, valued at $1,479,006.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alexandre Dayon sold 2,158 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $73.82, for a total transaction of $159,303.56. Following the transaction, the insider now directly owns 17,454 shares in the company, valued at approximately $1,288,454.28. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in CRM. Signaturefd LLC increased its position in shares of Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares during the last quarter. M&R Capital Management Inc. bought a new position in shares of Salesforce.com during the second quarter valued at approximately $119,000. NEXT Financial Group Inc raised its position in shares of Salesforce.com by 2.3% in the third quarter. NEXT Financial Group Inc now owns 1,754 shares of the CRM provider’s stock valued at $125,000 after buying an additional 39 shares during the period. Ropes Wealth Advisors LLC raised its position in shares of Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock valued at $143,000 after buying an additional 1,009 shares during the period. Finally, Mycio Wealth Partners LLC raised its position in shares of Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock valued at $149,000 after buying an additional 44 shares during the period. 86.97% of the stock is currently owned by institutional investors and hedge funds.
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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