Salesforce.com Inc. (CRM) Shares Gap Up After Analyst Upgrade
Shares of Salesforce.com Inc. (NYSE:CRM) gapped up before the market opened on Monday after BMO Capital Markets raised their price target on the stock from $86.00 to $90.00. The stock had previously closed at $75.97, but opened at $77.77. BMO Capital Markets currently has an outperform rating on the stock. Salesforce.com shares last traded at $76.21, with a volume of 4,135,950 shares trading hands.
A number of other equities analysts also recently issued reports on the stock. JMP Securities reissued a “buy” rating on shares of Salesforce.com in a report on Tuesday, October 4th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $95.00 price objective on shares of Salesforce.com in a report on Wednesday, October 12th. Vetr downgraded shares of Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 price objective on the stock. in a report on Thursday, August 25th. Barclays PLC reissued an “overweight” rating and issued a $89.00 price objective on shares of Salesforce.com in a report on Sunday, October 2nd. Finally, Jefferies Group reissued a “hold” rating and issued a $80.00 price objective on shares of Salesforce.com in a report on Thursday, September 1st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and forty-two have issued a buy rating to the company. Salesforce.com presently has a consensus rating of “Buy” and an average price target of $92.05.
In other Salesforce.com news, Director Susan Wojcicki purchased 1,356 shares of the stock in a transaction dated Monday, September 19th. The stock was acquired at an average cost of $73.71 per share, for a total transaction of $99,950.76. Following the acquisition, the director now owns 14,147 shares in the company, valued at approximately $1,042,775.37. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Marc Benioff sold 12,500 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $78.01, for a total value of $975,125.00. Following the transaction, the chairman now owns 35,383,000 shares of the company’s stock, valued at $2,760,227,830. The disclosure for this sale can be found here. 6.70% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in CRM. ETRADE Capital Management LLC boosted its position in Salesforce.com by 20.8% in the third quarter. ETRADE Capital Management LLC now owns 6,565 shares of the CRM provider’s stock worth $468,000 after buying an additional 1,131 shares in the last quarter. Piedmont Investment Advisors LLC acquired a new position in Salesforce.com during the third quarter worth $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 worth $4,042,000 after buying an additional 26,960 shares in the last quarter. 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 worth $1,934,000 after buying an additional 1,554 shares in the last quarter. Finally, Peloton Wealth Strategists acquired a new position in Salesforce.com during the third quarter worth $2,040,000. Institutional investors and hedge funds own 87.22% of the company’s stock.
The firm has a 50-day moving average price of $73.72 and a 200-day moving average price of $77.51. The firm has a market capitalization of $52.62 billion, a price-to-earnings ratio of 258.34 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 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. Salesforce.com had a return on equity of 2.40% and a net margin of 2.60%. Salesforce.com’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. On average, equities analysts predict that Salesforce.com Inc. will post $0.95 earnings per share for the current year.
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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