BMO Capital Markets Increases Salesforce.com Inc. (CRM) Price Target to $90.00
Salesforce.com Inc. (NYSE:CRM) had its price objective lifted by research analysts at BMO Capital Markets from $86.00 to $90.00 in a note issued to investors on Friday. The firm presently has an “outperform” rating on the CRM provider’s stock. BMO Capital Markets’ price objective indicates a potential upside of 18.19% from the stock’s previous close.
Several other research firms also recently weighed in on CRM. Morgan Stanley reissued an “overweight” rating and issued a $107.00 price target on shares of Salesforce.com in a research note on Monday, September 26th. DA Davidson restated a “neutral” rating and issued a $86.00 price objective on shares of Salesforce.com in a research report on Wednesday, August 31st. Royal Bank Of Canada decreased their price objective on shares of Salesforce.com from $91.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, September 1st. Wedbush restated an “outperform” rating and issued a $96.00 price objective (down previously from $98.00) on shares of Salesforce.com in a research report on Thursday, September 1st. Finally, RBC Capital Markets restated an “outperform” rating and issued a $85.00 price objective (down previously from $91.00) on shares of Salesforce.com in a research report on Thursday, September 1st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and forty-two have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $92.05.
Salesforce.com (NYSE:CRM) opened at 76.15 on Friday. The stock’s 50 day moving average is $73.85 and its 200-day moving average is $77.57. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48. The company has a market cap of $52.58 billion, a PE ratio of 258.14 and a beta of 1.55.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Thursday, November 17th. The CRM provider reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.03. The business earned $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. Salesforce.com had a net margin of 2.60% and a return on equity of 2.40%. The firm’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.21 earnings per share. Equities research analysts predict that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other Salesforce.com news, insider Alexandre Dayon sold 33,408 shares of Salesforce.com stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $77.97, for a total transaction of $2,604,821.76. Following the completion of the sale, the insider now directly owns 48,704 shares in the company, valued at approximately $3,797,450.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $79.35, for a total transaction of $991,875.00. Following the sale, the chief executive officer now owns 35,383,000 shares of the company’s stock, valued at $2,807,641,050. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. boosted its stake in shares of Salesforce.com by 1.3% in the second quarter. Cullen Frost Bankers Inc. now owns 206,019 shares of the CRM provider’s stock valued at $16,360,000 after buying an additional 2,648 shares during the last quarter. Bank of Montreal Can purchased a new position in Salesforce.com during the second quarter valued at about $31,592,000. Mizuho Trust & Banking Co. Ltd. boosted its position in Salesforce.com by 1.0% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 1,009,351 shares of the CRM provider’s stock valued at $80,153,000 after buying an additional 10,367 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Salesforce.com by 17.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,096,940 shares of the CRM provider’s stock valued at $87,108,000 after buying an additional 165,000 shares in the last quarter. Finally, Columbus Circle Investors purchased a new position in Salesforce.com during the second quarter valued at about $58,994,000. Institutional investors and hedge funds own 87.22% 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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