Traders Buy Shares of Salesforce.com Inc. (CRM) on Weakness After Insider Selling
Investors bought shares of Salesforce.com Inc. (NYSE:CRM) on weakness during trading on Monday following insider selling activity. $134.06 million flowed into the stock on the tick-up and $105.04 million flowed out of the stock on the tick-down, for a money net flow of $29.02 million into the stock. Of all stocks tracked, Salesforce.com had the 13th highest net in-flow for the day. Salesforce.com traded down ($1.62) for the day and closed at $76.15Specifically, EVP Cynthia G. Robbins sold 681 shares of the firm’s stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $74.88, for a total transaction of $50,993.28. Following the completion of the transaction, the executive vice president now owns 2,666 shares in the company, valued at $199,630.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 21st. The shares were sold at an average price of $76.49, for a total value of $956,125.00. Following the transaction, the chairman now owns 34,635,500 shares of the company’s stock, valued at approximately $2,649,269,395. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Several analysts have issued reports on CRM shares. Cowen and Company reissued a “buy” rating on shares of Salesforce.com in a report on Sunday. DA Davidson set a $86.00 price objective on shares of Salesforce.com and gave the company a “hold” rating in a report on Sunday, September 11th. FBN Securities set a $90.00 price objective on shares of Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. Rosenblatt Securities set a $90.00 price objective on shares of Salesforce.com and gave the company a “buy” rating in a report on Saturday. Finally, Raymond James Financial Inc. set a $105.00 price objective on shares of Salesforce.com and gave the company a “buy” rating in a report on Sunday, September 4th. Two 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. The stock currently has an average rating of “Buy” and an average target price of $92.05.
The stock has a market capitalization of $52.58 billion, a price-to-earnings ratio of 258.14 and a beta of 1.55. The company has a 50 day moving average price of $73.85 and a 200 day moving average price of $77.57.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Thursday, November 17th. The CRM provider reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.03. Salesforce.com had a net margin of 2.60% and a return on equity of 2.40%. The company earned $2.14 billion during the quarter, compared to the consensus estimate of $2.12 billion. During the same period in the prior year, the company earned $0.21 EPS. Salesforce.com’s revenue was up 25.3% on a year-over-year basis. Analysts predict that Salesforce.com Inc. will post $0.95 EPS for the current year.
Institutional investors have recently modified their holdings of the stock. ETRADE Capital Management LLC increased 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 purchased a new position in Salesforce.com during the third quarter worth approximately $9,398,000. Marvin & Palmer Associates Inc. increased 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 increased 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 purchased a new position in Salesforce.com during the third quarter worth approximately $2,040,000. Institutional investors 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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