Investors 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 hours on Thursday following insider selling activity. $91.62 million flowed into the stock on the tick-up and $38.86 million flowed out of the stock on the tick-down, for a money net flow of $52.76 million into the stock. Of all companies tracked, Salesforce.com had the 4th highest net in-flow for the day. Salesforce.com traded down ($0.65) for the day and closed at $86.85Specifically, EVP Burke F. Norton sold 379,189 shares of the business’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $91.37, for a total transaction of $34,646,498.93. Following the completion of the sale, the executive vice president now owns 82,843 shares of the company’s stock, valued at $7,569,364.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Marc Benioff sold 10,000 shares of the business’s stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $83.92, for a total transaction of $839,200.00. Following the sale, the chairman now directly owns 34,195,300 shares of the company’s stock, valued at approximately $2,869,669,576. The disclosure for this sale can be found here. Insiders have sold 1,400,211 shares of company stock valued at $124,871,703 over the last quarter. Insiders own 6.70% of the company’s stock.
Several research firms have weighed in on CRM. Vetr downgraded shares of Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $97.77 price objective on the stock. in a research report on Tuesday, July 11th. Zacks Investment Research downgraded shares of Salesforce.com from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. SunTrust Banks, Inc. began coverage on shares of Salesforce.com in a research report on Monday, June 26th. They issued a “buy” rating and a $110.00 price objective on the stock. Northland Securities set a $105.00 target price on shares of Salesforce.com and gave the company a “buy” rating in a research report on Saturday, June 24th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $80.00 target price on shares of Salesforce.com in a research report on Friday, June 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and forty-one have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $97.41.
The firm has a market cap of $64.10 billion, a P/E ratio of 476.19 and a beta of 1.28. The firm’s 50-day moving average price is $88.71 and its 200 day moving average price is $82.11.
Salesforce.com (NYSE:CRM) last announced its earnings results on Thursday, May 18th. The CRM provider reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.02. Salesforce.com had a return on equity of 1.80% and a net margin of 1.49%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the firm earned $0.24 EPS. Salesforce.com’s revenue for the quarter was up 24.6% compared to the same quarter last year. Analysts forecast that Salesforce.com Inc will post $1.30 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Salesforce.com by 4.7% in the first quarter. Vanguard Group Inc. now owns 43,880,907 shares of the CRM provider’s stock worth $3,619,736,000 after buying an additional 1,956,427 shares during the last quarter. Janus Capital Management LLC boosted its position in shares of Salesforce.com by 21.6% in the first quarter. Janus Capital Management LLC now owns 10,755,181 shares of the CRM provider’s stock worth $927,363,000 after buying an additional 1,910,921 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Salesforce.com by 34.8% in the first quarter. Alliancebernstein L.P. now owns 2,530,351 shares of the CRM provider’s stock worth $208,729,000 after buying an additional 653,152 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Salesforce.com by 31.4% in the fourth quarter. Teachers Advisors LLC now owns 2,653,210 shares of the CRM provider’s stock worth $181,639,000 after buying an additional 633,760 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Salesforce.com by 11.2% in the first quarter. Geode Capital Management LLC now owns 5,793,802 shares of the CRM provider’s stock worth $477,183,000 after buying an additional 583,131 shares during the last quarter. 85.61% of the stock is currently owned by hedge funds and other institutional investors.
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Salesforce.com Company Profile
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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