Salesforce.com Inc (CRM) Announces Quarterly Earnings Results, Beats Expectations By $0.24 EPS
Salesforce.com Inc (NYSE:CRM) posted its quarterly earnings data on Tuesday. The CRM provider reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.24, Bloomberg Earnings reports. Salesforce.com had a return on equity of 1.80% and a net margin of 1.49%. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the previous year, the firm posted $0.24 EPS. Salesforce.com’s revenue was up 25.7% compared to the same quarter last year. Salesforce.com updated its Q3 guidance to $0.36-0.37 EPS and its FY18 guidance to $1.29-1.31 EPS.
Salesforce.com (NYSE CRM) opened at 92.95 on Wednesday. The stock has a market capitalization of $66.20 billion, a PE ratio of 491.80 and a beta of 1.29. The company’s 50-day moving average is $89.78 and its 200 day moving average is $86.30. Salesforce.com has a 12-month low of $66.43 and a 12-month high of $93.44. Salesforce.com also saw some unusual options trading activity on Tuesday. Stock investors purchased 23,180 put options on the stock. This is an increase of approximately 439% compared to the typical daily volume of 4,300 put options.
Several research analysts have recently weighed in on CRM shares. Stifel Nicolaus restated a “buy” rating and set a $105.00 target price (up from $100.00) on shares of Salesforce.com in a report on Friday, May 19th. Vetr upgraded Salesforce.com from a “hold” rating to a “buy” rating and set a $95.22 target price on the stock in a report on Monday, May 15th. Drexel Hamilton restated a “buy” rating and set a $100.00 target price on shares of Salesforce.com in a report on Monday, May 15th. Benchmark Co. boosted their target price on Salesforce.com from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, May 15th. Finally, Zacks Investment Research upgraded Salesforce.com from a “sell” rating to a “buy” rating and set a $97.00 target price on the stock in a report on Tuesday, May 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and forty-three have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $98.67.
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In related news, insider Amy E. Weaver sold 1,400 shares of Salesforce.com stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $90.12, for a total transaction of $126,168.00. Following the transaction, the insider now owns 17,913 shares of the company’s stock, valued at approximately $1,614,319.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Marc Benioff sold 10,000 shares of Salesforce.com stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $85.73, for a total transaction of $857,300.00. Following the transaction, the chairman now directly owns 34,195,300 shares in the company, valued at approximately $2,931,563,069. The disclosure for this sale can be found here. Insiders sold a total of 1,330,556 shares of company stock worth $119,743,697 in the last ninety days. Insiders own 6.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Analysts LLC increased its stake in shares of Salesforce.com by 14.1% in the second quarter. Capital Analysts LLC now owns 1,266 shares of the CRM provider’s stock valued at $110,000 after buying an additional 156 shares during the period. Peddock Capital Advisors LLC increased its stake in shares of Salesforce.com by 3,000.0% in the second quarter. Peddock Capital Advisors LLC now owns 1,395 shares of the CRM provider’s stock valued at $121,000 after buying an additional 1,350 shares during the period. People s United Financial Inc. increased its stake in shares of Salesforce.com by 60.1% in the second quarter. People s United Financial Inc. now owns 1,465 shares of the CRM provider’s stock valued at $127,000 after buying an additional 550 shares during the period. Shine Investment Advisory Services Inc. bought a new stake in shares of Salesforce.com during the second quarter valued at approximately $130,000. Finally, First Personal Financial Services increased its stake in shares of Salesforce.com by 7.5% in the first quarter. First Personal Financial Services now owns 1,611 shares of the CRM provider’s stock valued at $133,000 after buying an additional 112 shares during the period. 86.29% of the stock is currently owned by institutional investors and hedge funds.
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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