Piper Jaffray Companies Increases Salesforce.com Inc (CRM) Price Target to $115.00
Salesforce.com Inc (NYSE:CRM) had its price objective increased by equities researchers at Piper Jaffray Companies from $110.00 to $115.00 in a report issued on Thursday. The firm presently has an “overweight” rating on the CRM provider’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 23.56% from the company’s previous close.
A number of other equities analysts also recently weighed in on CRM. Wedbush restated an “outperform” rating and issued a $108.00 price target on shares of Salesforce.com in a report on Wednesday. Vetr cut shares of Salesforce.com from a “buy” rating to a “hold” rating and set a $93.21 price objective for the company. in a report on Tuesday, August 15th. Northland Securities reiterated a “buy” rating and set a $105.00 price objective on shares of Salesforce.com in a report on Wednesday. Societe Generale set a $110.00 price target on shares of Salesforce.com and gave the stock a “buy” rating in a report on Thursday. Finally, Jefferies Group LLC set a $84.00 price target on shares of Salesforce.com and gave the stock a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and forty-five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $103.07.
Salesforce.com (CRM) opened at 93.07 on Thursday. Salesforce.com has a one year low of $66.43 and a one year high of $94.63. The firm has a market capitalization of $66.28 billion, a PE ratio of 492.43 and a beta of 1.29. The stock’s 50 day moving average is $90.06 and its 200-day moving average is $86.44. Salesforce.com also was the recipient of some unusual options trading activity on Tuesday. Stock traders purchased 23,180 put options on the stock. This is an increase of approximately 439% compared to the average daily volume of 4,300 put options.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.24. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.52 billion. Salesforce.com had a net margin of 1.49% and a return on equity of 1.80%. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share. On average, analysts anticipate that Salesforce.com will post $1.30 EPS for the current fiscal year.
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In related news, Chairman Marc Benioff sold 10,000 shares of the company’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $90.84, for a total value of $908,400.00. Following the completion of the transaction, the chairman now directly owns 34,195,300 shares of the company’s stock, valued at approximately $3,106,301,052. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Amy E. Weaver sold 1,400 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $90.12, for a total transaction of $126,168.00. Following the completion of the transaction, the insider now directly owns 17,913 shares of the company’s stock, valued at $1,614,319.56. The disclosure for this sale can be found here. Insiders sold a total of 1,280,938 shares of company stock valued at $115,298,087 in the last three months. 6.70% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Capital Analysts LLC increased its position in 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 last quarter. Peddock Capital Advisors LLC increased its position 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 worth $121,000 after buying an additional 1,350 shares in the last quarter. People s United Financial Inc. increased its position 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 worth $127,000 after buying an additional 550 shares in the last quarter. Shine Investment Advisory Services Inc. purchased a new position in shares of Salesforce.com during the second quarter worth $130,000. Finally, First Personal Financial Services increased its position 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 worth $133,000 after buying an additional 112 shares in the last quarter. Hedge funds and other institutional investors own 86.29% of the company’s stock.
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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