Salesforce.com Inc (CRM) Rating Reiterated by MKM Partners
Salesforce.com Inc (NYSE:CRM)‘s stock had its “buy” rating reaffirmed by research analysts at MKM Partners in a research note issued on Thursday. They presently have a $104.00 price objective on the CRM provider’s stock. MKM Partners’ target price points to a potential upside of 11.74% from the stock’s current price.
A number of other research analysts also recently commented on CRM. Barclays PLC raised their target price on shares of Salesforce.com from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, April 26th. Credit Suisse Group started coverage on shares of Salesforce.com in a research report on Thursday, April 27th. They set an “outperform” rating and a $110.00 target price on the stock. Benchmark Co. started coverage on shares of Salesforce.com in a research report on Thursday, April 27th. They set an “outperform” rating and a $100.00 target price on the stock. Zacks Investment Research downgraded shares of Salesforce.com from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $100.00 target price on shares of Salesforce.com in a research report on Sunday, May 14th. One 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. The stock has an average rating of “Buy” and a consensus target price of $103.07.
Salesforce.com (NYSE CRM) opened at 93.07 on Thursday. The firm has a market capitalization of $66.28 billion, a P/E 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 has a one year low of $66.43 and a one year high of $94.63. Salesforce.com also was the recipient of unusually large options trading activity on Tuesday. Stock traders purchased 23,180 put options on the stock. This represents an increase of approximately 439% compared to the typical volume of 4,300 put options.
Salesforce.com (NYSE:CRM) last released its earnings results on Tuesday, August 22nd. 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. The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.52 billion. Salesforce.com had a net margin of 1.49% and a return on equity of 1.80%. The business’s revenue was up 25.7% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. On average, equities research analysts predict that Salesforce.com will post $1.30 earnings per share for the current fiscal year.
In other news, insider Amy E. Weaver sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $87.04, for a total value of $121,856.00. Following the transaction, the insider now owns 16,513 shares in the company, valued at $1,437,291.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Marc Benioff sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $90.84, for a total transaction of $908,400.00. Following the completion of the transaction, the chairman now owns 34,195,300 shares in the company, valued at approximately $3,106,301,052. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,280,938 shares of company stock valued at $115,298,087. Insiders own 6.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Sentry Investment Management LLC boosted its position in Salesforce.com by 1.1% in the second quarter. Sentry Investment Management LLC now owns 51,926 shares of the CRM provider’s stock valued at $4,497,000 after buying an additional 543 shares during the last quarter. WFG Advisors LP raised its position in Salesforce.com by 130.2% in the second quarter. WFG Advisors LP now owns 1,837 shares of the CRM provider’s stock valued at $159,000 after buying an additional 1,039 shares during the period. Toronto Dominion Bank raised its position in Salesforce.com by 28.2% in the second quarter. Toronto Dominion Bank now owns 226,456 shares of the CRM provider’s stock valued at $19,607,000 after buying an additional 49,835 shares during the period. Cetera Investment Advisers acquired a new position in Salesforce.com during the second quarter valued at approximately $257,000. Finally, Advisory Services Network LLC raised its position in Salesforce.com by 7.7% in the second quarter. Advisory Services Network LLC now owns 18,642 shares of the CRM provider’s stock valued at $1,614,000 after buying an additional 1,331 shares during the period. 86.29% of the stock is owned by hedge funds and other institutional investors.
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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