Salesforce.com Inc (CRM) Stock Rating Reaffirmed by Wells Fargo & Company
Salesforce.com Inc (NYSE:CRM)‘s stock had its “buy” rating restated by Wells Fargo & Company in a research note issued on Thursday. They presently have a $100.00 target price on the CRM provider’s stock. Wells Fargo & Company’s price target would indicate a potential upside of 6.27% from the company’s previous close.
A number of other analysts also recently weighed in on CRM. Vetr upgraded Salesforce.com from a “hold” rating to a “buy” rating and set a $95.22 price target on the stock in a research note on Monday, May 15th. Zacks Investment Research cut Salesforce.com from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Credit Suisse Group initiated coverage on Salesforce.com in a report on Thursday, April 27th. They set an “outperform” rating and a $110.00 price objective for the company. Royal Bank Of Canada reaffirmed a “buy” rating and set a $102.00 price objective on shares of Salesforce.com in a report on Monday, July 31st. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Salesforce.com in a report on Sunday, May 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and forty-five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $101.72.
Salesforce.com (NYSE CRM) opened at 94.10 on Thursday. The stock has a 50 day moving average of $90.44 and a 200 day moving average of $86.60. Salesforce.com has a 52 week low of $66.43 and a 52 week high of $95.23. The company’s market cap is $67.00 billion.
Salesforce.com (NYSE:CRM) last announced its earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.24. Salesforce.com had a positive return on equity of 1.83% and a negative net margin of 0.85%. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the business posted $0.24 EPS. The company’s revenue was up 25.7% on a year-over-year basis. Equities research analysts predict that Salesforce.com will post $1.31 EPS for the current fiscal year.
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In other Salesforce.com news, insider Parker Harris sold 8,027 shares of Salesforce.com stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $90.82, for a total transaction of $729,012.14. Following the completion of the sale, the insider now owns 49,913 shares of the company’s stock, valued at approximately $4,533,098.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 10,000 shares of Salesforce.com stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $91.24, for a total transaction of $912,400.00. Following the sale, the chief executive officer now directly owns 34,195,300 shares of the company’s stock, valued at approximately $3,119,979,172. The disclosure for this sale can be found here. Insiders sold a total of 1,270,082 shares of company stock valued at $114,312,463 in the last 90 days. 6.70% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Salesforce.com by 5.2% in the second quarter. Vanguard Group Inc. now owns 46,149,530 shares of the CRM provider’s stock valued at $3,996,548,000 after buying an additional 2,268,623 shares during the period. Jennison Associates LLC raised its position in shares of Salesforce.com by 17.0% in the second quarter. Jennison Associates LLC now owns 18,819,812 shares of the CRM provider’s stock worth $1,629,796,000 after buying an additional 2,740,329 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Salesforce.com by 911.7% in the second quarter. Janus Henderson Group PLC now owns 12,759,741 shares of the CRM provider’s stock worth $1,104,945,000 after buying an additional 11,498,509 shares during the last quarter. Janus Capital Management LLC raised 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. Finally, TIAA CREF Investment Management LLC raised its position in shares of Salesforce.com by 6.8% in the second quarter. TIAA CREF Investment Management LLC now owns 9,344,787 shares of the CRM provider’s stock worth $809,259,000 after buying an additional 592,409 shares during the last quarter. 86.29% of the stock is owned by institutional investors.
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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