Salesforce.com’s (CRM) Buy Rating Reiterated at Cowen and Company
Cowen and Company reaffirmed their buy rating on shares of Salesforce.com Inc (NYSE:CRM) in a report published on Wednesday morning. Cowen and Company currently has a $100.00 target price on the CRM provider’s stock.
Several other research analysts also recently commented on CRM. Barclays PLC raised their price target on shares of Salesforce.com from $89.00 to $97.00 and gave the stock an overweight rating in a research note on Wednesday, April 26th. Credit Suisse Group assumed coverage on shares of Salesforce.com in a research note on Thursday, April 27th. They issued an outperform rating and a $110.00 price target on the stock. Benchmark Co. assumed 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 analyst has rated the stock with a sell rating, seven have assigned a hold rating and forty-five have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $101.72.
Shares of Salesforce.com (CRM) traded down 0.05% during mid-day trading on Wednesday, reaching $94.10. The company’s stock had a trading volume of 5,310,995 shares. Salesforce.com has a 12 month low of $66.43 and a 12 month high of $95.23. The company’s 50-day moving average is $90.44 and its 200 day moving average is $86.60. The firm’s market cap is $67.00 billion.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.24. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.52 billion. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The firm’s revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. On average, equities analysts anticipate that Salesforce.com will post $1.31 EPS for the current year.
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In other news, insider Parker Harris sold 8,027 shares of Salesforce.com stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $92.75, for a total transaction of $744,504.25. Following the completion of the transaction, the insider now owns 49,913 shares of the company’s stock, valued at approximately $4,629,430.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark J. Hawkins sold 490 shares of Salesforce.com stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $93.52, for a total value of $45,824.80. Following the transaction, the chief financial officer now directly owns 14,886 shares of the company’s stock, valued at approximately $1,392,138.72. The disclosure for this sale can be found here. In the last three months, insiders sold 1,270,082 shares of company stock valued at $114,312,463. 6.70% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. Capital Analysts LLC boosted its stake in Salesforce.com by 14.1% in the second quarter. Capital Analysts LLC now owns 1,266 shares of the CRM provider’s stock worth $110,000 after buying an additional 156 shares in the last quarter. Peddock Capital Advisors LLC boosted its stake in 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. boosted its stake in 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. acquired a new stake in Salesforce.com during the second quarter valued at approximately $130,000. Finally, First Personal Financial Services boosted its stake in 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. 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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