Bank of America Corporation Reaffirms Buy Rating for Salesforce.com Inc (CRM)
Bank of America Corporation reissued their buy rating on shares of Salesforce.com Inc (NYSE:CRM) in a report released on Thursday. Bank of America Corporation currently has a $100.00 price target on the CRM provider’s stock.
A number of other equities analysts have also issued reports on the company. Benchmark Co. upped their target price on Salesforce.com from $100.00 to $110.00 and gave the company a buy rating in a research report on Monday, May 15th. Zacks Investment Research lowered Salesforce.com from a hold rating to a sell rating in a research report on Tuesday, May 2nd. Barclays PLC upped their target price on 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 initiated coverage on Salesforce.com in a research report on Thursday, April 27th. They issued an outperform rating and a $110.00 target price on the stock. Finally, Vetr raised Salesforce.com from a buy rating to a strong-buy rating and set a $100.19 target price on the stock in a research report on Monday, June 12th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and forty-five have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $101.72.
Shares of Salesforce.com (NYSE:CRM) traded down 0.05% during midday trading on Thursday, reaching $94.10. 5,310,995 shares of the company were exchanged. The firm 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 firm’s market capitalization is $67.00 billion.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.09 by $0.24. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.52 billion. Salesforce.com had a positive return on equity of 1.83% and a negative net margin of 0.85%. Salesforce.com’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. On average, equities research analysts expect that Salesforce.com will post $1.31 EPS for the current year.
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In other news, Chairman Marc Benioff sold 10,000 shares of the stock in a transaction dated 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 owns 34,195,300 shares of the company’s stock, valued at approximately $2,931,563,069. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark J. Hawkins sold 991 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $90.80, for a total value of $89,982.80. Following the transaction, the chief financial officer now directly owns 14,951 shares in the company, valued at approximately $1,357,550.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,270,082 shares of company stock worth $114,312,463. Insiders own 6.70% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of 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 worth $3,996,548,000 after buying an additional 2,268,623 shares in the last quarter. 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 in 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 in 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 in 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 in the last quarter. 86.29% of the stock is currently owned by institutional investors and hedge funds.
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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