Salesforce.com Inc (CRM) Earns Buy Rating from FBN Securities
FBN Securities restated their buy rating on shares of Salesforce.com Inc (NYSE:CRM) in a research note issued to investors on Wednesday morning. They currently have a $105.00 target price on the CRM provider’s stock.
Several other brokerages have also recently issued reports on CRM. J P Morgan Chase & Co reiterated a buy rating and set a $95.00 price target on shares of Salesforce.com in a research report on Wednesday. Drexel Hamilton reiterated a buy rating and set a $111.00 price target on shares of Salesforce.com in a research report on Wednesday. Oppenheimer Holdings, Inc. reiterated a hold rating and set a $100.00 price target (up previously from $95.00) on shares of Salesforce.com in a research report on Friday, May 19th. Zacks Investment Research cut shares of Salesforce.com from a buy rating to a hold rating in a research report on Wednesday, May 10th. Finally, SunTrust Banks, Inc. initiated coverage on shares of Salesforce.com in a research report on Monday, June 26th. They set a buy rating and a $110.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and forty-five have assigned a buy rating to the company. Salesforce.com currently has an average rating of Buy and a consensus target price of $101.72.
Salesforce.com (NYSE CRM) traded down 0.05% 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 stock’s 50 day moving average price is $90.44 and its 200 day moving average price is $86.60. The company’s market cap is $67.00 billion.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.24. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same quarter in the previous year, the company earned $0.24 earnings per share. Salesforce.com’s quarterly revenue was up 25.7% on a year-over-year basis. Equities research analysts forecast that Salesforce.com will post $1.31 earnings per share for the current year.
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In other news, Chairman Marc Benioff sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $85.73, for a total value of $857,300.00. Following the completion of the sale, the chairman now owns 34,195,300 shares in the company, valued at approximately $2,931,563,069. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Parker Harris sold 8,027 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was 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 disclosure for this sale can be found here. Insiders have sold 1,270,082 shares of company stock valued at $114,312,463 in the last quarter. 6.70% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AMF Pensionsforsakring AB increased its position in Salesforce.com by 9.8% in the first quarter. AMF Pensionsforsakring AB now owns 759,615 shares of the CRM provider’s stock valued at $62,661,000 after buying an additional 67,760 shares in the last quarter. Schmidt P J Investment Management Inc. increased its position in Salesforce.com by 12.9% in the first quarter. Schmidt P J Investment Management Inc. now owns 4,890 shares of the CRM provider’s stock valued at $403,000 after buying an additional 560 shares in the last quarter. IFP Advisors Inc increased its position in Salesforce.com by 10.5% in the first quarter. IFP Advisors Inc now owns 6,642 shares of the CRM provider’s stock valued at $548,000 after buying an additional 630 shares in the last quarter. Shell Asset Management Co. increased its position in Salesforce.com by 0.7% in the first quarter. Shell Asset Management Co. now owns 72,793 shares of the CRM provider’s stock valued at $6,005,000 after buying an additional 497 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Salesforce.com by 7.3% in the first quarter. Janney Montgomery Scott LLC now owns 40,139 shares of the CRM provider’s stock valued at $3,311,000 after buying an additional 2,717 shares in the last quarter. 86.29% of the stock is currently 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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