Salesforce.com Inc (CRM) Given “Outperform” Rating at Wedbush
Wedbush reissued their outperform rating on shares of Salesforce.com Inc (NYSE:CRM) in a research note issued to investors on Wednesday morning. The brokerage currently has a $108.00 target price on the CRM provider’s stock.
Several other analysts have also recently issued reports on the company. Benchmark Co. raised their target price on Salesforce.com from $100.00 to $110.00 and gave the stock a buy rating in a research note on Monday, May 15th. Zacks Investment Research cut Salesforce.com from a hold rating to a sell rating in a research note on Tuesday, May 2nd. Barclays PLC raised their target price on 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 started coverage on Salesforce.com in a research note 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 note on Monday, June 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and forty-five have issued a buy rating to the company. Salesforce.com currently has an average rating of Buy and a consensus price target of $101.72.
Salesforce.com (NYSE:CRM) opened at 94.10 on Wednesday. The firm has a 50-day moving average price of $90.44 and a 200 day moving average price of $86.60. Salesforce.com has a 1-year low of $66.43 and a 1-year high of $95.23. The firm’s market cap is $67.00 billion.
Salesforce.com (NYSE:CRM) last posted 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 company had revenue of $2.56 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 25.7% on a year-over-year basis. During the same period last year, the firm earned $0.24 earnings per share. Equities analysts predict that Salesforce.com will post $1.31 earnings per share for the current year.
In related news, EVP Burke F. Norton sold 574 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 $52,119.20. Following the sale, the executive vice president now directly owns 81,818 shares of the company’s stock, valued at approximately $7,429,074.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Amy E. Weaver sold 1,400 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $90.12, for a total transaction of $126,168.00. Following the completion of the sale, the insider now directly owns 17,913 shares in the company, valued at $1,614,319.56. The disclosure for this sale can be found here. Insiders have sold a total of 1,270,082 shares of company stock worth $114,312,463 over the last 90 days. Corporate insiders own 6.70% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Sigma Planning Corp raised its stake in Salesforce.com by 2.8% in the first quarter. Sigma Planning Corp now owns 5,068 shares of the CRM provider’s stock worth $418,000 after buying an additional 137 shares during the period. Fisher Asset Management LLC raised its stake in Salesforce.com by 2,292.5% in the first quarter. Fisher Asset Management LLC now owns 285,355 shares of the CRM provider’s stock worth $23,539,000 after buying an additional 273,428 shares during the period. Profund Advisors LLC raised its stake in Salesforce.com by 4.1% in the first quarter. Profund Advisors LLC now owns 65,530 shares of the CRM provider’s stock worth $5,406,000 after buying an additional 2,611 shares during the period. Riverbridge Partners LLC raised its stake in Salesforce.com by 16.5% in the first quarter. Riverbridge Partners LLC now owns 394,314 shares of the CRM provider’s stock worth $32,527,000 after buying an additional 55,725 shares during the period. Finally, Glen Harbor Capital Management LLC raised its stake in Salesforce.com by 4.3% in the first quarter. Glen Harbor Capital Management LLC now owns 46,200 shares of the CRM provider’s stock worth $3,811,000 after buying an additional 1,904 shares during the period. 86.29% of the stock is currently owned by 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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