Investors Sell Salesforce.com Inc (CRM) on Strength on Insider Selling
Investors sold shares of Salesforce.com Inc (NYSE:CRM) on strength during trading hours on Thursday after an insider sold shares in the company. $41.61 million flowed into the stock on the tick-up and $120.59 million flowed out of the stock on the tick-down, for a money net flow of $78.98 million out of the stock. Of all stocks tracked, Salesforce.com had the 0th highest net out-flow for the day. Salesforce.com traded up $0.21 for the day and closed at $95.73Specifically, CEO Marc Benioff sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 11th. The shares were sold at an average price of $88.22, for a total value of $882,200.00. Following the transaction, the chief executive officer now directly owns 34,195,300 shares of the company’s stock, valued at approximately $3,016,709,366. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Craig Conway sold 602 shares of the firm’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $94.76, for a total transaction of $57,045.52. Following the completion of the transaction, the director now directly owns 9,908 shares in the company, valued at $938,882.08. The disclosure for this sale can be found here. Insiders have sold a total of 536,343 shares of company stock worth $49,439,541 over the last ninety days. 6.20% of the stock is owned by insiders.
A number of analysts have commented on CRM shares. J P Morgan Chase & Co reiterated a “buy” rating and issued a $95.00 price objective on shares of Salesforce.com in a report on Wednesday, August 23rd. Drexel Hamilton reiterated a “buy” rating and issued a $111.00 price objective on shares of Salesforce.com in a report on Wednesday, August 23rd. SunTrust Banks, Inc. started coverage on shares of Salesforce.com in a report on Monday, June 26th. They issued a “buy” rating and a $110.00 price objective for the company. Vetr downgraded shares of Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $97.77 price objective for the company. in a report on Tuesday, July 11th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $90.00 price objective (down previously from $95.00) on shares of Salesforce.com in a report on Wednesday, August 23rd. One research 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 company. The stock has a consensus rating of “Buy” and an average price target of $102.66.
The firm’s 50 day moving average price is $94.50 and its 200-day moving average price is $89.17. The stock’s market capitalization is $68.80 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, beating the Zacks’ 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 analyst estimates of $2.52 billion. During the same quarter last year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 25.7% compared to the same quarter last year. On average, equities research analysts anticipate that Salesforce.com Inc will post $1.32 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in CRM. Appropriate Balance Financial Services Inc. increased its position in Salesforce.com by 6.9% during the second quarter. Appropriate Balance Financial Services Inc. now owns 513 shares of the CRM provider’s stock worth $5,928,000 after acquiring an additional 33 shares during the period. Capital Analysts LLC increased its position in Salesforce.com by 14.1% during the second quarter. Capital Analysts LLC now owns 1,266 shares of the CRM provider’s stock worth $110,000 after acquiring an additional 156 shares during the period. Peddock Capital Advisors LLC increased its position in Salesforce.com by 3,000.0% during the second quarter. Peddock Capital Advisors LLC now owns 1,395 shares of the CRM provider’s stock worth $121,000 after acquiring an additional 1,350 shares during the period. People s United Financial Inc. increased its position in Salesforce.com by 60.1% during the second quarter. People s United Financial Inc. now owns 1,465 shares of the CRM provider’s stock worth $127,000 after acquiring an additional 550 shares during the period. Finally, Shine Investment Advisory Services Inc. bought a new position in Salesforce.com during the second quarter worth $130,000. 86.06% 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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