Morgan Stanley Reaffirms “Overweight” Rating for Salesforce.com Inc (CRM)
Morgan Stanley reiterated their overweight rating on shares of Salesforce.com Inc (NYSE:CRM) in a report released on Thursday morning. They currently have a $127.00 price objective on the CRM provider’s stock, up from their prior price objective of $107.00.
A number of other brokerages have also recently weighed in on CRM. Societe Generale set a $130.00 price objective on Salesforce.com and gave the company a buy rating in a research note on Wednesday. Mizuho reaffirmed a buy rating and issued a $120.00 price objective (up from $110.00) on shares of Salesforce.com in a research note on Monday, November 13th. UBS AG assumed coverage on Salesforce.com in a research note on Thursday, November 9th. They issued a buy rating for the company. Zacks Investment Research lowered Salesforce.com from a hold rating to a sell rating in a report on Friday, November 10th. Finally, Deutsche Bank AG lifted their target price on Salesforce.com from $105.00 to $115.00 and gave the company a buy rating in a report on Wednesday, November 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and forty-six have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $108.49.
Shares of Salesforce.com (NYSE:CRM) traded up $0.55 during midday trading on Thursday, hitting $107.58. The stock had a trading volume of 4,265,981 shares, compared to its average volume of 4,410,367. Salesforce.com has a twelve month low of $66.43 and a twelve month high of $107.87. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $77,317.75, a PE ratio of 537.90, a PEG ratio of 10.67 and a beta of 1.24.
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In other news, insider Alexandre Dayon sold 124,331 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $99.00, for a total transaction of $12,308,769.00. Following the completion of the sale, the insider now directly owns 154,406 shares in the company, valued at approximately $15,286,194. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Keith Block sold 10,000 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $106.79, for a total value of $1,067,900.00. Following the sale, the insider now owns 24,154 shares of the company’s stock, valued at $2,579,405.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 553,725 shares of company stock valued at $54,048,238. Insiders own 6.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CRM. Capital Analysts LLC increased its holdings in Salesforce.com by 14.1% in the 2nd quarter. Capital Analysts LLC now owns 1,266 shares of the CRM provider’s stock valued at $110,000 after purchasing an additional 156 shares in the last quarter. Peddock Capital Advisors LLC increased its holdings in Salesforce.com by 3,000.0% in the 2nd quarter. Peddock Capital Advisors LLC now owns 1,395 shares of the CRM provider’s stock valued at $121,000 after purchasing an additional 1,350 shares in the last quarter. People s United Financial Inc. increased its holdings in Salesforce.com by 60.1% in the 2nd quarter. People s United Financial Inc. now owns 1,465 shares of the CRM provider’s stock valued at $127,000 after purchasing an additional 550 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new stake in Salesforce.com in the 2nd quarter valued at $130,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. increased its holdings in Salesforce.com by 204.3% in the 3rd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,400 shares of the CRM provider’s stock valued at $131,000 after purchasing an additional 940 shares in the last quarter. Hedge funds and other institutional investors own 86.14% 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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