salesforce.com’s (CRM) “Outperform” Rating Reiterated at Wedbush
Wedbush restated their outperform rating on shares of salesforce.com (NYSE:CRM) in a research report released on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a $184.00 price objective on the CRM provider’s stock, down from their previous price objective of $192.00. Wedbush also issued estimates for salesforce.com’s Q2 2020 earnings at $0.13 EPS, Q3 2020 earnings at $0.25 EPS, Q4 2020 earnings at $0.31 EPS, FY2020 earnings at $1.27 EPS, Q1 2021 earnings at $0.35 EPS, Q2 2021 earnings at $0.39 EPS, Q3 2021 earnings at $0.39 EPS, Q4 2021 earnings at $0.43 EPS and FY2021 earnings at $1.55 EPS.
Several other equities research analysts have also recently issued reports on CRM. Nomura restated a buy rating and issued a $180.00 target price on shares of salesforce.com in a report on Tuesday, August 13th. SunTrust Banks raised their target price on shares of salesforce.com to $189.00 and gave the stock a buy rating in a report on Tuesday, June 11th. Jefferies Financial Group restated a buy rating and issued a $165.00 target price on shares of salesforce.com in a report on Friday, August 9th. They noted that the move was a valuation call. Evercore ISI set a $190.00 target price on shares of salesforce.com and gave the stock a buy rating in a report on Wednesday, August 7th. Finally, Morgan Stanley set a $178.00 target price on shares of salesforce.com and gave the stock a buy rating in a report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating, thirty-seven have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $179.79.
NYSE:CRM opened at $148.24 on Tuesday. The company’s 50 day moving average price is $151.52 and its 200-day moving average price is $156.22. salesforce.com has a 52 week low of $113.60 and a 52 week high of $167.56. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.34. The stock has a market cap of $112.94 billion, a price-to-earnings ratio of 102.23, a PEG ratio of 5.31 and a beta of 1.27.
In other salesforce.com news, CAO Joe Allanson sold 168 shares of salesforce.com stock in a transaction on Monday, June 24th. The shares were sold at an average price of $153.88, for a total value of $25,851.84. Following the sale, the chief accounting officer now directly owns 30,641 shares in the company, valued at approximately $4,715,037.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 5,000 shares of salesforce.com stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $156.07, for a total transaction of $780,350.00. Following the completion of the sale, the chief executive officer now owns 31,017 shares in the company, valued at $4,840,823.19. The disclosure for this sale can be found here. Insiders have sold a total of 297,406 shares of company stock worth $45,207,736 over the last 90 days. Insiders own 5.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC grew its stake in shares of salesforce.com by 0.8% in the 1st quarter. FMR LLC now owns 89,716,274 shares of the CRM provider’s stock worth $14,208,366,000 after buying an additional 698,321 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of salesforce.com by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 58,771,856 shares of the CRM provider’s stock worth $8,917,454,000 after buying an additional 1,491,307 shares in the last quarter. BlackRock Inc. grew its stake in shares of salesforce.com by 4.7% in the 2nd quarter. BlackRock Inc. now owns 56,165,345 shares of the CRM provider’s stock worth $8,521,967,000 after buying an additional 2,499,996 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of salesforce.com by 13.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 33,910,865 shares of the CRM provider’s stock worth $5,145,296,000 after buying an additional 4,046,077 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in shares of salesforce.com by 8.4% in the 2nd quarter. Jennison Associates LLC now owns 21,575,462 shares of the CRM provider’s stock worth $3,273,645,000 after buying an additional 1,673,392 shares in the last quarter. Institutional investors own 82.03% of the company’s stock.
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.
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