Credit Suisse Group Begins Coverage on salesforce.com (NYSE:CRM)
Investment analysts at Credit Suisse Group initiated coverage on shares of salesforce.com (NYSE:CRM) in a report issued on Monday, FinViz reports. The brokerage set an “outperform” rating and a $260.00 price target on the CRM provider’s stock. Credit Suisse Group’s price target indicates a potential upside of 17.01% from the company’s current price.
Several other research analysts have also weighed in on CRM. Loop Capital raised salesforce.com from a “sell” rating to a “hold” rating and set a $225.00 target price on the stock in a research report on Monday, January 25th. Bank of America reiterated a “buy” rating and set a $300.00 price target on shares of salesforce.com in a research note on Monday, February 22nd. Macquarie upped their price target on salesforce.com from $252.00 to $273.00 and gave the stock an “outperform” rating in a research note on Friday, February 26th. JPMorgan Chase & Co. set a $250.00 price target on salesforce.com and gave the stock a “buy” rating in a research note on Friday, February 26th. Finally, Sanford C. Bernstein set a $233.00 price target on salesforce.com and gave the stock a “neutral” rating in a research note on Friday, February 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-five have issued a buy rating and three have issued a strong buy rating to the company’s stock. salesforce.com presently has a consensus rating of “Buy” and an average price target of $269.03.
Shares of CRM stock opened at $222.20 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.22 and a quick ratio of 1.22. salesforce.com has a fifty-two week low of $145.00 and a fifty-two week high of $284.50. The stock’s 50-day moving average is $218.94 and its two-hundred day moving average is $233.22. The firm has a market cap of $204.65 billion, a P/E ratio of 57.65, a PEG ratio of 5.42 and a beta of 1.17.
In other news, insider Parker Harris sold 4,300 shares of the stock in a transaction that occurred on Tuesday, April 6th. The stock was sold at an average price of $220.48, for a total value of $948,064.00. Following the completion of the transaction, the insider now directly owns 70,634 shares of the company’s stock, valued at approximately $15,573,384.32. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Joe Allanson sold 225 shares of the stock in a transaction that occurred on Tuesday, March 23rd. The stock was sold at an average price of $215.95, for a total value of $48,588.75. Following the completion of the transaction, the chief accounting officer now directly owns 31,439 shares of the company’s stock, valued at $6,789,252.05. The disclosure for this sale can be found here. Insiders sold a total of 73,330 shares of company stock valued at $16,256,366 in the last quarter. Corporate insiders own 4.40% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CRM. Dimension Capital Management LLC acquired a new position in shares of salesforce.com in the 3rd quarter worth approximately $26,000. First Personal Financial Services acquired a new stake in salesforce.com during the 4th quarter valued at $32,000. Pacific Center for Financial Services increased its holdings in salesforce.com by 1,340.0% during the 4th quarter. Pacific Center for Financial Services now owns 144 shares of the CRM provider’s stock valued at $32,000 after purchasing an additional 134 shares in the last quarter. Larson Financial Group LLC increased its holdings in salesforce.com by 93.4% during the 4th quarter. Larson Financial Group LLC now owns 147 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 71 shares in the last quarter. Finally, Flagship Private Wealth LLC acquired a new stake in salesforce.com during the 4th quarter valued at $33,000. 80.20% of the stock is owned by institutional investors and hedge funds.
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management worldwide. 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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