salesforce.com, inc. Trading 8.3% Higher on Strong Earnings (CRM)
Shares of salesforce.com, inc. (NYSE:CRM) traded up 8.3% during mid-day trading on Friday after the company announced better than expected quarterly earnings, Analyst Ratings Net reports. The stock traded as high as $61.01 and last traded at $60.34, with a volume of 18,186,073 shares. The stock had previously closed at $55.71.
The company reported $0.13 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.12 by $0.01. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same quarter in the prior year, the company posted $0.09 earnings per share. The company’s quarterly revenue was up 37.9% on a year-over-year basis.
CRM has been the subject of a number of recent research reports. Analysts at Deutsche Bank raised their price target on shares of salesforce.com, inc. from $65.00 to $70.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Pivotal Research raised their price target on shares of salesforce.com, inc. from $70.00 to $71.00 in a research note on Friday. They now have a “buy” rating on the stock. Finally, analysts at Morgan Stanley reiterated a “positive” rating on shares of salesforce.com, inc. in a research note on Thursday, June 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $67.34.
In other salesforce.com, inc. news, CEO Marc Benioff sold 60,000 shares of salesforce.com, inc. stock on the open market in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $54.78, for a total transaction of $3,286,800.00. The sale was disclosed in a document filed with the SEC, which is available at this link.
The stock’s 50-day moving average is $54.40 and its 200-day moving average is $56.09. The company’s market cap is $37.067 billion. salesforce.com, inc. also was the target of unusually large options trading on Thursday. Traders purchased 36,894 call options on the stock. This represents an increase of approximately 471% compared to the typical daily volume of 6,464 call options.
salesforce.com, inc. is a provider of enterprise cloud computing and social enterprise solutions. The Company provides a customer and collaboration relationship management (NYSE:CRM), applications through the Internet or cloud.
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