Traders Buy Salesforce.com Inc. (CRM) on Weakness After Insider Selling
Investors purchased shares of Salesforce.com Inc. (NYSE:CRM) on weakness during trading on Tuesday following insider selling activity. $104.32 million flowed into the stock on the tick-up and $36.90 million flowed out of the stock on the tick-down, for a money net flow of $67.42 million into the stock. Of all stocks tracked, Salesforce.com had the 4th highest net in-flow for the day. Salesforce.com traded down ($0.09) for the day and closed at $72.91Specifically, Director Craig Conway sold 400 shares of the firm’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $81.86, for a total value of $32,744.00. Following the sale, the director now owns 9,268 shares of the company’s stock, valued at approximately $758,678.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Susan Wojcicki purchased 1,356 shares of the stock in a transaction on Monday, September 19th. The stock was acquired at an average cost of $73.71 per share, for a total transaction of $99,950.76. Following the acquisition, the director now owns 14,147 shares in the company, valued at $1,042,775.37. The disclosure for this purchase can be found here. Corporate insiders own 6.70% of the company’s stock.
CRM has been the topic of several recent analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $100.00 price target on shares of Salesforce.com in a report on Wednesday, June 1st. Morgan Stanley reaffirmed a “buy” rating on shares of Salesforce.com in a report on Tuesday, May 31st. Citigroup Inc. reaffirmed a “buy” rating on shares of Salesforce.com in a report on Wednesday, June 1st. Bank of America Corp. reaffirmed a “buy” rating on shares of Salesforce.com in a report on Wednesday, June 8th. Finally, Brean Capital reaffirmed a “buy” rating on shares of Salesforce.com in a report on Thursday, June 2nd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and forty-one have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $92.63.
The company’s 50-day moving average is $77.76 and its 200 day moving average is $77.80. The firm has a market cap of $49.94 billion, a price-to-earnings ratio of 225.03 and a beta of 1.57.
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Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The firm earned $2.04 billion during the quarter, compared to analyst estimates of $2.02 billion. During the same quarter in the prior year, the business posted $0.19 EPS. The business’s revenue for the quarter was up 25.0% compared to the same quarter last year. Analysts predict that Salesforce.com Inc. will post $0.95 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the stock. Soroban Capital Partners LP acquired a new stake in shares of Salesforce.com during the first quarter valued at approximately $290,380,000. Tybourne Capital Management HK Ltd. purchased a new position in shares of Salesforce.com during the first quarter worth about $72,518,000. Thrax Management LLC raised its position in shares of Salesforce.com by 42.5% in the first quarter. Thrax Management LLC now owns 401,562 shares of the CRM provider’s stock worth $29,647,000 after buying an additional 119,731 shares during the period. Arrowgrass Capital Partners US LP raised its position in shares of Salesforce.com by 16.3% in the first quarter. Arrowgrass Capital Partners US LP now owns 393,345 shares of the CRM provider’s stock worth $29,041,000 after buying an additional 55,152 shares during the period. Finally, National Pension Service raised its position in shares of Salesforce.com by 4.0% in the first quarter. National Pension Service now owns 352,715 shares of the CRM provider’s stock worth $26,041,000 after buying an additional 13,700 shares during the period. Hedge funds and other institutional investors own 87.68% of the company’s stock.
salesforce.com, inc. is a provider of enterprise cloud computing solutions, with a focus on customer relationship management (CRM). The Company’s Customer Success Platform, including sales force automation, customer service and support, marketing automation, community management, analytics, application development, Internet of Things (IoT) integration and its professional cloud services, provide the next-generation platform of enterprise applications and services.
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