Investors Sell Salesforce.com Inc. (CRM) on Strength on Insider Selling
Traders sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading on Friday after an insider sold shares in the company. $256.69 million flowed into the stock on the tick-up and $292.50 million flowed out of the stock on the tick-down, for a money net flow of $35.81 million out of the stock. Of all stocks tracked, Salesforce.com had the 20th highest net out-flow for the day. Salesforce.com traded up $2.84 for the day and closed at $71.26Specifically, Chairman Marc Benioff sold 37,500 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $81.64, for a total value of $3,061,500.00. Following the sale, the chairman now directly owns 35,383,000 shares in the company, valued at approximately $2,888,668,120. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alexandre Dayon sold 2,158 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $73.82, for a total transaction of $159,303.56. Following the completion of the sale, the insider now owns 17,454 shares in the company, valued at $1,288,454.28. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
A number of analysts recently issued reports on the company. Brean Capital reissued a “buy” rating and set a $110.00 target price on shares of Salesforce.com in a research note on Thursday, June 9th. Morgan Stanley lowered their target price on Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Cowen and Company assumed coverage on Salesforce.com in a research note on Friday, June 24th. They set an “outperform” rating and a $79.39 target price for the company. Goldman Sachs Group Inc. reissued a “buy” rating on shares of Salesforce.com in a research note on Monday, June 13th. Finally, Jefferies Group reissued a “hold” rating and set a $80.00 target price on shares of Salesforce.com in a research note on Tuesday, July 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have issued a buy rating to the company’s stock. Salesforce.com has an average rating of “Buy” and a consensus target price of $92.56.
The stock has a market capitalization of $48.57 billion, a P/E ratio of 218.86 and a beta of 1.59. The firm has a 50-day moving average of $74.35 and a 200-day moving average of $77.70.
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Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the company posted $0.19 earnings per share. The firm’s revenue was up 25.0% on a year-over-year basis. Analysts forecast that Salesforce.com Inc. will post $0.95 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC boosted its position in shares of Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock worth $107,000 after buying an additional 693 shares during the last quarter. M&R Capital Management Inc. bought a new position in shares of Salesforce.com during the second quarter worth about $119,000. Ropes Wealth Advisors LLC boosted its position in shares of Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock worth $143,000 after buying an additional 1,009 shares during the last quarter. Mycio Wealth Partners LLC boosted its position in shares of Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock worth $149,000 after buying an additional 44 shares during the last quarter. Finally, Trust Co. of Vermont boosted its position in shares of Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock worth $154,000 after buying an additional 1,071 shares during the last quarter. Institutional investors and hedge funds own 87.23% of the company’s stock.
Salesforce.com Company Profile
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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