SunTrust Banks Inc. Reiterates Buy Rating for Salesforce.com Inc. (CRM)
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating restated by investment analysts at SunTrust Banks Inc. in a research report issued to clients and investors on Thursday.
Several other research firms have also recently commented on CRM. Morgan Stanley reaffirmed an “overweight” rating and set a $107.00 price objective on shares of Salesforce.com in a research report on Monday, September 26th. DA Davidson reissued a “neutral” rating and issued a $86.00 target price on shares of Salesforce.com in a report on Wednesday, August 31st. Royal Bank Of Canada lowered their target price on Salesforce.com from $91.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, September 1st. BMO Capital Markets began coverage on Salesforce.com in a report on Tuesday, June 14th. They issued an “outperform” rating and a $98.00 target price on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $96.00 target price (down previously from $98.00) on shares of Salesforce.com in a report on Thursday, September 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have given a buy rating to the company’s stock. Salesforce.com currently has an average rating of “Buy” and a consensus target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded down 0.20% on Thursday, hitting $71.12. The stock had a trading volume of 5,141,386 shares. Salesforce.com has a 52 week low of $52.60 and a 52 week high of $84.48. The firm has a 50-day moving average price of $74.52 and a 200-day moving average price of $77.71. The stock has a market capitalization of $48.72 billion, a P/E ratio of 219.51 and a beta of 1.59.
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Salesforce.com (NYSE:CRM) last released 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 company had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the firm posted $0.19 earnings per share. Salesforce.com’s revenue was up 25.0% compared to the same quarter last year. Equities analysts expect that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In related news, EVP Amy E. Weaver sold 9,381 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $71.08, for a total transaction of $666,801.48. Following the transaction, the executive vice president now owns 23,261 shares of the company’s stock, valued at $1,653,391.88. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $71.17, for a total value of $889,625.00. Following the completion of the sale, the chairman now directly owns 35,033,000 shares in the company, valued at approximately $2,493,298,610. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Large investors have recently made changes to their positions in the company. Bernicke & Associates LTD raised its stake in shares of Salesforce.com by 8.5% in the first quarter. Bernicke & Associates LTD now owns 9,695 shares of the CRM provider’s stock valued at $716,000 after buying an additional 763 shares during the period. 1832 Asset Management L.P. raised its stake in shares of Salesforce.com by 1.7% in the first quarter. 1832 Asset Management L.P. now owns 1,829,100 shares of the CRM provider’s stock valued at $224,248,000 after buying an additional 30,600 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Salesforce.com by 6.9% in the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,393 shares of the CRM provider’s stock valued at $546,000 after buying an additional 475 shares in the last quarter. Ithaka Group LLC increased its position in shares of Salesforce.com by 1.4% in the first quarter. Ithaka Group LLC now owns 521,540 shares of the CRM provider’s stock valued at $38,505,000 after buying an additional 7,275 shares in the last quarter. Finally, AMF Pensionsforsakring AB increased its position in shares of Salesforce.com by 488.5% in the first quarter. AMF Pensionsforsakring AB now owns 602,629 shares of the CRM provider’s stock valued at $44,492,000 after buying an additional 500,229 shares in the last quarter. 87.23% of the stock is currently owned by institutional investors and hedge funds.
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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