Bank of America Corp. Reiterates “Buy” Rating for Salesforce.com Inc. (CRM)
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reaffirmed by equities research analysts at Bank of America Corp. in a research note issued to investors on Wednesday. They presently have a $70.52 price objective on the CRM provider’s stock, down from their prior price objective of $100.00. Bank of America Corp.’s price objective indicates a potential downside of 0.55% from the stock’s current price.
CRM has been the topic of a number of other research reports. JMP Securities reiterated a “buy” rating on shares of Salesforce.com in a research note on Tuesday. Vetr cut Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 price target for the company. in a research note on Thursday, August 25th. Barclays PLC reiterated an “overweight” rating and issued a $89.00 price target on shares of Salesforce.com in a research note on Sunday, October 2nd. Jefferies Group reiterated a “hold” rating and issued a $80.00 price target on shares of Salesforce.com in a research note on Thursday, September 1st. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Salesforce.com in a research note on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded down 0.49% on Wednesday, hitting $70.91. The company had a trading volume of 6,707,404 shares. The stock’s 50-day moving average is $74.35 and its 200 day moving average is $77.70. Salesforce.com has a 52 week low of $52.60 and a 52 week high of $84.48. The company has a market capitalization of $48.57 billion, a price-to-earnings ratio of 218.86 and a beta of 1.59.
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Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.02 billion. During the same quarter last year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. Equities analysts expect that Salesforce.com will post $0.95 EPS for the current year.
In related news, Director Susan Wojcicki acquired 1,356 shares of Salesforce.com stock in a transaction on Monday, September 19th. The stock was purchased at an average cost of $73.71 per share, with a total value of $99,950.76. Following the purchase, the director now directly owns 14,147 shares in the company, valued at $1,042,775.37. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $81.57, for a total value of $1,019,625.00. Following the sale, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at $2,886,191,310. The disclosure for this sale can be found here. 6.70% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Signaturefd LLC increased 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 period. M&R Capital Management Inc. acquired a new position in shares of Salesforce.com during the second quarter worth about $119,000. Ropes Wealth Advisors LLC increased 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 period. Mycio Wealth Partners LLC increased 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 period. Finally, Trust Co. of Vermont increased 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 period. 87.23% of the stock is owned by hedge funds and other institutional investors.
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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