Salesforce.com Inc. (CRM) Rating Reiterated by Citigroup Inc.
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reiterated by equities researchers at Citigroup Inc. in a report issued on Saturday. They currently have a $89.00 target price on the CRM provider’s stock. Citigroup Inc.’s target price indicates a potential upside of 25.51% from the stock’s previous close.
Several other brokerages also recently weighed in on CRM. Morgan Stanley reiterated an “overweight” rating and issued a $107.00 price objective on shares of Salesforce.com in a research report on Monday, September 26th. DA Davidson restated a “neutral” rating and set a $86.00 price target on shares of Salesforce.com in a research report on Wednesday, August 31st. Royal Bank Of Canada dropped their price target on shares of Salesforce.com from $91.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, September 1st. BMO Capital Markets began coverage on shares of Salesforce.com in a research report on Tuesday, June 14th. They set an “outperform” rating and a $98.00 price target on the stock. Finally, Wedbush restated an “outperform” rating and set a $96.00 price target (down from $98.00) on shares of Salesforce.com in a research report on Thursday, September 1st. Two 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 stock. The stock currently has an average rating of “Buy” and a consensus price target of $92.56.
Salesforce.com (NYSE:CRM) opened at 70.91 on Friday. The firm has a 50 day moving average of $74.35 and a 200 day moving average of $77.70. Salesforce.com has a 1-year low of $52.60 and a 1-year high of $84.48. The firm has a market cap of $48.57 billion, a P/E 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 the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. Salesforce.com’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same period last year, the firm posted $0.19 EPS. On average, equities research analysts expect that Salesforce.com will post $0.95 EPS for the current year.
In related news, Director Craig Conway sold 400 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $81.86, for a total value of $32,744.00. Following the completion of the transaction, the director now directly owns 9,268 shares of the company’s stock, valued at $758,678.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction on Monday, July 11th. The shares were sold at an average price of $81.57, for a total transaction of $1,019,625.00. Following the completion of the transaction, 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. Insiders own 6.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC boosted its position in Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares in the last quarter. M&R Capital Management Inc. acquired a new stake in shares of Salesforce.com during the second quarter valued at about $119,000. Ropes Wealth Advisors LLC increased its stake 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 valued at $143,000 after buying an additional 1,009 shares in the last quarter. Mycio Wealth Partners LLC increased its stake 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 valued at $149,000 after buying an additional 44 shares in the last quarter. Finally, Trust Co. of Vermont increased its stake 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 valued at $154,000 after buying an additional 1,071 shares in the last quarter. 87.23% of the stock is owned by institutional investors and hedge funds.
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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