Salesforce.com Inc. (CRM) Stock Rating Reaffirmed by Citigroup Inc.
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reaffirmed by equities researchers at Citigroup Inc. in a note issued to investors on Saturday. They presently have a $89.00 price target on the CRM provider’s stock. Citigroup Inc.’s price target indicates a potential upside of 25.51% from the stock’s current price.
Other analysts have also recently issued research reports about the stock. Bank of America Corp. reiterated a “buy” rating and issued a $77.82 price target (down previously from $100.00) on shares of Salesforce.com in a research note on Thursday, August 25th. Jefferies Group reiterated a “hold” rating and issued a $80.00 price target on shares of Salesforce.com in a research note on Tuesday, July 12th. Piper Jaffray Cos. reiterated a “buy” rating and issued a $100.00 price target on shares of Salesforce.com in a research note on Thursday, September 1st. Cowen and Company reiterated an “outperform” rating and issued a $100.00 price target on shares of Salesforce.com in a research note on Monday, October 3rd. Finally, DA Davidson decreased their price target on shares of Salesforce.com from $86.00 to $80.00 and set a “neutral” rating on the stock in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) opened at 70.91 on Friday. Salesforce.com has a 1-year low of $52.60 and a 1-year high of $84.48. The company has a market capitalization of $48.57 billion, a PE ratio of 218.86 and a beta of 1.59. The company has a 50 day moving average price of $74.35 and a 200 day moving average price of $77.70.
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Salesforce.com (NYSE:CRM) last issued its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The company earned $2.04 billion during 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 quarter in the prior year, the firm posted $0.19 EPS. Equities analysts predict that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other Salesforce.com news, Chairman Marc Benioff sold 12,500 shares of the business’s stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $71.17, for a total transaction of $889,625.00. Following the completion of the transaction, the chairman now owns 35,033,000 shares in the company, valued at approximately $2,493,298,610. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Parker Harris sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $70.13, for a total transaction of $350,650.00. Following the transaction, the insider now owns 39,467 shares of the company’s stock, valued at approximately $2,767,820.71. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ngam Advisors L.P. boosted its position in shares of Salesforce.com by 37.2% in the first quarter. Ngam Advisors L.P. now owns 29,442 shares of the CRM provider’s stock valued at $2,174,000 after buying an additional 7,986 shares during the last quarter. NN Investment Partners Holdings N.V. bought a new position in shares of Salesforce.com during the first quarter valued at about $3,993,000. Bessemer Group Inc. boosted its position in shares of Salesforce.com by 65.3% in the first quarter. Bessemer Group Inc. now owns 5,997 shares of the CRM provider’s stock valued at $442,000 after buying an additional 2,370 shares during the last quarter. A.R. Schmeidler & Co. Inc. boosted its position in shares of Salesforce.com by 125.2% in the first quarter. A.R. Schmeidler & Co. Inc. now owns 99,181 shares of the CRM provider’s stock valued at $7,323,000 after buying an additional 55,143 shares during the last quarter. Finally, AMF Pensionsforsakring AB boosted 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 during the last quarter. Institutional investors 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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