Salesforce.com Inc. (CRM) Receives “Buy” Rating from JMP Securities
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reaffirmed by research analysts at JMP Securities in a note issued to investors on Tuesday.
Several other research analysts have also recently issued reports on CRM. Bank of America Corp. reissued a “buy” rating on shares of Salesforce.com in a research note on Wednesday, June 8th. Brean Capital restated a “buy” rating and issued a $110.00 price objective on shares of Salesforce.com in a report on Thursday, June 9th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Salesforce.com in a report on Monday, June 13th. SunTrust Banks Inc. restated a “buy” rating and issued a $98.00 price objective on shares of Salesforce.com in a report on Tuesday, June 14th. Finally, BMO Capital Markets began coverage on Salesforce.com in a report on Tuesday, June 14th. They issued an “outperform” rating and a $98.00 price objective for the company. Two investment 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 stock. The stock has an average rating of “Buy” and a consensus price target of $92.56.
Shares of Salesforce.com (NYSE:CRM) opened at 70.91 on Tuesday. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48. The firm has a 50-day moving average price of $74.35 and a 200 day moving average price of $77.70. The stock has a market cap of $48.57 billion, a PE ratio of 218.86 and a beta of 1.59.
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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 (EPS) for the quarter, topping 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 earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the prior year, the business posted $0.19 earnings per share. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. Equities research 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 Friday, October 7th. The stock was sold at an average price of $70.96, for a total transaction of $887,000.00. Following the transaction, the chairman now owns 35,033,000 shares of the company’s stock, valued at $2,485,941,680. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Keith Block sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $81.57, for a total value of $815,700.00. Following the transaction, the chief operating officer now directly owns 10,000 shares in the company, valued at approximately $815,700. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CRM. Acadian Asset Management LLC increased its position in shares of Salesforce.com by 78.7% in the first quarter. Acadian Asset Management LLC now owns 5,605 shares of the CRM provider’s stock worth $414,000 after buying an additional 2,469 shares during the period. Ngam Advisors L.P. increased 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 worth $2,174,000 after buying an additional 7,986 shares during the period. Prudential Financial Inc. increased its position in shares of Salesforce.com by 0.7% in the first quarter. Prudential Financial Inc. now owns 822,780 shares of the CRM provider’s stock worth $60,745,000 after buying an additional 6,100 shares during the period. Mckinley Capital Management LLC Delaware increased its position in shares of Salesforce.com by 1.8% in the first quarter. Mckinley Capital Management LLC Delaware now owns 91,657 shares of the CRM provider’s stock worth $6,767,000 after buying an additional 1,587 shares during the period. Finally, Nikko Asset Management Americas Inc. acquired a new position in shares of Salesforce.com during the first quarter worth $282,000. 87.23% of the stock is currently owned by hedge funds and other institutional investors.
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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