Investors Sell Salesforce.com Inc. (CRM) on Strength Following Insider Selling
Investors sold shares of Salesforce.com Inc. (NYSE:CRM) on strength during trading on Monday following insider selling activity. $339.33 million flowed into the stock on the tick-up and $384.10 million flowed out of the stock on the tick-down, for a money net flow of $44.77 million out of the stock. Of all stocks tracked, Salesforce.com had the 11th highest net out-flow for the day. Salesforce.com traded up $4.19 for the day and closed at $75.10Specifically, Chairman Marc Benioff sold 12,500 shares of the stock in a transaction dated Friday, October 7th. The stock was sold at an average price of $70.96, for a total value of $887,000.00. Following the completion of the sale, the chairman now owns 35,033,000 shares in the company, valued at $2,485,941,680. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Parker Harris sold 5,000 shares of the stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $81.92, for a total value of $409,600.00. Following the completion of the sale, the insider now owns 37,620 shares of the company’s stock, valued at approximately $3,081,830.40. The disclosure for this sale can be found here. 6.70% of the stock is owned by insiders.
A number of research firms have recently issued reports on CRM. Morgan Stanley lowered their target price on Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Cowen and Company began coverage on Salesforce.com in a research note on Friday, June 24th. They issued an “outperform” rating and a $79.39 target price for the company. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Salesforce.com in a research note on Monday, June 13th. Jefferies Group reiterated a “hold” rating and issued a $80.00 target price on shares of Salesforce.com in a research note on Tuesday, July 12th. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and issued a $100.00 target price on shares of Salesforce.com in a research note on Monday, August 15th. Two equities research 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. Salesforce.com currently has a consensus rating of “Buy” and an average target price of $92.56.
The firm has a market cap of $51.44 billion, a price-to-earnings ratio of 231.79 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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same period last year, the business posted $0.19 EPS. Salesforce.com’s revenue was up 25.0% on a year-over-year basis. Equities research analysts anticipate that Salesforce.com Inc. will post $0.95 earnings per share for the current year.
Large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock valued at $3,130,829,000 after buying an additional 1,181,756 shares during the period. Jennison Associates LLC increased its stake in shares of Salesforce.com by 0.9% in the second quarter. Jennison Associates LLC now owns 20,109,339 shares of the CRM provider’s stock valued at $1,596,883,000 after buying an additional 183,663 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in shares of Salesforce.com by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 16,394,124 shares of the CRM provider’s stock valued at $1,301,857,000 after buying an additional 127,481 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Salesforce.com by 4.5% in the second quarter. Ameriprise Financial Inc. now owns 8,227,065 shares of the CRM provider’s stock valued at $653,308,000 after buying an additional 353,274 shares during the period. Finally, Baillie Gifford & Co. increased its stake in shares of Salesforce.com by 0.7% in the second quarter. Baillie Gifford & Co. now owns 6,981,936 shares of the CRM provider’s stock valued at $554,435,000 after buying an additional 47,955 shares during the period. Hedge funds and other institutional investors own 87.23% of the company’s stock.
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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