Salesforce.com Inc. (CRM) Rating Reiterated by Canaccord Genuity
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reiterated by analysts at Canaccord Genuity in a report issued on Monday. They currently have a $95.00 price objective on the CRM provider’s stock. Canaccord Genuity’s price target indicates a potential upside of 33.97% from the stock’s current price.
Other research analysts have also recently issued reports about the company. SunTrust Banks Inc. reaffirmed a “buy” rating and issued a $98.00 target price on shares of Salesforce.com in a research report on Tuesday, June 14th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Salesforce.com in a research report on Monday, June 13th. Brean Capital reaffirmed a “buy” rating and issued a $110.00 target price on shares of Salesforce.com in a research report on Saturday, June 25th. Vetr cut Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $83.58 target price for the company. in a research report on Monday, July 4th. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Salesforce.com in a research report on Tuesday, June 28th. Two 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’s stock. Salesforce.com presently has a consensus rating of “Buy” and an average price target of $92.56.
Shares of Salesforce.com (NYSE:CRM) opened at 70.91 on Monday. Salesforce.com has a 12-month low of $52.60 and a 12-month 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. The company has a 50-day moving average of $74.35 and a 200 day moving average 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 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. The firm earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. Salesforce.com’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same period last year, the business earned $0.19 earnings per share. Equities analysts predict that Salesforce.com will post $0.95 EPS for the current year.
In other Salesforce.com news, insider Parker Harris sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $81.92, for a total value of $409,600.00. Following the transaction, the insider now owns 37,620 shares in the company, valued at $3,081,830.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 12,500 shares of the stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $81.92, for a total value of $1,024,000.00. Following the completion of the transaction, the chief executive officer now owns 35,383,000 shares in the company, valued at approximately $2,898,575,360. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Triangle Securities Wealth Management purchased a new position in shares of Salesforce.com during the third quarter valued at about $843,000. New England Research & Management Inc. purchased a new position in shares of Salesforce.com during the third quarter valued at about $449,000. Boltwood Capital Management raised its position in shares of Salesforce.com by 4.2% in the third quarter. Boltwood Capital Management now owns 11,345 shares of the CRM provider’s stock valued at $809,000 after buying an additional 460 shares during the last quarter. Fulton Bank N.A. raised its position in shares of Salesforce.com by 44.0% in the third quarter. Fulton Bank N.A. now owns 18,383 shares of the CRM provider’s stock valued at $1,311,000 after buying an additional 5,620 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of Salesforce.com by 4.4% in the third quarter. BNP Paribas Arbitrage SA now owns 3,330,380 shares of the CRM provider’s stock valued at $237,556,000 after buying an additional 139,700 shares during the last quarter. Institutional investors and hedge funds 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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