Salesforce.com Inc. (CRM) Rating Reiterated by Canaccord Genuity
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating restated by research analysts at Canaccord Genuity in a research note issued to investors on Monday. They presently have a $95.00 target price on the CRM provider’s stock. Canaccord Genuity’s price objective points to a potential upside of 33.97% from the stock’s current price.
A number of other analysts have also weighed in on CRM. SunTrust Banks Inc. restated a “buy” rating and set a $98.00 price objective on shares of Salesforce.com in a research note on Tuesday, June 14th. Goldman Sachs Group Inc. restated a “buy” rating on shares of Salesforce.com in a research note on Monday, June 13th. Brean Capital restated a “buy” rating and set a $110.00 price objective on shares of Salesforce.com in a research note on Saturday, June 25th. Vetr lowered shares of Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $83.58 price objective for the company. in a research note on Monday, July 4th. Finally, Morgan Stanley restated a “buy” rating on shares of Salesforce.com in a research note on Tuesday, June 28th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-four have issued a buy rating to the stock. Salesforce.com has an average rating of “Buy” and a consensus target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) opened at 70.91 on Monday. The company’s 50 day moving average is $74.35 and its 200-day moving average is $77.70. Salesforce.com has a 52 week low of $52.60 and a 52 week high of $84.48. The stock has a market capitalization 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 issued its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The company earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period last year, the company posted $0.19 EPS. Salesforce.com’s revenue was up 25.0% on a year-over-year basis. On average, equities analysts predict that Salesforce.com will post $0.95 earnings per share for the current year.
In other news, CEO Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $81.92, for a total transaction of $1,024,000.00. Following the transaction, the chief executive officer now owns 35,383,000 shares in the company, valued at approximately $2,898,575,360. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Parker Harris sold 5,000 shares of Salesforce.com stock in a transaction 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 approximately $3,081,830.40. The disclosure for this sale can be found here. 6.70% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CRM. Norges Bank bought a new position in Salesforce.com during the fourth quarter valued at approximately $326,988,000. Soroban Capital Partners LP bought a new position in Salesforce.com during the first quarter valued at approximately $290,380,000. Vanguard Group Inc. raised its position in Salesforce.com by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 36,973,376 shares of the CRM provider’s stock valued at $2,898,712,000 after buying an additional 1,187,473 shares in the last quarter. American Century Companies Inc. raised its position in Salesforce.com by 54.4% in the second quarter. American Century Companies Inc. now owns 3,297,549 shares of the CRM provider’s stock valued at $261,858,000 after buying an additional 1,161,596 shares in the last quarter. Finally, Waddell & Reed Financial Inc. raised its position in Salesforce.com by 489.5% in the second quarter. Waddell & Reed Financial Inc. now owns 1,384,048 shares of the CRM provider’s stock valued at $109,908,000 after buying an additional 1,149,275 shares in the last quarter. Institutional investors and hedge funds 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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