Salesforce.com’s (CRM) “Outperform” Rating Reaffirmed at Cowen and Company
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “outperform” rating reiterated by stock analysts at Cowen and Company in a research report issued to clients and investors on Wednesday. They presently have a $100.00 target price on the CRM provider’s stock. Cowen and Company’s price target suggests a potential upside of 38.08% from the stock’s previous close.
Several other equities analysts also recently issued reports on the stock. Bank of America Corp. reissued a “buy” rating and set a $70.52 price target (down from $100.00) on shares of Salesforce.com in a report on Wednesday, October 5th. Vetr raised shares of Salesforce.com from a “hold” rating to a “buy” rating in a report on Friday, September 23rd. Morgan Stanley cut their price target on shares of Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $100.00 target price on shares of Salesforce.com in a research note on Monday, August 15th. Finally, Mizuho boosted their target price on shares of Salesforce.com from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 1st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and forty-four have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded up 0.0921% during mid-day trading on Wednesday, reaching $72.4867. 3,826,538 shares of the company were exchanged. Salesforce.com has a 12 month low of $52.60 and a 12 month high of $84.48. The stock has a market capitalization of $49.65 billion, a P/E ratio of 223.7244 and a beta of 1.59. The firm has a 50-day moving average price of $74.14 and a 200 day moving average price of $77.76.
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Salesforce.com (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, topping analysts’ consensus estimates 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%. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same period last year, the firm earned $0.19 EPS. Equities research analysts anticipate that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other Salesforce.com news, Director Craig Conway sold 400 shares of the firm’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $81.86, for a total transaction of $32,744.00. Following the transaction, the director now directly owns 9,268 shares in the company, valued at approximately $758,678.48. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Keith Block sold 10,000 shares of the firm’s stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $81.70, for a total value of $817,000.00. Following the transaction, the chief operating officer now owns 10,000 shares in the company, valued at $817,000. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. boosted its position in shares of Salesforce.com by 1.3% in the second quarter. Cullen Frost Bankers Inc. now owns 206,019 shares of the CRM provider’s stock valued at $16,360,000 after buying an additional 2,648 shares during the period. Bank of Montreal Can bought a new position in shares of Salesforce.com during the second quarter valued at $31,592,000. Soroban Capital Partners LP bought a new position in shares of Salesforce.com during the first quarter valued at $290,380,000. Tybourne Capital Management HK Ltd. bought a new position in shares of Salesforce.com during the first quarter valued at $72,518,000. Finally, Thrax Management LLC boosted its position in shares of Salesforce.com by 42.5% in the first quarter. Thrax Management LLC now owns 401,562 shares of the CRM provider’s stock valued at $29,647,000 after buying an additional 119,731 shares during the period. 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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