Salesforce.com’s (CRM) “Outperform” Rating Reiterated at Robert W. Baird
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “outperform” rating restated by Robert W. Baird in a note issued to investors on Wednesday. They currently have a $90.00 price target on the CRM provider’s stock. Robert W. Baird’s target price points to a potential upside of 24.60% from the stock’s previous close.
Several other brokerages have also recently issued reports on CRM. Morgan Stanley decreased their price objective 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 price objective for the company. Jefferies Group reiterated a “hold” rating and issued a $80.00 price objective on shares of Salesforce.com in a research note on Tuesday, July 12th. Piper Jaffray Cos. restated an “overweight” rating and set a $100.00 target price on shares of Salesforce.com in a research note on Monday, August 15th. Finally, Mizuho restated an “outperform” rating and set a $100.00 target price on shares of Salesforce.com in a research note on Monday, August 15th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $92.51.
Salesforce.com (NYSE:CRM) traded down 0.26% during midday trading on Wednesday, reaching $72.23. The company’s stock had a trading volume of 6,301,780 shares. The stock has a market cap of $49.48 billion, a P/E ratio of 222.93 and a beta of 1.59. The stock’s 50 day moving average is $74.03 and its 200 day moving average is $77.76. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48.
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Salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The business 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%. The business’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS. Analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current year.
In other news, Director Maynard G. Webb, Jr. sold 15,000 shares of Salesforce.com stock in a transaction on Monday, October 10th. The stock was sold at an average price of $75.00, for a total transaction of $1,125,000.00. Following the transaction, the director now directly owns 32,832 shares in the company, valued at approximately $2,462,400. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 12,500 shares of Salesforce.com stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total value of $847,000.00. Following the transaction, the chief executive officer now owns 35,033,000 shares in the company, valued at $2,373,836,080. The disclosure for this sale can be found here. 6.70% of the stock is owned by corporate insiders.
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 worth $16,360,000 after buying an additional 2,648 shares during the last quarter. Bank of Montreal Can bought a new position in shares of Salesforce.com during the second quarter worth about $31,592,000. Soroban Capital Partners LP bought a new position in shares of Salesforce.com during the first quarter worth about $290,380,000. Tybourne Capital Management HK Ltd. bought a new position in shares of Salesforce.com during the first quarter worth about $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 worth $29,647,000 after buying an additional 119,731 shares during the last quarter. 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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