Salesforce.com’s (CRM) Outperform Rating Reiterated at Robert W. Baird
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “outperform” rating reiterated by stock analysts at Robert W. Baird in a research note issued to investors on Wednesday. They currently have a $90.00 price target on the CRM provider’s stock. Robert W. Baird’s price objective would suggest a potential upside of 24.60% from the company’s previous close.
Several other research analysts have also commented on CRM. JMP Securities restated a “buy” rating on shares of Salesforce.com in a research report on Tuesday, October 4th. Vetr lowered Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 price target for the company. in a research report on Thursday, August 25th. Barclays PLC restated an “overweight” rating and set a $89.00 price target on shares of Salesforce.com in a research report on Sunday, October 2nd. Jefferies Group restated a “hold” rating and set a $80.00 price target on shares of Salesforce.com in a research report on Thursday, September 1st. Finally, Bank of America Corp. restated a “buy” rating and set a $77.82 price target (down from $100.00) on shares of Salesforce.com in a research report on Thursday, August 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $92.51.
Salesforce.com (NYSE:CRM) traded down 0.26% on Wednesday, hitting $72.23. The stock had a trading volume of 6,301,780 shares. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48. The firm’s 50-day moving average is $74.03 and its 200-day moving average is $77.76. The company has a market cap of $49.48 billion, a P/E ratio of 222.93 and a beta of 1.59.
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Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, beating the consensus estimate of $0.22 by $0.02. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The firm earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter last year, the firm earned $0.19 earnings per share. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. Equities research analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In other news, COO Keith Block sold 10,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 10,000 shares in the company, valued at $817,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexandre Dayon sold 2,158 shares of the stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $73.82, for a total transaction of $159,303.56. Following the completion of the transaction, the insider now owns 17,454 shares of the company’s stock, valued at $1,288,454.28. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Meeder Asset Management Inc. boosted its position in Salesforce.com by 693.2% in the first quarter. Meeder Asset Management Inc. now owns 10,748 shares of the CRM provider’s stock valued at $793,000 after buying an additional 9,393 shares during the period. Rafferty Asset Management LLC boosted its position in Salesforce.com by 1.6% in the first quarter. Rafferty Asset Management LLC now owns 18,536 shares of the CRM provider’s stock valued at $1,369,000 after buying an additional 300 shares during the period. Gardner Lewis Asset Management L P boosted its position in Salesforce.com by 1.1% in the first quarter. Gardner Lewis Asset Management L P now owns 112,386 shares of the CRM provider’s stock valued at $8,297,000 after buying an additional 1,222 shares during the period. Covington Investment Advisors Inc. boosted its position in Salesforce.com by 1.6% in the first quarter. Covington Investment Advisors Inc. now owns 43,930 shares of the CRM provider’s stock valued at $3,243,000 after buying an additional 685 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Salesforce.com by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,417 shares of the CRM provider’s stock valued at $3,723,000 after buying an additional 9,572 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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