Salesforce.com’s (CRM) Overweight Rating Reiterated at JPMorgan Chase & Co.
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “overweight” rating reaffirmed by research analysts at JPMorgan Chase & Co. in a research note issued on Wednesday. They currently have a $95.00 target price on the CRM provider’s stock. JPMorgan Chase & Co.’s target price suggests a potential upside of 31.18% from the company’s previous close.
Other research analysts have also issued research reports about the stock. Brean Capital restated a “buy” rating and set a $110.00 price target on shares of Salesforce.com in a research note on Saturday, June 25th. SunTrust Banks Inc. restated a “buy” rating and set a $98.00 price target on shares of Salesforce.com in a research note on Tuesday, June 14th. Vetr lowered shares of Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $83.58 price target on the stock. in a research note on Monday, July 4th. Morgan Stanley restated a “buy” rating on shares of Salesforce.com in a research note on Tuesday, June 28th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of Salesforce.com in a research note on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have issued a buy rating to the company. Salesforce.com currently has a consensus rating of “Buy” and a consensus target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded down 0.41% during midday trading on Wednesday, reaching $72.12. 527,097 shares of the company were exchanged. 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 $49.40 billion, a price-to-earnings ratio of 222.59 and a beta of 1.59. The company’s 50-day moving average price is $74.14 and its 200 day moving average price is $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 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. On average, equities analysts predict that Salesforce.com will post $0.95 earnings per share for the current year.
In related news, CEO Marc Benioff sold 12,500 shares of the business’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total transaction of $847,000.00. Following the transaction, the chief executive officer now directly owns 35,033,000 shares in the company, valued at $2,373,836,080. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Parker Harris sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 19th. The stock was sold at an average price of $81.39, for a total transaction of $406,950.00. Following the transaction, the insider now owns 37,620 shares in the company, valued at $3,061,891.80. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. increased its position in 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 in the last quarter. Bank of Montreal Can bought a new position in Salesforce.com during the second quarter valued at approximately $31,592,000. Soroban Capital Partners LP bought a new position in Salesforce.com during the first quarter valued at approximately $290,380,000. Tybourne Capital Management HK Ltd. bought a new position in Salesforce.com during the first quarter valued at approximately $72,518,000. Finally, Thrax Management LLC increased its position in 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 in the last quarter. Hedge funds and other 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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