Macquarie Reiterates “Outperform” Rating for Salesforce.com Inc. (CRM)
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “outperform” rating reaffirmed by research analysts at Macquarie in a research note issued on Monday. They currently have a $84.00 target price on the CRM provider’s stock. Macquarie’s price target indicates a potential upside of 15.08% from the stock’s previous close.
Other analysts also recently issued research reports about the company. Vetr raised Salesforce.com from a “hold” rating to a “buy” rating and set a $83.92 price target on the stock in a report on Wednesday, August 10th. MKM Partners restated a “buy” rating and issued a $96.00 target price on shares of Salesforce.com in a research report on Friday, August 5th. Morgan Stanley restated a “buy” rating on shares of Salesforce.com in a research report on Tuesday, June 28th. Credit Suisse Group AG restated a “buy” rating on shares of Salesforce.com in a research report on Tuesday, June 28th. Finally, Brean Capital restated a “buy” rating and issued a $110.00 target price on shares of Salesforce.com in a research report on Saturday, June 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and forty-five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $92.23.
Shares of Salesforce.com (NYSE:CRM) traded down 1.8682% during mid-day trading on Monday, hitting $72.8825. The stock had a trading volume of 4,002,992 shares. The company has a 50 day moving average price of $73.60 and a 200 day moving average price of $77.69. Salesforce.com has a 12-month low of $52.60 and a 12-month high of $84.48. The firm has a market cap of $49.92 billion, a P/E ratio of 224.9460 and a beta of 1.59.
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Salesforce.com (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The business’s revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. Equities analysts forecast that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In related news, Chairman Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Friday, October 14th. The shares were sold at an average price of $72.32, for a total value of $904,000.00. Following the completion of the sale, the chairman now directly owns 34,965,280 shares in the company, valued at approximately $2,528,689,049.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $81.39, for a total transaction of $406,950.00. Following the completion of the sale, the insider now owns 37,620 shares of the company’s stock, valued at $3,061,891.80. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Brighton Jones LLC increased its stake in shares of Salesforce.com by 0.5% in the second quarter. Brighton Jones LLC now owns 4,270 shares of the CRM provider’s stock valued at $339,000 after buying an additional 22 shares during the period. Hollencrest Securities LLC increased its stake in shares of Salesforce.com by 0.9% in the second quarter. Hollencrest Securities LLC now owns 3,229 shares of the CRM provider’s stock valued at $256,000 after buying an additional 29 shares during the period. Cornerstone Advisors Inc. boosted its position in Salesforce.com by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,552 shares of the CRM provider’s stock valued at $282,000 after buying an additional 35 shares in the last quarter. Integrated Investment Consultants LLC boosted its position in Salesforce.com by 1.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,835 shares of the CRM provider’s stock valued at $225,000 after buying an additional 37 shares in the last quarter. Finally, Fulton Bank N.A. boosted its position in Salesforce.com by 0.3% in the second quarter. Fulton Bank N.A. now owns 12,763 shares of the CRM provider’s stock valued at $1,014,000 after buying an additional 38 shares in the last quarter. Institutional investors and hedge funds own 87.03% 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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