Salesforce.com Inc. (CRM) Stock Rating Reaffirmed by Macquarie
Salesforce.com Inc. (NYSE:CRM)‘s stock had its “outperform” rating restated by investment analysts at Macquarie in a research note issued on Monday. They currently have a $84.00 price target on the CRM provider’s stock. Macquarie’s price objective would indicate a potential upside of 13.10% from the company’s current price.
Several other research firms have also issued reports on CRM. Morgan Stanley reaffirmed an “overweight” rating and issued a $107.00 price target on shares of Salesforce.com in a report on Monday, September 26th. DA Davidson reaffirmed a “neutral” rating and issued a $86.00 price target on shares of Salesforce.com in a report on Wednesday, August 31st. Royal Bank Of Canada cut their price target on shares of Salesforce.com from $91.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, September 1st. Wedbush reissued an “outperform” rating and set a $96.00 price objective (down from $98.00) on shares of Salesforce.com in a report on Thursday, September 1st. Finally, Cowen and Company assumed coverage on shares of Salesforce.com in a report on Friday, June 24th. They set an “outperform” rating and a $79.39 price objective on the stock. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $92.23.
Salesforce.com (NYSE:CRM) traded down 1.59% during midday trading on Monday, reaching $73.09. The company’s stock had a trading volume of 2,935,271 shares. The stock’s 50 day moving average price is $73.60 and its 200-day moving average price is $77.68. Salesforce.com has a one year low of $52.60 and a one year high of $84.48. The stock has a market cap of $50.07 billion, a price-to-earnings ratio of 225.59 and a beta of 1.59.
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Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same period in the previous year, the company earned $0.19 earnings per share. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. On average, analysts forecast that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other news, insider Parker Harris sold 5,000 shares of the company’s stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $72.45, for a total value of $362,250.00. Following the completion of the transaction, the insider now directly owns 39,467 shares in the company, valued at $2,859,384.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Marc Benioff sold 12,500 shares of the company’s stock in a transaction on Friday, October 14th. The shares were sold at an average price of $72.32, for a total transaction of $904,000.00. Following the completion of the transaction, the chairman now owns 34,965,280 shares of the company’s stock, valued at $2,528,689,049.60. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Signaturefd LLC increased its position in shares of Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares during the period. M&R Capital Management Inc. purchased a new position in shares of Salesforce.com during the second quarter valued at $119,000. Ropes Wealth Advisors LLC increased its position in shares of Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock valued at $143,000 after buying an additional 1,009 shares during the period. Mycio Wealth Partners LLC increased its position in shares of Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock valued at $149,000 after buying an additional 44 shares during the period. Finally, Trust Co. of Vermont increased its position in shares of Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock valued at $154,000 after buying an additional 1,071 shares during the period. 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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