Salesforce.com Inc. (CRM) Coverage Initiated at Rosenblatt Securities
Stock analysts at Rosenblatt Securities started coverage on shares of Salesforce.com Inc. (NYSE:CRM) in a note issued to investors on Tuesday, StockTargetPrices.com reports. The brokerage set a “buy” rating and a $90.00 price target on the CRM provider’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 23.58% from the stock’s previous close.
CRM has been the subject of several other research reports. JMP Securities restated a “buy” rating on shares of Salesforce.com in a research note on Tuesday, October 4th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $95.00 target price on shares of Salesforce.com in a research note on Wednesday, October 12th. Vetr downgraded Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 target price for the company. in a research note on Thursday, August 25th. Barclays PLC restated an “overweight” rating and issued a $89.00 target price on shares of Salesforce.com in a research note on Sunday, October 2nd. Finally, Jefferies Group restated a “hold” rating and issued a $80.00 target price on shares of Salesforce.com in a research note on Thursday, September 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and forty-six have assigned a buy rating to the stock. Salesforce.com presently has a consensus rating of “Buy” and an average price target of $92.19.
Shares of Salesforce.com (NYSE:CRM) opened at 72.83 on Tuesday. The company has a market capitalization of $49.89 billion, a P/E ratio of 224.78 and a beta of 1.59. Salesforce.com has a one year low of $52.60 and a one year high of $84.48. The firm has a 50-day moving average of $73.40 and a 200-day moving average of $77.74.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/18/salesforce-com-inc-crm-coverage-initiated-at-rosenblatt-securities.html
Salesforce.com (NYSE:CRM) last issued its earnings results on Wednesday, August 31st. The CRM provider reported $0.24 EPS for the quarter, topping 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 business earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the company earned $0.19 EPS. The firm’s revenue was up 25.0% compared to the same quarter last year. Equities research analysts expect that Salesforce.com will post $0.95 EPS for the current fiscal year.
In other Salesforce.com news, CEO Marc Benioff sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $82.30, for a total transaction of $1,028,750.00. Following the completion of the sale, the chief executive officer now directly owns 35,383,000 shares in the company, valued at approximately $2,912,020,900. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Craig Conway sold 400 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $79.33, for a total value of $31,732.00. Following the sale, the director now owns 8,868 shares of the company’s stock, valued at $703,498.44. The disclosure for this sale can be found here. 6.70% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Cullen Frost Bankers Inc. raised its stake in Salesforce.com by 5.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 220,583 shares of the CRM provider’s stock valued at $17,293,000 after buying an additional 10,945 shares during the period. Jennison Associates raised its stake in Salesforce.com by 3.7% in the third quarter. Jennison Associates now owns 19,768,305 shares of the CRM provider’s stock valued at $1,372,513,000 after buying an additional 709,394 shares during the period. Bank of Montreal Can purchased a new stake in Salesforce.com during the second quarter valued at approximately $31,592,000. Coconut Grove Bank purchased a new stake in Salesforce.com during the fourth quarter valued at approximately $278,000. Finally, KBC Group raised its stake in Salesforce.com by 13.3% in the third quarter. KBC Group now owns 87,310 shares of the CRM provider’s stock valued at $6,062,000 after buying an additional 10,249 shares during the period. Institutional investors 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.
Receive News & Ratings for Salesforce.com Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce.com Inc. and related companies with MarketBeat.com's FREE daily email newsletter.