Salesforce.com Inc. (CRM) Receives New Coverage from Analysts at Rosenblatt Securities
Rosenblatt Securities initiated coverage on shares of Salesforce.com Inc. (NYSE:CRM) in a research note issued to investors on Tuesday, StockTargetPrices.com reports. The firm set a “buy” rating and a $90.00 price target on the CRM provider’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 23.58% from the company’s previous close.
A number of other research firms also recently issued reports on CRM. Morgan Stanley restated an “overweight” rating and set a $107.00 price target on shares of Salesforce.com in a research note on Monday, September 26th. DA Davidson reiterated a “neutral” rating and issued a $86.00 target price on shares of Salesforce.com in a research note on Wednesday, August 31st. Royal Bank Of Canada lowered their target price on Salesforce.com from $91.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, September 1st. Wedbush reiterated an “outperform” rating and issued a $96.00 target price (down from $98.00) on shares of Salesforce.com in a research note on Thursday, September 1st. Finally, Cowen and Company started coverage on Salesforce.com in a research note on Friday, June 24th. They issued an “outperform” rating and a $79.39 target price on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-six have issued a buy rating to the company’s stock. Salesforce.com presently has an average 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’s 50 day moving average price is $73.40 and its 200 day moving average price is $77.74. Salesforce.com has a 12 month low of $52.60 and a 12 month high of $84.48. The stock has a market capitalization of $49.89 billion, a PE ratio of 224.78 and a beta of 1.59.
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-receives-new-coverage-from-analysts-at-rosenblatt-securities.html
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 analysts’ consensus estimates of $0.22 by $0.02. The firm 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 firm’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS. Equities analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In other news, insider Keith Block sold 10,000 shares of the firm’s stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $82.68, for a total value of $826,800.00. Following the sale, the insider now directly owns 10,000 shares of the company’s stock, valued at $826,800. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 12,500 shares of the firm’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $67.76, for a total value of $847,000.00. Following the completion of the sale, the chief executive officer now directly owns 35,033,000 shares in the company, valued at $2,373,836,080. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.
Large investors have recently modified their holdings of the stock. Bessemer Group Inc. increased its stake in shares of Salesforce.com by 65.3% in the first quarter. Bessemer Group Inc. now owns 5,997 shares of the CRM provider’s stock valued at $442,000 after buying an additional 2,370 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of 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 in the last quarter. Gardner Lewis Asset Management L P increased its stake in shares of 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 in the last quarter. Rafferty Asset Management LLC increased its stake in shares of 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 in the last quarter. Finally, Meeder Asset Management Inc. increased its stake in shares of 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 in the last quarter. 87.03% of the stock is currently owned by institutional investors.
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.