Salesforce.com Inc (CRM) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Salesforce.com Inc (NYSE:CRM) have been given an average rating of “Buy” by the forty-eight analysts that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and forty have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $97.42.
A number of analysts have weighed in on the company. Piper Jaffray Companies reiterated an “overweight” rating and issued a $110.00 target price (up previously from $105.00) on shares of Salesforce.com in a research note on Monday, June 5th. ValuEngine upgraded Salesforce.com from a “sell” rating to a “hold” rating in a research note on Saturday, June 3rd. Credit Suisse Group assumed coverage on Salesforce.com in a research note on Tuesday, August 1st. They issued an “outperform” rating and a $110.00 target price on the stock. Royal Bank Of Canada reiterated a “buy” rating and issued a $102.00 target price on shares of Salesforce.com in a research note on Monday, July 31st. Finally, Vetr upgraded Salesforce.com from a “hold” rating to a “buy” rating and set a $95.22 target price on the stock in a research note on Monday, May 15th.
In other news, insider Maria Martinez sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $92.00, for a total transaction of $920,000.00. Following the completion of the transaction, the insider now directly owns 30,907 shares of the company’s stock, valued at approximately $2,843,444. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Marc Benioff sold 30,000 shares of the company’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $86.67, for a total value of $2,600,100.00. Following the transaction, the chairman now directly owns 34,195,300 shares of the company’s stock, valued at $2,963,706,651. The disclosure for this sale can be found here. Insiders have sold a total of 1,418,005 shares of company stock valued at $127,427,385 over the last three months. 6.70% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in CRM. Jennison Associates LLC boosted its stake in shares of Salesforce.com by 17.0% in the second quarter. Jennison Associates LLC now owns 18,819,812 shares of the CRM provider’s stock worth $1,629,796,000 after buying an additional 2,740,329 shares during the period. Vanguard Group Inc. boosted its stake in shares of Salesforce.com by 4.7% in the first quarter. Vanguard Group Inc. now owns 43,880,907 shares of the CRM provider’s stock worth $3,619,736,000 after buying an additional 1,956,427 shares during the period. Janus Capital Management LLC boosted its stake in shares of Salesforce.com by 21.6% in the first quarter. Janus Capital Management LLC now owns 10,755,181 shares of the CRM provider’s stock worth $927,363,000 after buying an additional 1,910,921 shares during the period. Harbour Capital Advisors LLC boosted its stake in shares of Salesforce.com by 8,573.8% in the second quarter. Harbour Capital Advisors LLC now owns 1,358,321 shares of the CRM provider’s stock worth $15,685,000 after buying an additional 1,342,661 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Salesforce.com by 34.8% in the first quarter. Alliancebernstein L.P. now owns 2,530,351 shares of the CRM provider’s stock worth $208,729,000 after buying an additional 653,152 shares during the period. 85.87% of the stock is owned by hedge funds and other institutional investors.
Salesforce.com (CRM) opened at 90.50 on Tuesday. Salesforce.com has a one year low of $66.43 and a one year high of $92.13. The company has a market cap of $64.45 billion, a PE ratio of 478.84 and a beta of 1.29. The stock has a 50 day moving average of $88.60 and a 200 day moving average of $85.06.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Thursday, May 18th. The CRM provider reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.02. Salesforce.com had a return on equity of 1.80% and a net margin of 1.49%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the firm posted $0.24 EPS. Salesforce.com’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, analysts anticipate that Salesforce.com will post $1.30 earnings per share for the current fiscal year.
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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