Zacks: Analysts Anticipate Salesforce.com Inc (CRM) Will Post Quarterly Sales of $2.65 Billion
Wall Street brokerages expect Salesforce.com Inc (NYSE:CRM) to announce $2.65 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Thirteen analysts have issued estimates for Salesforce.com’s earnings, with estimates ranging from $2.62 billion to $2.67 billion. Salesforce.com posted sales of $2.14 billion during the same quarter last year, which suggests a positive year over year growth rate of 23.8%. The business is expected to announce its next quarterly earnings results on Thursday, November 16th.
On average, analysts expect that Salesforce.com will report full year sales of $2.65 billion for the current fiscal year, with estimates ranging from $10.37 billion to $10.46 billion. For the next year, analysts anticipate that the business will report sales of $12.44 billion per share, with estimates ranging from $12.18 billion to $12.96 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Salesforce.com.
Salesforce.com (NYSE:CRM) last released its earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.24. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.52 billion. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The firm’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share.
CRM has been the topic of several research reports. Northland Securities set a $105.00 price objective on shares of Salesforce.com and gave the stock a “buy” rating in a report on Saturday, June 24th. SunTrust Banks, Inc. started coverage on shares of Salesforce.com in a research note on Monday, June 26th. They issued a “buy” rating and a $110.00 target price for the company. Zacks Investment Research lowered shares of Salesforce.com from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Vetr lowered shares of Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $97.77 target price for the company. in a research note on Tuesday, July 11th. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and forty-five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $102.60.
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Salesforce.com (CRM) opened at 98.90 on Friday. Salesforce.com has a 52-week low of $66.43 and a 52-week high of $99.18. The company has a 50-day moving average of $95.60 and a 200-day moving average of $90.32. The company’s market cap is $71.08 billion.
In other Salesforce.com news, Vice Chairman Keith Block sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $96.66, for a total value of $966,600.00. Following the completion of the transaction, the insider now directly owns 24,154 shares in the company, valued at approximately $2,334,725.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark J. Hawkins sold 8,625 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $90.50, for a total value of $780,562.50. Following the completion of the transaction, the chief financial officer now owns 22,585 shares of the company’s stock, valued at $2,043,942.50. The disclosure for this sale can be found here. Insiders sold a total of 465,885 shares of company stock valued at $43,542,367 over the last 90 days. 6.20% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of CRM. Capital Analysts LLC raised its holdings in shares of Salesforce.com by 14.1% during the 2nd quarter. Capital Analysts LLC now owns 1,266 shares of the CRM provider’s stock worth $110,000 after acquiring an additional 156 shares in the last quarter. Peddock Capital Advisors LLC raised its holdings in shares of Salesforce.com by 3,000.0% during the 2nd quarter. Peddock Capital Advisors LLC now owns 1,395 shares of the CRM provider’s stock worth $121,000 after acquiring an additional 1,350 shares in the last quarter. People s United Financial Inc. raised its holdings in shares of Salesforce.com by 60.1% during the 2nd quarter. People s United Financial Inc. now owns 1,465 shares of the CRM provider’s stock worth $127,000 after acquiring an additional 550 shares in the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in shares of Salesforce.com during the 2nd quarter worth approximately $130,000. Finally, Harfst & Associates Inc. purchased a new stake in shares of Salesforce.com during the 1st quarter worth approximately $141,000. 86.00% of the stock is currently owned by institutional investors and hedge funds.
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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