Salesforce.com Inc (CRM) Receives “Outperform” Rating from Cowen and Company
Cowen and Company restated their outperform rating on shares of Salesforce.com Inc (NYSE:CRM) in a research note published on Tuesday morning. The firm currently has a $105.00 target price on the CRM provider’s stock, up from their previous target price of $100.00.
A number of other equities analysts have also weighed in on CRM. J P Morgan Chase & Co reiterated a buy rating and set a $95.00 price objective on shares of Salesforce.com in a research note on Wednesday, August 23rd. Drexel Hamilton reaffirmed a buy rating and set a $111.00 target price on shares of Salesforce.com in a report on Wednesday, August 23rd. SunTrust Banks, Inc. started coverage on Salesforce.com in a research report on Monday, June 26th. They set a buy rating and a $110.00 price target for the company. Vetr downgraded Salesforce.com from a strong-buy rating to a buy rating and set a $97.77 price target for the company. in a report on Tuesday, July 11th. Finally, Deutsche Bank AG reaffirmed a buy rating and set a $90.00 price objective (down previously from $95.00) on shares of Salesforce.com in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and forty-six have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $102.62.
Salesforce.com (NYSE:CRM) traded up 0.0561% during trading on Tuesday, hitting $95.4135. 2,241,438 shares of the company were exchanged. The stock’s market capitalization is $68.57 billion. Salesforce.com has a 1-year low of $66.43 and a 1-year high of $98.22. The firm’s 50 day moving average price is $94.26 and its 200-day moving average price is $89.07.
Salesforce.com (NYSE:CRM) last released its quarterly earnings data on Tuesday, August 22nd. The CRM provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.09 by $0.24. The business had revenue of $2.56 billion for 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 business’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. Equities analysts predict that Salesforce.com will post $1.32 EPS for the current year.
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In related news, insider Parker Harris sold 8,026 shares of Salesforce.com stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $94.92, for a total transaction of $761,827.92. Following the completion of the sale, the insider now owns 19,261 shares in the company, valued at approximately $1,828,254.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 10,000 shares of Salesforce.com stock in a transaction dated Tuesday, July 11th. The stock was sold at an average price of $88.22, for a total value of $882,200.00. Following the sale, the chief executive officer now owns 34,195,300 shares of the company’s stock, valued at approximately $3,016,709,366. The disclosure for this sale can be found here. Insiders sold 546,571 shares of company stock worth $50,256,790 in the last three months. 6.20% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the business. Appropriate Balance Financial Services Inc. boosted its holdings in shares of Salesforce.com by 6.9% during the second quarter. Appropriate Balance Financial Services Inc. now owns 513 shares of the CRM provider’s stock worth $5,928,000 after purchasing an additional 33 shares during the last quarter. Capital Analysts LLC grew its position in shares of Salesforce.com by 14.1% in the second quarter. Capital Analysts LLC now owns 1,266 shares of the CRM provider’s stock valued at $110,000 after purchasing an additional 156 shares during the period. Peddock Capital Advisors LLC increased its stake in Salesforce.com by 3,000.0% in the second quarter. Peddock Capital Advisors LLC now owns 1,395 shares of the CRM provider’s stock valued at $121,000 after purchasing an additional 1,350 shares during the last quarter. People s United Financial Inc. increased its stake in Salesforce.com by 60.1% in the second quarter. People s United Financial Inc. now owns 1,465 shares of the CRM provider’s stock valued at $127,000 after purchasing an additional 550 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. acquired a new position in Salesforce.com in the second quarter valued at $130,000. 86.06% of the stock is currently owned by institutional investors.
Salesforce.com Company Profile
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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