Salesforce.com Inc. (NYSE:CRM) traded up 3.2% during trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $72.89 and last traded at $72.75, with a volume of 7,499,726 shares changing hands. The stock had previously closed at $70.52.
Specifically, CEO Marc Benioff sold 50,000 shares of Salesforce.com stock in a transaction on Friday, July 8th. The shares were sold at an average price of $79.15, for a total value of $3,957,500.00. Following the transaction, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at approximately $2,800,564,450. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Keith Block sold 40,000 shares of Salesforce.com stock in a transaction on Friday, July 8th. The shares were sold at an average price of $81.00, for a total transaction of $3,240,000.00. Following the completion of the transaction, the chief operating officer now directly owns 40,000 shares in the company, valued at $3,240,000. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
A number of brokerages have recently commented on CRM. Bank of America Corp. reaffirmed a “buy” rating and issued a $77.82 target price (down from $100.00) on shares of Salesforce.com in a report on Thursday, August 25th. Jefferies Group reiterated a “hold” rating and issued a $80.00 price objective on shares of Salesforce.com in a research report on Tuesday, July 12th. Citigroup Inc. lowered their price objective on shares of Salesforce.com from $97.00 to $94.00 and set a “buy” rating on the stock in a research report on Wednesday, July 20th. Piper Jaffray Cos. reiterated a “buy” rating and issued a $100.00 price objective on shares of Salesforce.com in a research report on Thursday, September 1st. Finally, Cowen and Company reiterated an “outperform” rating and issued a $100.00 price objective on shares of Salesforce.com in a research report on Monday. Two analysts have rated the stock with a sell rating, three have given a hold rating and forty-three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $92.49.
The firm has a 50 day moving average price of $74.94 and a 200-day moving average price of $77.82. The stock has a market capitalization of $49.75 billion, a P/E ratio of 224.17 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.02 billion. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The business’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 earnings per share. On average, analysts anticipate that Salesforce.com Inc. will post $0.95 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC raised its stake in Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares in the last quarter. M&R Capital Management Inc. purchased a new position in Salesforce.com during the second quarter valued at approximately $119,000. Ropes Wealth Advisors LLC increased its position in Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock valued at $143,000 after buying an additional 1,009 shares during the last quarter. Mycio Wealth Partners LLC increased its position in Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock valued at $149,000 after buying an additional 44 shares during the last quarter. Finally, Trust Co. of Vermont increased its position in Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock valued at $154,000 after buying an additional 1,071 shares during the last quarter. Hedge funds and other institutional investors own 87.23% 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.
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