Salesforce.com Inc. (NYSE:CRM)‘s stock had its “outperform” rating restated by Cowen and Company in a research report issued to clients and investors on Monday. They presently have a $100.00 target price on the CRM provider’s stock. Cowen and Company’s price objective would suggest a potential upside of 37.68% from the stock’s current price.
A number of other research analysts have also recently commented on the stock. Vetr upgraded shares of Salesforce.com from a “hold” rating to a “buy” rating in a report on Friday, September 23rd. Morgan Stanley dropped their target price on shares of Salesforce.com from $110.00 to $94.00 and set an “overweight” rating on the stock in a report on Monday, July 25th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $100.00 target price on shares of Salesforce.com in a report on Monday, August 15th. Mizuho increased their target price on shares of Salesforce.com from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 1st. Finally, Wedbush reissued an “outperform” rating and set a $98.00 price target (up from $96.00) on shares of Salesforce.com in a research report on Friday, August 26th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-three have issued a buy rating to the stock. Salesforce.com has an average rating of “Buy” and a consensus price target of $92.49.
Salesforce.com (NYSE:CRM) opened at 72.63 on Monday. The firm has a 50-day moving average of $74.94 and a 200 day moving average of $77.82. Salesforce.com has a one year low of $52.60 and a one year high of $84.48. The stock has a market capitalization of $49.75 billion, a PE ratio of 224.17 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.02. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The business had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.02 billion. During the same quarter in the previous year, the business posted $0.19 earnings per share. The business’s revenue was up 25.0% compared to the same quarter last year. On average, equities research analysts anticipate that Salesforce.com will post $0.95 earnings per share for the current fiscal year.
In related news, Chairman Marc Benioff sold 25,000 shares of the business’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $70.90, for a total value of $1,772,500.00. Following the sale, the chairman now directly owns 35,033,000 shares in the company, valued at approximately $2,483,839,700. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Keith Block sold 40,000 shares of the business’s stock in a transaction dated 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 sale, the chief operating officer now owns 40,000 shares in the company, valued at $3,240,000. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of CRM. Soroban Capital Partners LP bought a new stake in shares of Salesforce.com during the first quarter valued at about $290,380,000. Vanguard Group Inc. raised its stake in shares of Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock valued at $3,130,829,000 after buying an additional 1,181,756 shares during the period. American Century Companies Inc. raised its stake in shares of Salesforce.com by 54.4% in the second quarter. American Century Companies Inc. now owns 3,297,549 shares of the CRM provider’s stock valued at $261,858,000 after buying an additional 1,161,596 shares during the period. Waddell & Reed Financial Inc. raised its stake in shares of Salesforce.com by 489.5% in the second quarter. Waddell & Reed Financial Inc. now owns 1,384,048 shares of the CRM provider’s stock valued at $109,908,000 after buying an additional 1,149,275 shares during the period. Finally, Tybourne Capital Management HK Ltd. bought a new stake in shares of Salesforce.com during the first quarter valued at about $72,518,000. Hedge funds and other institutional investors own 87.23% of the company’s stock.
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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