Salesforce.com Inc. (NYSE:CRM) fell 6.3% during trading on Wednesday following insider selling activity. The company traded as low as $66.77 and last traded at $68.05, with a volume of 26,059,228 shares trading hands. The stock had previously closed at $72.63.
Specifically, insider Alexandre Dayon sold 2,158 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $73.82, for a total value of $159,303.56. Following the transaction, the insider now owns 17,454 shares in the company, valued at $1,288,454.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Marc Benioff sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $70.13, for a total transaction of $876,625.00. Following the completion of the transaction, the chairman now owns 35,033,000 shares in the company, valued at approximately $2,456,864,290. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by insiders.
A number of brokerages recently commented on CRM. Bank of America Corp. reaffirmed a “buy” rating on shares of Salesforce.com in a research note on Wednesday, June 8th. Brean Capital reaffirmed a “buy” rating and issued a $110.00 price target on shares of Salesforce.com in a research note on Thursday, June 9th. Morgan Stanley dropped their price target on Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. Cowen and Company began coverage on Salesforce.com in a research note on Friday, June 24th. They issued an “outperform” rating and a $79.39 price target for the company. Finally, Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Salesforce.com in a research note on Monday, June 13th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and forty-three have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $92.33.
The firm’s 50-day moving average price is $74.94 and its 200 day moving average price is $77.82. The stock has a market cap of $46.26 billion, a price-to-earnings ratio of 208.46 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last issued 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 return on equity of 2.19% and a net margin of 2.91%. The business earned $2.04 billion during the quarter, compared to analysts’ expectations of $2.02 billion. During the same period in the previous year, the firm posted $0.19 earnings per share. The company’s revenue was up 25.0% on a year-over-year basis. On average, equities research analysts anticipate that Salesforce.com Inc. will post $0.95 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the stock. Acadian Asset Management LLC boosted its position in Salesforce.com by 78.7% in the first quarter. Acadian Asset Management LLC now owns 5,605 shares of the CRM provider’s stock valued at $414,000 after buying an additional 2,469 shares during the last quarter. Ngam Advisors L.P. boosted its position in Salesforce.com by 37.2% in the first quarter. Ngam Advisors L.P. now owns 29,442 shares of the CRM provider’s stock valued at $2,174,000 after buying an additional 7,986 shares during the last quarter. Prudential Financial Inc. boosted its position in Salesforce.com by 0.7% in the first quarter. Prudential Financial Inc. now owns 822,780 shares of the CRM provider’s stock valued at $60,745,000 after buying an additional 6,100 shares during the last quarter. Mckinley Capital Management LLC Delaware boosted its position in Salesforce.com by 1.8% in the first quarter. Mckinley Capital Management LLC Delaware now owns 91,657 shares of the CRM provider’s stock valued at $6,767,000 after buying an additional 1,587 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. bought a new position in Salesforce.com during the first quarter valued at approximately $282,000. 87.23% of the stock is owned by institutional investors and hedge funds.
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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