Bank of America Corp. reaffirmed their buy rating on shares of Salesforce.com Inc. (NYSE:CRM) in a report published on Wednesday. They currently have a $70.52 price target on the CRM provider’s stock, down from their previous price target of $100.00.
Other analysts also recently issued research reports about the company. Raymond James Financial Inc. set a $105.00 price target on Salesforce.com and gave the stock a buy rating in a report on Sunday, September 4th. FBN Securities set a $90.00 price target on Salesforce.com and gave the stock a buy rating in a report on Sunday, September 4th. DA Davidson set a $86.00 price target on Salesforce.com and gave the stock a hold rating in a report on Sunday, September 11th. Vetr downgraded Salesforce.com from a buy rating to a hold rating and set a $83.58 price target on the stock. in a report on Monday, July 11th. Finally, Brean Capital restated a buy rating and issued a $110.00 target price on shares of Salesforce.com in a research report on Thursday, June 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and forty-four have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $92.56.
Salesforce.com (NYSE:CRM) opened at 70.91 on Wednesday. The firm’s 50-day moving average price is $74.35 and its 200 day moving average price is $77.70. The firm has a market cap of $48.57 billion, a price-to-earnings ratio of 218.86 and a beta of 1.59. Salesforce.com has a 52-week low of $52.60 and a 52-week high of $84.48.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The business had revenue of $2.04 billion for the quarter, compared to the consensus estimate 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 was up 25.0% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. On average, equities research analysts forecast that Salesforce.com will post $0.95 EPS for the current year.
In related news, CEO Marc Benioff sold 12,500 shares of the company’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $81.92, for a total value of $1,024,000.00. Following the completion of the sale, the chief executive officer now owns 35,383,000 shares in the company, valued at approximately $2,898,575,360. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Parker Harris sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $81.92, for a total transaction of $409,600.00. Following the completion of the sale, the insider now owns 37,620 shares of the company’s stock, valued at approximately $3,081,830.40. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in CRM. Signaturefd LLC boosted 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 worth $107,000 after buying an additional 693 shares in the last quarter. M&R Capital Management Inc. purchased a new stake in Salesforce.com during the second quarter worth approximately $119,000. Ropes Wealth Advisors LLC boosted its stake 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 worth $143,000 after buying an additional 1,009 shares in the last quarter. Mycio Wealth Partners LLC boosted its stake 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 worth $149,000 after buying an additional 44 shares in the last quarter. Finally, Trust Co. of Vermont boosted its stake 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 worth $154,000 after buying an additional 1,071 shares in the last quarter. Institutional investors and hedge funds 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.
Receive News & Ratings for Salesforce.com Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce.com Inc. and related companies with MarketBeat.com's FREE daily email newsletter.