Salesforce.com Inc (NYSE:CRM) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Salesforce.com Inc (NYSE:CRM) from a hold rating to a sell rating in a report released on Tuesday.

According to Zacks, “The leading CRM platform provider, Salesforce has outperformed the broader market on a year-to-date basis. We consider the rapid adoption of the Salesforce1 Customer Platform to be a positive. Overall, the company’s diverse cloud offerings and considerable spending on digital marketing remain catalysts. Additionally, strategic acquisitions and the resultant synergies are anticipated to prove conducive to growth over the long run. In view of increasing customer adoption and satisfactory performances, market research firm, Gartner, acknowledged Salesforce as the leading social CRM solution provider. We believe that the rapid adoption of Salesforce’s platforms indicates solid growth opportunities in the ever-growing cloud computing segment. However, currency fluctuations and stepped-up investments in international expansions and data centers could impact near-term results.”

CRM has been the subject of several other reports. Vetr upgraded shares of Salesforce.com from a hold rating to a buy rating and set a $95.22 target price for the company in a research note on Monday, May 15th. Robert W. Baird reiterated an outperform rating and set a $90.00 target price on shares of Salesforce.com in a research note on Saturday, March 25th. Wedbush reiterated an outperform rating on shares of Salesforce.com in a research note on Thursday, March 16th. Credit Suisse Group initiated coverage on shares of Salesforce.com in a research note on Thursday, April 27th. They set an outperform rating and a $110.00 target price for the company. Finally, Piper Jaffray Companies reiterated an overweight rating and set a $100.00 target price on shares of Salesforce.com in a research note on Sunday, May 14th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and forty-one have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $97.41.

Shares of Salesforce.com (CRM) traded down 0.79% on Tuesday, reaching $89.29. 2,480,560 shares of the company’s stock traded hands. The firm has a market capitalization of $63.59 billion, a P/E ratio of 472.43 and a beta of 1.28. Salesforce.com has a 52 week low of $66.43 and a 52 week high of $91.99. The company’s 50-day moving average is $88.71 and its 200-day moving average is $82.11.

Salesforce.com (NYSE:CRM) last released its earnings results on Thursday, May 18th. The CRM provider reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.02. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Salesforce.com had a net margin of 1.49% and a return on equity of 1.80%. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.24 EPS. Equities research analysts anticipate that Salesforce.com will post $1.30 earnings per share for the current fiscal year.

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In other Salesforce.com news, Director Lawrence Tomlinson sold 17,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $91.57, for a total transaction of $1,556,690.00. Following the completion of the sale, the director now owns 17,497 shares of the company’s stock, valued at approximately $1,602,200.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joe Allanson sold 279 shares of the firm’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $90.77, for a total value of $25,324.83. Following the sale, the insider now directly owns 28,753 shares of the company’s stock, valued at approximately $2,609,909.81. The disclosure for this sale can be found here. Insiders sold 1,389,961 shares of company stock valued at $124,011,690 over the last three months. 6.70% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in CRM. KBC Group NV increased its stake in shares of Salesforce.com by 16.9% in the first quarter. KBC Group NV now owns 521,167 shares of the CRM provider’s stock valued at $42,991,000 after buying an additional 75,430 shares in the last quarter. Compton Capital Management Inc. RI acquired a new stake in shares of Salesforce.com during the first quarter valued at about $436,000. Shell Asset Management Co. increased its stake in shares of Salesforce.com by 0.7% in the first quarter. Shell Asset Management Co. now owns 72,793 shares of the CRM provider’s stock valued at $6,005,000 after buying an additional 497 shares in the last quarter. 1st Global Advisors Inc. increased its stake in shares of Salesforce.com by 35.1% in the first quarter. 1st Global Advisors Inc. now owns 15,029 shares of the CRM provider’s stock valued at $1,240,000 after buying an additional 3,903 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Salesforce.com during the fourth quarter valued at about $16,734,000. 85.62% of the stock is owned by institutional investors and hedge funds.

About Salesforce.com

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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