Salesforce.com Inc (CRM) Given Buy Rating at Barclays PLC
Barclays PLC reaffirmed their buy rating on shares of Salesforce.com Inc (NYSE:CRM) in a report issued on Wednesday. They currently have a $97.00 price target on the CRM provider’s stock, down from their previous price target of $100.00.
A number of other analysts have also recently weighed in on CRM. Credit Suisse Group started 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 on the stock. Benchmark Co. began coverage on shares of Salesforce.com in a research note on Thursday, April 27th. They issued an outperform rating and a $100.00 price objective on the stock. Zacks Investment Research cut shares of Salesforce.com from a hold rating to a sell rating in a research note on Tuesday, May 2nd. Piper Jaffray Companies reissued an overweight rating and issued a $100.00 price objective on shares of Salesforce.com in a research note on Sunday, May 14th. Finally, BMO Capital Markets reduced their price objective on shares of Salesforce.com from $100.00 to $92.00 and set an outperform rating on the stock in a research note on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and forty-five have issued a buy rating to the company. Salesforce.com has a consensus rating of Buy and a consensus price target of $101.72.
Shares of Salesforce.com (CRM) traded down 0.05% on Wednesday, reaching $94.10. The company’s stock had a trading volume of 5,310,995 shares. The stock has a 50-day moving average of $90.44 and a 200 day moving average of $86.60. Salesforce.com has a 52 week low of $66.43 and a 52 week high of $95.23. The stock’s market capitalization is $67.00 billion.
Salesforce.com (NYSE:CRM) last posted its earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.24. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.52 billion. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The company’s revenue was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 earnings per share. On average, analysts expect that Salesforce.com will post $1.31 EPS for the current year.
In other news, CFO Mark J. Hawkins sold 490 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $93.52, for a total transaction of $45,824.80. Following the sale, the chief financial officer now owns 14,886 shares in the company, valued at approximately $1,392,138.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Marc Benioff sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $90.83, for a total transaction of $908,300.00. Following the sale, the chairman now owns 34,195,300 shares in the company, valued at approximately $3,105,959,099. The disclosure for this sale can be found here. Insiders sold a total of 1,270,082 shares of company stock worth $114,312,463 over the last quarter. Corporate insiders own 6.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Sigma Planning Corp boosted its stake in Salesforce.com by 2.8% in the first quarter. Sigma Planning Corp now owns 5,068 shares of the CRM provider’s stock valued at $418,000 after buying an additional 137 shares during the period. Fisher Asset Management LLC boosted its stake in Salesforce.com by 2,292.5% in the first quarter. Fisher Asset Management LLC now owns 285,355 shares of the CRM provider’s stock valued at $23,539,000 after buying an additional 273,428 shares during the period. Profund Advisors LLC boosted its stake in Salesforce.com by 4.1% in the first quarter. Profund Advisors LLC now owns 65,530 shares of the CRM provider’s stock valued at $5,406,000 after buying an additional 2,611 shares during the period. Riverbridge Partners LLC boosted its stake in Salesforce.com by 16.5% in the first quarter. Riverbridge Partners LLC now owns 394,314 shares of the CRM provider’s stock valued at $32,527,000 after buying an additional 55,725 shares during the period. Finally, Glen Harbor Capital Management LLC boosted its stake in Salesforce.com by 4.3% in the first quarter. Glen Harbor Capital Management LLC now owns 46,200 shares of the CRM provider’s stock valued at $3,811,000 after buying an additional 1,904 shares during the period. Hedge funds and other institutional investors own 86.29% of the company’s stock.
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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