Cowen and Company Reaffirms “Outperform” Rating for Salesforce.com Inc (CRM)
Salesforce.com Inc (NYSE:CRM)‘s stock had its “outperform” rating reiterated by research analysts at Cowen and Company in a research report issued on Tuesday. They presently have a $105.00 price objective on the CRM provider’s stock, up from their previous price objective of $100.00. Cowen and Company’s price target would suggest a potential upside of 10.11% from the company’s previous close.
Other analysts have also recently issued research reports about the stock. Robert W. Baird set a $110.00 price target on shares of Salesforce.com and gave the company a “buy” rating in a research note on Sunday. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Salesforce.com in a report on Tuesday, September 26th. Canaccord Genuity reiterated a “buy” rating on shares of Salesforce.com in a research note on Monday, September 11th. Northland Securities reiterated a “buy” rating and set a $105.00 price target on shares of Salesforce.com in a report on Sunday, September 10th. Finally, Moffett Nathanson assumed coverage on Salesforce.com in a report on Wednesday, September 6th. They set a “buy” rating and a $125.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and forty-six have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $102.62.
Shares of Salesforce.com (CRM) traded up 1.51% during trading on Tuesday, reaching $95.36. The company’s stock had a trading volume of 4,996,762 shares. Salesforce.com has a 52 week low of $66.43 and a 52 week high of $98.22. The stock’s 50 day moving average price is $94.12 and its 200 day moving average price is $88.98. The company’s market cap is $68.54 billion.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.24. Salesforce.com had a positive return on equity of 1.83% and a negative net margin of 0.85%. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same period last year, the company earned $0.24 earnings per share. The business’s revenue was up 25.7% compared to the same quarter last year. Equities research analysts predict that Salesforce.com will post $1.32 EPS for the current year.
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In related news, Chairman Marc Benioff sold 30,000 shares of the company’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $86.67, for a total value of $2,600,100.00. Following the completion of the transaction, the chairman now directly owns 34,195,300 shares in the company, valued at $2,963,706,651. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Craig Conway sold 602 shares of the company’s stock in a transaction on Monday, September 25th. The shares were sold at an average price of $94.76, for a total value of $57,045.52. Following the completion of the transaction, the director now owns 9,908 shares of the company’s stock, valued at $938,882.08. The disclosure for this sale can be found here. Insiders have sold 566,572 shares of company stock valued at $51,850,375 over the last 90 days. 6.20% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Meiji Yasuda Life Insurance Co grew its holdings in Salesforce.com by 5.0% during the 1st quarter. Meiji Yasuda Life Insurance Co now owns 16,850 shares of the CRM provider’s stock worth $1,390,000 after acquiring an additional 800 shares during the period. KBC Group NV boosted its holdings in Salesforce.com by 16.9% during the first quarter. KBC Group NV now owns 521,167 shares of the CRM provider’s stock worth $42,991,000 after buying an additional 75,430 shares during the last quarter. Bank of The Ozarks bought a new position in Salesforce.com during the first quarter worth about $783,000. Prudential Financial Inc. boosted its holdings in Salesforce.com by 2.2% during the first quarter. Prudential Financial Inc. now owns 898,733 shares of the CRM provider’s stock worth $74,136,000 after buying an additional 19,240 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. boosted its holdings in Salesforce.com by 5.1% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,667 shares of the CRM provider’s stock worth $385,000 after buying an additional 226 shares during the last quarter. Institutional investors own 86.06% 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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