salesforce.com (CRM) Earns Outperform Rating from Credit Suisse Group
Credit Suisse Group restated their outperform rating on shares of salesforce.com (NYSE:CRM) in a research report sent to investors on Thursday. The firm currently has a $135.00 target price on the CRM provider’s stock, up from their prior target price of $130.00.
Other equities research analysts also recently issued reports about the company. Citigroup upped their target price on salesforce.com to $124.00 and gave the stock a buy rating in a research report on Wednesday, November 1st. Piper Jaffray Companies restated a buy rating and issued a $115.00 target price on shares of salesforce.com in a research report on Wednesday, November 1st. SunTrust Banks reaffirmed a buy rating and issued a $114.00 price target on shares of salesforce.com in a report on Friday, November 3rd. Bank of America upped their price target on salesforce.com from $114.00 to $125.00 and gave the company a buy rating in a report on Wednesday, November 8th. Finally, Deutsche Bank upped their price target on salesforce.com from $105.00 to $115.00 and gave the company a buy rating in a report on Wednesday, November 8th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and forty-five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $121.20.
Shares of salesforce.com (NYSE CRM) opened at $121.92 on Thursday. The firm has a market capitalization of $88,062.82, a P/E ratio of 717.22, a price-to-earnings-growth ratio of 6.96 and a beta of 1.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.92 and a quick ratio of 0.82. salesforce.com has a 52-week low of $80.50 and a 52-week high of $122.47.
In related news, Director Craig Conway sold 250 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $110.85, for a total value of $27,712.50. Following the completion of the sale, the director now directly owns 8,908 shares in the company, valued at $987,451.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Marc Benioff sold 5,000 shares of the company’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $120.20, for a total transaction of $601,000.00. The disclosure for this sale can be found here. Insiders sold 276,444 shares of company stock valued at $30,262,857 over the last quarter. 6.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of CRM. Ark Investment Management LLC boosted its holdings in salesforce.com by 38.3% in the second quarter. Ark Investment Management LLC now owns 111,279 shares of the CRM provider’s stock worth $9,637,000 after purchasing an additional 30,792 shares in the last quarter. Nationwide Fund Advisors boosted its holdings in salesforce.com by 1.4% in the third quarter. Nationwide Fund Advisors now owns 243,771 shares of the CRM provider’s stock worth $22,773,000 after purchasing an additional 3,345 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in salesforce.com by 8.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 288,562 shares of the CRM provider’s stock worth $26,957,000 after purchasing an additional 21,733 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in salesforce.com in the third quarter worth $5,761,000. Finally, Heritage Investors Management Corp bought a new stake in salesforce.com in the third quarter worth $405,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.
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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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