Wedbush Reaffirms “Outperform” Rating for salesforce.com (CRM)
salesforce.com (NYSE:CRM)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research report issued to clients and investors on Wednesday, The Fly reports. They currently have a $170.00 price target on the CRM provider’s stock. Wedbush’s target price suggests a potential upside of 5.97% from the stock’s current price.
Several other research firms have also recently commented on CRM. Piper Jaffray Companies reaffirmed a “buy” rating on shares of salesforce.com in a research note on Thursday, August 30th. Wells Fargo & Co reissued a “buy” rating and issued a $175.00 price objective (up previously from $155.00) on shares of salesforce.com in a research note on Thursday, August 30th. Monness Crespi & Hardt reissued a “buy” rating and issued a $170.00 price objective (up previously from $158.00) on shares of salesforce.com in a research note on Thursday, August 30th. Canaccord Genuity raised their price objective on salesforce.com from $150.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 30th. Finally, UBS Group raised their price objective on salesforce.com from $168.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, August 30th. Five equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $162.29.
NYSE CRM traded up $2.10 during trading hours on Wednesday, hitting $160.43. 3,929,800 shares of the company’s stock were exchanged, compared to its average volume of 5,330,893. salesforce.com has a 1-year low of $92.43 and a 1-year high of $161.08. The stock has a market capitalization of $120.22 billion, a P/E ratio of 357.40, a P/E/G ratio of 5.22 and a beta of 1.27. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.80 and a quick ratio of 0.80.
In related news, General Counsel Amy E. Weaver sold 494 shares of salesforce.com stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $147.23, for a total transaction of $72,731.62. Following the transaction, the general counsel now owns 20,764 shares of the company’s stock, valued at $3,057,083.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Marc Benioff sold 5,000 shares of salesforce.com stock in a transaction that occurred on Friday, June 29th. The shares were sold at an average price of $136.66, for a total value of $683,300.00. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 18,000 shares of company stock worth $2,701,020 and have sold 563,798 shares worth $84,353,644. 6.00% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. United Services Automobile Association lifted its holdings in salesforce.com by 23.2% during the second quarter. United Services Automobile Association now owns 811,795 shares of the CRM provider’s stock worth $110,729,000 after acquiring an additional 152,771 shares during the period. Royal London Asset Management Ltd. bought a new stake in salesforce.com during the second quarter worth $42,959,000. Northern Trust Corp lifted its holdings in salesforce.com by 1.0% during the second quarter. Northern Trust Corp now owns 9,923,734 shares of the CRM provider’s stock worth $1,353,597,000 after acquiring an additional 98,077 shares during the period. Strategic Wealth Advisors Group LLC bought a new stake in salesforce.com during the second quarter worth $1,931,000. Finally, HRT Financial LLC bought a new stake in salesforce.com during the second quarter worth $1,332,000. 82.71% of the stock is currently owned by institutional investors.
salesforce.com Company Profile
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.
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