Salesforce.com Inc (CRM) Upgraded to Strong-Buy by Vetr Inc.
Salesforce.com Inc (NYSE:CRM) was upgraded by research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday. The brokerage currently has a $100.19 price objective on the CRM provider’s stock. Vetr‘s price objective indicates a potential upside of 14.80% from the company’s previous close.
A number of other analysts have also weighed in on the stock. Piper Jaffray Companies reiterated an “overweight” rating and issued a $110.00 price objective (up previously from $105.00) on shares of Salesforce.com in a research note on Monday, June 5th. ValuEngine upgraded shares of Salesforce.com from a “sell” rating to a “hold” rating in a research note on Saturday, June 3rd. Jefferies Group LLC reiterated a “hold” rating and issued a $80.00 price objective on shares of Salesforce.com in a research note on Monday, May 22nd. BTIG Research reiterated a “buy” rating and issued a $100.00 price objective on shares of Salesforce.com in a research note on Monday, May 22nd. Finally, Barclays PLC cut their price objective on shares of Salesforce.com from $100.00 to $97.00 and set an “overweight” rating on the stock in a research note on Monday, May 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-eight have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $96.81.
Shares of Salesforce.com (NYSE CRM) opened at 87.27 on Monday. The company has a market cap of $62.15 billion, a P/E ratio of 461.75 and a beta of 1.24. The firm has a 50-day moving average of $88.20 and a 200-day moving average of $80.61. Salesforce.com has a 52-week low of $66.43 and a 52-week high of $91.99.
Salesforce.com (NYSE:CRM) last released its quarterly earnings data on Thursday, May 18th. The CRM provider reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. The firm had revenue of $2.39 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $0.24 earnings per share. Equities research analysts forecast that Salesforce.com will post $1.30 earnings per share for the current year.
In other news, CFO Mark J. Hawkins sold 8,624 shares of the business’s stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $80.84, for a total transaction of $697,164.16. Following the completion of the sale, the chief financial officer now owns 21,264 shares in the company, valued at approximately $1,718,981.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Marc Benioff sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $91.02, for a total transaction of $910,200.00. Following the sale, the chairman now owns 34,195,300 shares of the company’s stock, valued at approximately $3,112,456,206. The disclosure for this sale can be found here. Insiders have sold a total of 1,551,224 shares of company stock valued at $135,535,927 in the last quarter. 6.70% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Columbia Partners L L C Investment Management increased its stake in shares of Salesforce.com by 21.1% in the first quarter. Columbia Partners L L C Investment Management now owns 41,934 shares of the CRM provider’s stock valued at $3,459,000 after buying an additional 7,317 shares in the last quarter. Piedmont Investment Advisors LLC increased its stake in Salesforce.com by 0.9% in the first quarter. Piedmont Investment Advisors LLC now owns 135,864 shares of the CRM provider’s stock valued at $11,207,000 after buying an additional 1,224 shares during the period. Ballentine Partners LLC increased its stake in Salesforce.com by 32.4% in the first quarter. Ballentine Partners LLC now owns 8,182 shares of the CRM provider’s stock valued at $675,000 after buying an additional 2,002 shares during the period. Teachers Retirement System of The State of Kentucky increased its stake in Salesforce.com by 20.3% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 225,407 shares of the CRM provider’s stock valued at $18,594,000 after buying an additional 38,007 shares during the period. Finally, Cambridge Trust Co. increased its stake in Salesforce.com by 1.2% in the first quarter. Cambridge Trust Co. now owns 289,411 shares of the CRM provider’s stock valued at $23,873,000 after buying an additional 3,322 shares during the period. Institutional investors and hedge funds own 85.67% 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.
To view Vetr’s full report, visit Vetr’s official website.
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