Stifel Nicolaus Boosts Salesforce.com Inc (CRM) Price Target to $120.00
Salesforce.com Inc (NYSE:CRM) had its target price raised by Stifel Nicolaus from $110.00 to $120.00 in a report released on Wednesday morning. They currently have a buy rating on the CRM provider’s stock.
A number of other brokerages have also commented on CRM. KeyCorp reissued a buy rating and issued a $108.00 price objective on shares of Salesforce.com in a research report on Wednesday. Jefferies Group LLC set a $97.00 price target on shares of Salesforce.com and gave the stock a neutral rating in a research report on Wednesday. BTIG Research upped their price objective on shares of Salesforce.com to $120.00 and gave the company a buy rating in a report on Wednesday. SunTrust Banks, Inc. reiterated a buy rating and issued a $114.00 price objective on shares of Salesforce.com in a report on Friday, November 3rd. Finally, BMO Capital Markets upped their price target on shares of Salesforce.com from $105.00 to $112.00 and gave the company an outperform rating in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and forty-six have given a buy rating to the company. Salesforce.com currently has an average rating of Buy and an average target price of $107.17.
Shares of Salesforce.com (NYSE CRM) traded up $1.64 during midday trading on Wednesday, reaching $105.24. 4,675,600 shares of the company were exchanged, compared to its average volume of 4,364,057. The firm has a market capitalization of $74,457.32, a PE ratio of 518.00, a P/E/G ratio of 10.27 and a beta of 1.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.77 and a current ratio of 0.77. Salesforce.com has a 52-week low of $66.43 and a 52-week high of $105.38.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.24. The firm had revenue of $2.56 billion during 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 business’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 earnings per share. analysts forecast that Salesforce.com will post 0.4 EPS for the current year.
In other news, CFO Mark J. Hawkins sold 490 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $93.52, for a total value of $45,824.80. Following the sale, the chief financial officer now directly owns 14,886 shares of the company’s stock, valued at $1,392,138.72. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Alexandre Dayon sold 124,331 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $99.00, for a total value of $12,308,769.00. Following the completion of the sale, the insider now directly owns 154,406 shares in the company, valued at $15,286,194. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 523,944 shares of company stock worth $50,782,964. 6.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRM. Grassi Investment Management grew its stake in shares of Salesforce.com by 28.5% in the second quarter. Grassi Investment Management now owns 16,888 shares of the CRM provider’s stock worth $1,463,000 after acquiring an additional 3,750 shares during the last quarter. Private Asset Management Inc. boosted its position in shares of Salesforce.com by 10.7% during the second quarter. Private Asset Management Inc. now owns 12,280 shares of the CRM provider’s stock valued at $1,063,000 after buying an additional 1,185 shares during the last quarter. DnB Asset Management AS boosted its position in shares of Salesforce.com by 32.7% during the second quarter. DnB Asset Management AS now owns 564,478 shares of the CRM provider’s stock valued at $48,884,000 after buying an additional 139,000 shares during the last quarter. Triangle Securities Wealth Management boosted its position in shares of Salesforce.com by 1.3% during the second quarter. Triangle Securities Wealth Management now owns 11,705 shares of the CRM provider’s stock valued at $1,014,000 after buying an additional 150 shares during the last quarter. Finally, Xact Kapitalforvaltning AB boosted its position in shares of Salesforce.com by 2.5% during the second quarter. Xact Kapitalforvaltning AB now owns 99,911 shares of the CRM provider’s stock valued at $8,652,000 after buying an additional 2,463 shares during the last quarter. 86.15% of the stock is currently owned by hedge funds and other institutional investors.
Salesforce.com Company Profile
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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