Traders Sell Salesforce.com Inc (CRM) on Strength After Insider Selling
Investors sold shares of Salesforce.com Inc (NYSE:CRM) on strength during trading hours on Thursday following insider selling activity. $41.61 million flowed into the stock on the tick-up and $120.59 million flowed out of the stock on the tick-down, for a money net flow of $78.98 million out of the stock. Of all companies tracked, Salesforce.com had the 0th highest net out-flow for the day. Salesforce.com traded up $0.21 for the day and closed at $95.73Specifically, Chairman Marc Benioff sold 10,000 shares of the stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $88.30, for a total transaction of $883,000.00. Following the completion of the transaction, the chairman now owns 34,195,300 shares of the company’s stock, valued at $3,019,444,990. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Parker Harris sold 8,026 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $94.92, for a total value of $761,827.92. Following the transaction, the insider now directly owns 19,261 shares of the company’s stock, valued at approximately $1,828,254.12. The disclosure for this sale can be found here. Insiders sold 536,343 shares of company stock worth $49,439,541 in the last 90 days. Company insiders own 6.20% of the company’s stock.
Several research firms recently commented on CRM. Northland Securities set a $105.00 price target on Salesforce.com and gave the company a “buy” rating in a report on Saturday, June 24th. JMP Securities raised Salesforce.com to a “positive” rating in a report on Friday. Robert W. Baird reaffirmed a “buy” rating and issued a $110.00 price target (up previously from $100.00) on shares of Salesforce.com in a report on Wednesday, August 23rd. Drexel Hamilton reaffirmed a “buy” rating and issued a $111.00 price target on shares of Salesforce.com in a report on Wednesday, August 23rd. Finally, UBS AG reaffirmed a “buy” rating and issued a $100.00 price target on shares of Salesforce.com in a report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and forty-five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $102.66.
The company’s market capitalization is $69.23 billion. The stock’s 50 day moving average is $94.65 and its 200 day moving average is $89.26.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.24. The business had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.52 billion. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. Salesforce.com’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. Analysts anticipate that Salesforce.com Inc will post $1.32 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in CRM. Los Angeles Capital Management & Equity Research Inc. raised its holdings in Salesforce.com by 5.1% in the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,667 shares of the CRM provider’s stock worth $385,000 after acquiring an additional 226 shares during the period. Arizona State Retirement System raised its holdings in Salesforce.com by 2.7% in the 1st quarter. Arizona State Retirement System now owns 162,156 shares of the CRM provider’s stock worth $13,376,000 after acquiring an additional 4,300 shares during the period. William Blair Investment Management LLC raised its holdings in Salesforce.com by 53.1% in the 1st quarter. William Blair Investment Management LLC now owns 334,891 shares of the CRM provider’s stock worth $27,625,000 after acquiring an additional 116,172 shares during the period. American International Group Inc. raised its holdings in Salesforce.com by 2.3% in the 1st quarter. American International Group Inc. now owns 242,468 shares of the CRM provider’s stock worth $20,001,000 after acquiring an additional 5,419 shares during the period. Finally, ProVise Management Group LLC raised its holdings in Salesforce.com by 11.6% in the 1st quarter. ProVise Management Group LLC now owns 4,630 shares of the CRM provider’s stock worth $382,000 after acquiring an additional 480 shares during the period. Hedge funds and other institutional investors own 86.06% of the company’s stock.
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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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