Todays Report: Today, Parsons Capital Management Inc. RI invests in Salesforce.com Inc. (CRM) Shares

Today, Parsons Capital Management Inc. RI invests in Salesforce.com Inc. (CRM) Shares

Parsons Capital Management Inc. RI increased its stake in Salesforce.com Inc. (NYSE:CRM) by 2.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,980 shares of the CRM provider’s stock after buying an additional 500 shares during the period. Parsons Capital Management Inc. RI’s holdings in Salesforce.com were worth $1,425,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in Salesforce.com by 0.5% in the second quarter. Brighton Jones LLC now owns 4,270 shares of the CRM provider’s stock valued at $339,000 after buying an additional 22 shares in the last quarter. Hollencrest Securities LLC boosted its stake in Salesforce.com by 0.9% in the second quarter. Hollencrest Securities LLC now owns 3,229 shares of the CRM provider’s stock valued at $256,000 after buying an additional 29 shares in the last quarter. Cornerstone Advisors Inc. boosted its stake in Salesforce.com by 1.0% in the second quarter. Cornerstone Advisors Inc. now owns 3,552 shares of the CRM provider’s stock valued at $282,000 after buying an additional 35 shares in the last quarter. Integrated Investment Consultants LLC boosted its stake in Salesforce.com by 1.3% in the second quarter. Integrated Investment Consultants LLC now owns 2,835 shares of the CRM provider’s stock valued at $225,000 after buying an additional 37 shares in the last quarter. Finally, Fulton Bank N.A. boosted its stake in Salesforce.com by 0.3% in the second quarter. Fulton Bank N.A. now owns 12,763 shares of the CRM provider’s stock valued at $1,014,000 after buying an additional 38 shares in the last quarter. 87.22% of the stock is owned by hedge funds and other institutional investors.

Shares of Salesforce.com Inc. (NYSE:CRM) traded down 0.05% during midday trading on Friday, reaching $73.91. 1,012,852 shares of the company traded hands. Salesforce.com Inc. has a 1-year low of $52.60 and a 1-year high of $84.48. The firm has a market capitalization of $51.03 billion, a PE ratio of 250.54 and a beta of 1.55. The stock has a 50 day moving average price of $74.03 and a 200 day moving average price of $77.55.

Salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Thursday, November 17th. The CRM provider reported $0.24 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.03. Salesforce.com had a net margin of 2.60% and a return on equity of 2.40%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same quarter in the prior year, the company earned $0.21 EPS. Salesforce.com’s quarterly revenue was up 25.3% on a year-over-year basis. Analysts expect that Salesforce.com Inc. will post $0.98 earnings per share for the current fiscal year.

Several research firms have recently commented on CRM. FBN Securities set a $90.00 target price on shares of Salesforce.com and gave the stock a “buy” rating in a research report on Sunday, September 4th. Raymond James Financial Inc. set a $105.00 price target on shares of Salesforce.com and gave the stock a “buy” rating in a research note on Sunday, September 4th. DA Davidson set a $86.00 price target on shares of Salesforce.com and gave the stock a “hold” rating in a research note on Sunday, September 11th. Rosenblatt Securities set a $90.00 price target on shares of Salesforce.com and gave the stock a “buy” rating in a research note on Saturday, November 19th. Finally, Cowen and Company reiterated a “buy” rating on shares of Salesforce.com in a research note on Sunday, November 20th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and forty-two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $92.05.

In other news, CEO Marc Benioff sold 12,500 shares of the stock in a transaction that occurred on Wednesday, October 5th. The stock was sold at an average price of $67.76, for a total transaction of $847,000.00. Following the transaction, the chief executive officer now owns 35,033,000 shares in the company, valued at approximately $2,373,836,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Burke F. Norton sold 180,000 shares of the stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $74.15, for a total value of $13,347,000.00. Following the transaction, the executive vice president now owns 253,923 shares in the company, valued at approximately $18,828,390.45. The disclosure for this sale can be found here. 6.70% of the stock is owned by company insiders.

Salesforce.com Company Profile

salesforce.com, inc. is a provider of enterprise cloud computing solutions, with a focus on customer relationship management (CRM). The Company’s Customer Success Platform, including sales force automation, customer service and support, marketing automation, community management, analytics, application development, Internet of Things (IoT) integration and its professional cloud services, provide the next-generation platform of enterprise applications and services.

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