Salesforce.com Inc. (NYSE:CRM)‘s stock had its “buy” rating reaffirmed by equities research analysts at Bank of America Corp. in a research note issued to investors on Wednesday. They presently have a $70.52 price objective on the CRM provider’s stock, down from their prior price objective of $100.00. Bank of America Corp.’s price objective indicates a potential downside of 0.55% from the stock’s current price.
CRM has been the topic of a number of other research reports. JMP Securities reiterated a “buy” rating on shares of Salesforce.com in a research note on Tuesday. Vetr cut Salesforce.com from a “sell” rating to a “strong sell” rating and set a $70.42 price target for the company. in a research note on Thursday, August 25th. Barclays PLC reiterated an “overweight” rating and issued a $89.00 price target on shares of Salesforce.com in a research note on Sunday, October 2nd. Jefferies Group reiterated a “hold” rating and issued a $80.00 price target on shares of Salesforce.com in a research note on Thursday, September 1st. Finally, Deutsche Bank AG reiterated a “buy” rating on shares of Salesforce.com in a research note on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and forty-four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $92.56.
Shares of Salesforce.com (NYSE:CRM) traded down 0.49% on Wednesday, hitting $70.91. The company had a trading volume of 6,707,404 shares. The stock’s 50-day moving average is $74.35 and its 200 day moving average is $77.70. Salesforce.com has a 52 week low of $52.60 and a 52 week high of $84.48. The company has a market capitalization of $48.57 billion, a price-to-earnings ratio of 218.86 and a beta of 1.59.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Salesforce.com had a return on equity of 2.19% and a net margin of 2.91%. The company had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.02 billion. During the same quarter last year, the company earned $0.19 earnings per share. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. Equities analysts expect that Salesforce.com will post $0.95 EPS for the current year.
In related news, Director Susan Wojcicki acquired 1,356 shares of Salesforce.com stock in a transaction on Monday, September 19th. The stock was purchased at an average cost of $73.71 per share, with a total value of $99,950.76. Following the purchase, the director now directly owns 14,147 shares in the company, valued at $1,042,775.37. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $81.57, for a total value of $1,019,625.00. Following the sale, the chief executive officer now directly owns 35,383,000 shares of the company’s stock, valued at $2,886,191,310. The disclosure for this sale can be found here. 6.70% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Signaturefd LLC increased its position in shares of Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock worth $107,000 after buying an additional 693 shares during the period. M&R Capital Management Inc. acquired a new position in shares of Salesforce.com during the second quarter worth about $119,000. Ropes Wealth Advisors LLC increased its position in shares of Salesforce.com by 128.2% in the second quarter. Ropes Wealth Advisors LLC now owns 1,796 shares of the CRM provider’s stock worth $143,000 after buying an additional 1,009 shares during the period. Mycio Wealth Partners LLC increased its position in shares of Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock worth $149,000 after buying an additional 44 shares during the period. Finally, Trust Co. of Vermont increased its position in shares of Salesforce.com by 123.8% in the second quarter. Trust Co. of Vermont now owns 1,936 shares of the CRM provider’s stock worth $154,000 after buying an additional 1,071 shares during the period. 87.23% of the stock is owned by hedge funds and other institutional investors.
Salesforce.com Company Profile