Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Salesforce.com Inc (NYSE:CRM) by 5.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,729,441 shares of the CRM provider’s stock after buying an additional 93,490 shares during the period. Salesforce.com accounts for about 2.4% of Sumitomo Mitsui Asset Management Company LTD’s portfolio, making the stock its 2nd largest position. Sumitomo Mitsui Asset Management Company LTD owned about 0.24% of Salesforce.com worth $149,769,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the stock. Creative Planning boosted its position in shares of Salesforce.com by 12.8% in the first quarter. Creative Planning now owns 45,597 shares of the CRM provider’s stock worth $3,761,000 after buying an additional 5,180 shares in the last quarter. Hills Bank & Trust Co. boosted its position in shares of Salesforce.com by 5.3% in the first quarter. Hills Bank & Trust Co. now owns 10,360 shares of the CRM provider’s stock worth $854,000 after buying an additional 520 shares in the last quarter. Boltwood Capital Management boosted its position in shares of Salesforce.com by 14.3% in the first quarter. Boltwood Capital Management now owns 13,595 shares of the CRM provider’s stock worth $1,121,000 after buying an additional 1,700 shares in the last quarter. CENTRAL TRUST Co purchased a new position in shares of Salesforce.com during the first quarter worth $601,000. Finally, Watch Point Trust Co purchased a new position in shares of Salesforce.com during the first quarter worth $1,468,000. 85.75% of the stock is currently owned by hedge funds and other institutional investors.
Salesforce.com Inc (NYSE CRM) opened at 90.62 on Friday. The firm has a market capitalization of $64.54 billion, a PE ratio of 479.47 and a beta of 1.28. Salesforce.com Inc has a 12 month low of $66.43 and a 12 month high of $92.13. The firm has a 50-day moving average of $88.36 and a 200 day moving average of $84.69.
Salesforce.com (NYSE:CRM) last announced its earnings results on Thursday, May 18th. The CRM provider reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. Salesforce.com had a net margin of 1.49% and a return on equity of 1.80%. The business had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the business posted $0.24 earnings per share. Salesforce.com’s revenue for the quarter was up 24.6% on a year-over-year basis. Equities research analysts forecast that Salesforce.com Inc will post $1.30 earnings per share for the current year.
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A number of equities research analysts recently commented on CRM shares. Piper Jaffray Companies restated an “overweight” rating and set a $110.00 price objective (up from $105.00) on shares of Salesforce.com in a report on Monday, June 5th. ValuEngine upgraded shares of Salesforce.com from a “sell” rating to a “hold” rating in a report on Saturday, June 3rd. Vetr upgraded shares of Salesforce.com from a “hold” rating to a “buy” rating and set a $95.22 price objective on the stock in a report on Monday, May 15th. Drexel Hamilton restated a “buy” rating and set a $100.00 price objective on shares of Salesforce.com in a report on Monday, May 15th. Finally, Benchmark Co. raised their price objective on shares of Salesforce.com from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and forty-one have given a buy rating to the company. Salesforce.com presently has a consensus rating of “Buy” and a consensus price target of $97.41.
In other Salesforce.com news, Chairman Marc Benioff sold 30,000 shares of Salesforce.com stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $86.12, for a total transaction of $2,583,600.00. Following the transaction, the chairman now directly owns 34,195,300 shares of the company’s stock, valued at $2,944,899,236. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Maria Martinez sold 10,000 shares of Salesforce.com stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $92.00, for a total transaction of $920,000.00. Following the transaction, the insider now directly owns 30,907 shares in the company, valued at $2,843,444. The disclosure for this sale can be found here. Insiders have sold 1,435,777 shares of company stock worth $128,643,042 over the last three months. Insiders own 6.70% of the company’s stock.
About Salesforce.com
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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