Instinet restated their buy rating on shares of Salesforce.com Inc (NYSE:CRM) in a report published on Thursday. Instinet currently has a $90.00 price target on the CRM provider’s stock.
Several other analysts have also recently commented on CRM. Barclays PLC lifted their price objective on shares of Salesforce.com from $89.00 to $97.00 and gave the company an overweight rating in a research note on Wednesday, April 26th. Credit Suisse Group initiated coverage on shares of Salesforce.com in a research note on Thursday, April 27th. They set an outperform rating and a $110.00 price objective for the company. Benchmark Co. initiated coverage on shares of Salesforce.com in a research note on Thursday, April 27th. They set an outperform rating and a $100.00 price objective for the company. Zacks Investment Research cut shares of Salesforce.com from a hold rating to a sell rating in a research note on Tuesday, May 2nd. Finally, Piper Jaffray Companies restated an overweight rating and set a $100.00 price objective on shares of Salesforce.com in a research note on Sunday, May 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and forty-five have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $101.72.
Shares of Salesforce.com (NYSE:CRM) traded down 0.05% during midday trading on Thursday, hitting $94.10. 5,310,995 shares of the stock traded hands. The firm’s market capitalization is $67.00 billion. Salesforce.com has a 52 week low of $66.43 and a 52 week high of $95.23. The company’s 50-day moving average is $90.44 and its 200 day moving average is $86.60.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Tuesday, August 22nd. The CRM provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.09 by $0.24. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The business had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the previous year, the business posted $0.24 EPS. The business’s quarterly revenue was up 25.7% compared to the same quarter last year. Analysts anticipate that Salesforce.com will post $1.31 earnings per share for the current year.
In other Salesforce.com news, Chairman Marc Benioff sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $90.83, for a total value of $908,300.00. Following the transaction, the chairman now directly owns 34,195,300 shares in the company, valued at $3,105,959,099. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Amy E. Weaver sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $87.04, for a total transaction of $121,856.00. Following the transaction, the insider now owns 16,513 shares in the company, valued at $1,437,291.52. The disclosure for this sale can be found here. Insiders sold 1,270,082 shares of company stock worth $114,312,463 over the last quarter. 6.70% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC raised its position in shares of Salesforce.com by 911.7% in the second quarter. Janus Henderson Group PLC now owns 12,759,741 shares of the CRM provider’s stock worth $1,104,945,000 after buying an additional 11,498,509 shares during the period. Jennison Associates LLC raised its position in shares of Salesforce.com by 17.0% in the second quarter. Jennison Associates LLC now owns 18,819,812 shares of the CRM provider’s stock worth $1,629,796,000 after buying an additional 2,740,329 shares during the period. Vanguard Group Inc. raised its position in shares of Salesforce.com by 5.2% in the second quarter. Vanguard Group Inc. now owns 46,149,530 shares of the CRM provider’s stock worth $3,996,548,000 after buying an additional 2,268,623 shares during the period. Tybourne Capital Management HK Ltd. raised its position in shares of Salesforce.com by 76.5% in the second quarter. Tybourne Capital Management HK Ltd. now owns 4,738,144 shares of the CRM provider’s stock worth $410,323,000 after buying an additional 2,053,200 shares during the period. Finally, Janus Capital Management LLC raised its position in shares of Salesforce.com by 21.6% in the first quarter. Janus Capital Management LLC now owns 10,755,181 shares of the CRM provider’s stock worth $927,363,000 after buying an additional 1,910,921 shares during the period. Institutional investors and hedge funds own 86.29% 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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