Guggenheim initiated coverage on shares of Salesforce.com Inc (NYSE:CRM) in a research report released on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $125.00 price objective on the CRM provider’s stock.
A number of other equities research analysts have also weighed in on the stock. Stephens restated an overweight rating and issued a $107.00 price objective (up from $100.00) on shares of Salesforce.com in a report on Thursday, August 31st. Zacks Investment Research lowered shares of Salesforce.com from a hold rating to a sell rating in a report on Tuesday, July 11th. Vetr lowered shares of Salesforce.com from a hold rating to a strong sell rating and set a $80.76 price objective for the company. in a report on Wednesday, October 11th. Moffett Nathanson started coverage on shares of Salesforce.com in a report on Wednesday, September 6th. They issued a buy rating and a $125.00 price objective for the company. Finally, BNP Paribas restated a buy rating and issued a $95.00 price objective on shares of Salesforce.com in a report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and forty-six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $103.43.
Salesforce.com (NYSE:CRM) last released its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 EPS for the quarter, topping the Zacks’ 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 quarter in the previous year, the company earned $0.24 EPS. The business’s quarterly revenue was up 25.7% compared to the same quarter last year.
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In other Salesforce.com news, CFO Mark J. Hawkins sold 490 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $93.52, for a total transaction of $45,824.80. Following the completion of the sale, the chief financial officer now directly owns 14,886 shares of the company’s stock, valued at approximately $1,392,138.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Parker Harris sold 8,026 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $102.13, for a total transaction of $819,695.38. Following the sale, the insider now directly owns 19,261 shares of the company’s stock, valued at $1,967,125.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 534,173 shares of company stock valued at $51,367,596. Insiders own 6.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of CRM. Janus Henderson Group PLC grew its holdings 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 valued at $1,104,945,000 after purchasing an additional 11,498,509 shares in the last quarter. Jennison Associates LLC grew its holdings 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 valued at $1,629,796,000 after purchasing an additional 2,740,329 shares in the last quarter. Vanguard Group Inc. grew its holdings 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 valued at $3,996,548,000 after purchasing an additional 2,268,623 shares in the last quarter. Tybourne Capital Management HK Ltd. grew its holdings 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 valued at $410,323,000 after purchasing an additional 2,053,200 shares in the last quarter. Finally, Janus Capital Management LLC grew its holdings 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 valued at $927,363,000 after purchasing an additional 1,910,921 shares in the last quarter. 86.06% of the stock is owned by hedge funds and other institutional investors.
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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