Wedbush Reaffirms Outperform Rating for salesforce.com (NYSE:CRM)

Wedbush restated their outperform rating on shares of salesforce.com (NYSE:CRM) in a research report report published on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a $184.00 target price on the CRM provider’s stock, down from their previous target price of $192.00. Wedbush also issued estimates for salesforce.com’s Q2 2020 earnings at $0.13 EPS, Q3 2020 earnings at $0.25 EPS, Q4 2020 earnings at $0.31 EPS, FY2020 earnings at $1.27 EPS, Q1 2021 earnings at $0.35 EPS, Q2 2021 earnings at $0.39 EPS, Q3 2021 earnings at $0.39 EPS, Q4 2021 earnings at $0.43 EPS and FY2021 earnings at $1.55 EPS.

Several other research analysts also recently issued reports on the stock. Royal Bank of Canada reiterated a buy rating and issued a $181.00 target price on shares of salesforce.com in a research note on Monday, June 17th. Credit Suisse Group reiterated an outperform rating on shares of salesforce.com in a research note on Thursday, June 6th. Compass Point initiated coverage on shares of salesforce.com in a research note on Tuesday, August 13th. They issued a buy rating and a $190.00 target price on the stock. Bank of America reiterated a buy rating and issued a $200.00 target price on shares of salesforce.com in a research note on Wednesday, June 5th. Finally, UBS Group set a $190.00 target price on shares of salesforce.com and gave the stock a buy rating in a research note on Tuesday, June 11th. Four equities research analysts have rated the stock with a hold rating, thirty-eight have given a buy rating and one has given a strong buy rating to the stock. salesforce.com has an average rating of Buy and an average target price of $182.03.

Shares of NYSE CRM opened at $151.57 on Tuesday. The firm’s 50 day moving average price is $151.46 and its 200-day moving average price is $156.21. The company has a market cap of $114.37 billion, a PE ratio of 104.53, a P/E/G ratio of 5.40 and a beta of 1.27. salesforce.com has a 52-week low of $113.60 and a 52-week high of $167.56. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.96 and a current ratio of 0.96.

salesforce.com (NYSE:CRM) last issued its earnings results on Thursday, August 22nd. The CRM provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.57. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. salesforce.com had a net margin of 8.26% and a return on equity of 8.18%. The business’s revenue was up 21.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 earnings per share. On average, analysts forecast that salesforce.com will post 1.26 earnings per share for the current fiscal year.

In other salesforce.com news, CEO Marc Benioff sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $156.07, for a total transaction of $780,350.00. Following the completion of the sale, the chief executive officer now directly owns 31,017 shares of the company’s stock, valued at $4,840,823.19. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Craig Conway sold 200 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $158.85, for a total transaction of $31,770.00. Following the sale, the director now directly owns 9,336 shares of the company’s stock, valued at $1,483,023.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 301,802 shares of company stock valued at $45,891,621. 5.50% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the business. Comerica Securities Inc. grew its holdings in salesforce.com by 10.6% during the 4th quarter. Comerica Securities Inc. now owns 1,704 shares of the CRM provider’s stock valued at $233,000 after buying an additional 163 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of salesforce.com by 9.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 915,894 shares of the CRM provider’s stock valued at $125,446,000 after acquiring an additional 75,502 shares during the last quarter. 9258 Wealth Management LLC bought a new stake in shares of salesforce.com during the 1st quarter valued at about $219,000. Meeder Asset Management Inc. bought a new stake in shares of salesforce.com during the 1st quarter valued at about $78,000. Finally, Pennsylvania Trust Co boosted its position in shares of salesforce.com by 57.4% during the 1st quarter. Pennsylvania Trust Co now owns 32,841 shares of the CRM provider’s stock valued at $5,201,000 after acquiring an additional 11,975 shares during the last quarter. 82.03% of the stock is owned by institutional investors and hedge funds.

About salesforce.com

salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.

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