salesforce.com (NYSE:CRM) had its target price upped by JMP Securities from $320.00 to $325.00 in a report released on Friday, Analyst Price Targets reports. The firm currently has a buy rating on the CRM provider’s stock.
CRM has been the subject of several other reports. Zacks Investment Research cut shares of salesforce.com from a hold rating to a sell rating and set a $273.00 price objective for the company. in a report on Wednesday, August 25th. Citigroup increased their price objective on shares of salesforce.com from $250.00 to $280.00 and gave the company a neutral rating in a report on Thursday, August 26th. Redburn Partners started coverage on shares of salesforce.com in a report on Monday, June 28th. They set a buy rating and a $320.00 target price for the company. They noted that the move was a valuation call. Evercore ISI raised their target price on shares of salesforce.com from $290.00 to $300.00 and gave the stock an outperform rating in a report on Wednesday, June 30th. Finally, Royal Bank of Canada set a $310.00 target price on shares of salesforce.com in a report on Wednesday, September 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-three have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, salesforce.com currently has a consensus rating of Buy and a consensus target price of $310.17.
CRM opened at $285.63 on Friday. The company’s 50-day moving average price is $254.77 and its 200 day moving average price is $237.86. salesforce.com has a fifty-two week low of $201.51 and a fifty-two week high of $286.36. The firm has a market cap of $279.63 billion, a price-to-earnings ratio of 114.71, a price-to-earnings-growth ratio of 7.35 and a beta of 1.09. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.
In other news, insider Srinivas Tallapragada sold 5,000 shares of salesforce.com stock in a transaction dated Monday, August 9th. The shares were sold at an average price of $251.00, for a total transaction of $1,255,000.00. Following the sale, the insider now directly owns 68,921 shares in the company, valued at approximately $17,299,171. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Marc Benioff sold 20,000 shares of salesforce.com stock in a transaction dated Monday, June 28th. The shares were sold at an average price of $245.21, for a total transaction of $4,904,200.00. The disclosure for this sale can be found here. Insiders sold a total of 786,605 shares of company stock worth $198,242,927 over the last 90 days. Company insiders own 4.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Amundi bought a new position in shares of salesforce.com in the second quarter worth about $1,100,891,000. Akre Capital Management LLC bought a new position in shares of salesforce.com in the second quarter worth about $683,956,000. Morgan Stanley raised its stake in shares of salesforce.com by 20.2% in the second quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after acquiring an additional 2,787,393 shares during the last quarter. Polen Capital Management LLC raised its stake in shares of salesforce.com by 31.0% in the first quarter. Polen Capital Management LLC now owns 9,228,555 shares of the CRM provider’s stock worth $1,955,254,000 after acquiring an additional 2,186,033 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of salesforce.com by 134.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,472,998 shares of the CRM provider’s stock worth $735,824,000 after buying an additional 1,993,259 shares during the last quarter. 77.33% of the stock is owned by hedge funds and other institutional investors.
salesforce.com, inc. engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.
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