First Republic Investment Management Inc. raised its stake in salesforce.com, inc. (NYSE:CRM) by 35.8% during the second quarter, Holdings Channel reports. The institutional investor owned 203,160 shares of the CRM provider’s stock after buying an additional 53,564 shares during the quarter. First Republic Investment Management Inc.’s holdings in salesforce.com were worth $27,710,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently bought and sold shares of the business. FMR LLC lifted its stake in salesforce.com by 3.5% in the second quarter. FMR LLC now owns 89,621,104 shares of the CRM provider’s stock valued at $12,224,319,000 after buying an additional 3,066,099 shares during the last quarter. BlackRock Inc. lifted its stake in salesforce.com by 5.2% in the second quarter. BlackRock Inc. now owns 44,655,653 shares of the CRM provider’s stock valued at $6,091,032,000 after buying an additional 2,212,408 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in salesforce.com by 14.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,533,328 shares of the CRM provider’s stock valued at $1,027,545,000 after buying an additional 961,104 shares during the last quarter. Baillie Gifford & Co. lifted its stake in salesforce.com by 4.9% in the first quarter. Baillie Gifford & Co. now owns 6,046,347 shares of the CRM provider’s stock valued at $703,190,000 after buying an additional 280,110 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in salesforce.com by 1.9% in the second quarter. Wells Fargo & Company MN now owns 5,328,925 shares of the CRM provider’s stock valued at $726,866,000 after buying an additional 98,481 shares during the last quarter. Institutional investors own 85.25% of the company’s stock.
CRM has been the topic of a number of recent research reports. Zacks Investment Research cut salesforce.com from a “hold” rating to a “sell” rating in a research note on Tuesday, July 31st. Oppenheimer raised their price target on salesforce.com from $152.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, July 11th. KeyCorp raised their price target on salesforce.com from $147.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, August 30th. UBS Group raised their price target on salesforce.com from $168.00 to $180.00 and gave the company a “buy” rating in a report on Thursday, August 30th. Finally, Bank of America reissued a “buy” rating and set a $161.00 price target on shares of salesforce.com in a report on Monday, May 21st. Five equities research analysts have rated the stock with a hold rating, thirty-five have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $158.56.
In related news, insider Parker Harris sold 5,711 shares of salesforce.com stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $152.54, for a total transaction of $871,155.94. Following the transaction, the insider now directly owns 27,938 shares of the company’s stock, valued at $4,261,662.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Marc Benioff sold 10,000 shares of salesforce.com stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $153.08, for a total value of $1,530,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 18,000 shares of company stock worth $2,584,260 and have sold 504,300 shares worth $71,888,639. 6.00% of the stock is owned by insiders.
NYSE:CRM opened at $150.43 on Friday. The stock has a market cap of $112.62 billion, a P/E ratio of 334.29, a PEG ratio of 4.89 and a beta of 1.27. salesforce.com, inc. has a 52-week low of $92.11 and a 52-week high of $154.97. The company has a current ratio of 0.80, a quick ratio of 1.29 and a debt-to-equity ratio of 0.23.
salesforce.com (NYSE:CRM) last released its earnings results on Wednesday, August 29th. The CRM provider reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.24. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.23 billion. salesforce.com had a return on equity of 8.27% and a net margin of 6.45%. salesforce.com’s revenue was up 27.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.33 earnings per share. sell-side analysts anticipate that salesforce.com, inc. will post 1.22 earnings per share for the current fiscal year.
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.
Recommended Story: Short Selling
Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for salesforce.com, inc. (NYSE:CRM).
Receive News & Ratings for salesforce.com Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for salesforce.com and related companies with MarketBeat.com's FREE daily email newsletter.