Brokerages forecast that salesforce.com, inc. (NYSE:CRM) will post sales of $4.45 billion for the current fiscal quarter, Zacks Investment Research reports. Twelve analysts have issued estimates for salesforce.com’s earnings, with the lowest sales estimate coming in at $4.44 billion and the highest estimate coming in at $4.48 billion. salesforce.com reported sales of $3.39 billion in the same quarter last year, which would suggest a positive year over year growth rate of 31.3%. The business is expected to announce its next quarterly earnings report on Tuesday, November 26th.
According to Zacks, analysts expect that salesforce.com will report full year sales of $16.86 billion for the current financial year, with estimates ranging from $16.81 billion to $17.00 billion. For the next financial year, analysts anticipate that the business will post sales of $20.89 billion, with estimates ranging from $20.34 billion to $21.44 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for salesforce.com.
salesforce.com (NYSE:CRM) last announced its quarterly earnings results on Thursday, August 22nd. The CRM provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.57. salesforce.com had a net margin of 6.45% and a return on equity of 7.26%. The firm had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter in the previous year, the company posted $0.71 EPS. The company’s revenue was up 21.8% compared to the same quarter last year.
Several equities analysts have weighed in on the stock. Canaccord Genuity boosted their target price on shares of salesforce.com from $175.00 to $185.00 and gave the company a “buy” rating in a report on Friday, August 23rd. They noted that the move was a valuation call. Wedbush restated an “outperform” rating and set a $184.00 price target (down previously from $192.00) on shares of salesforce.com in a report on Tuesday, August 20th. ValuEngine raised shares of salesforce.com from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. set a $180.00 price target on shares of salesforce.com and gave the company a “buy” rating in a research report on Friday, August 23rd. Finally, TheStreet cut salesforce.com from a “b” rating to a “c” rating in a report on Thursday, August 22nd. Two research analysts have rated the stock with a hold rating, forty have given a buy rating and one has given a strong buy rating to the company. salesforce.com presently has an average rating of “Buy” and a consensus price target of $183.82.
salesforce.com stock traded up $4.44 during midday trading on Friday, hitting $154.09. 6,065,498 shares of the stock were exchanged, compared to its average volume of 6,082,052. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.31. The stock’s 50-day simple moving average is $150.09 and its 200 day simple moving average is $155.68. salesforce.com has a fifty-two week low of $113.60 and a fifty-two week high of $167.56. The stock has a market capitalization of $131.15 billion, a price-to-earnings ratio of 106.27, a PEG ratio of 5.51 and a beta of 1.24.
In related news, Director Sanford Robertson sold 25,000 shares of salesforce.com stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $155.67, for a total value of $3,891,750.00. Following the completion of the transaction, the director now directly owns 124,017 shares in the company, valued at $19,305,726.39. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Joe Allanson sold 168 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $153.88, for a total value of $25,851.84. Following the transaction, the chief accounting officer now directly owns 30,641 shares of the company’s stock, valued at $4,715,037.08. The disclosure for this sale can be found here. Insiders sold 320,727 shares of company stock valued at $48,794,063 in the last 90 days. Company insiders own 5.50% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CRM. Chemung Canal Trust Co. increased its holdings in shares of salesforce.com by 1.2% in the second quarter. Chemung Canal Trust Co. now owns 44,078 shares of the CRM provider’s stock valued at $6,688,000 after purchasing an additional 505 shares during the period. Hills Bank & Trust Co. raised its position in shares of salesforce.com by 5.3% during the 2nd quarter. Hills Bank & Trust Co. now owns 9,480 shares of the CRM provider’s stock valued at $1,438,000 after acquiring an additional 473 shares in the last quarter. Chicago Capital LLC raised its position in shares of salesforce.com by 3.1% during the 2nd quarter. Chicago Capital LLC now owns 209,748 shares of the CRM provider’s stock valued at $31,825,000 after acquiring an additional 6,237 shares in the last quarter. Ibex Wealth Advisors bought a new position in salesforce.com during the second quarter worth $63,000. Finally, Retirement Systems of Alabama lifted its stake in salesforce.com by 1.0% during the second quarter. Retirement Systems of Alabama now owns 612,105 shares of the CRM provider’s stock worth $92,875,000 after purchasing an additional 5,888 shares during the last quarter. 73.81% of the stock is currently owned by institutional investors.
salesforce.com Company Profile
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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