Wedbush Securities Inc. increased its stake in salesforce.com, inc. (NYSE:CRM) by 3.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 20,307 shares of the CRM provider’s stock after buying an additional 685 shares during the quarter. Wedbush Securities Inc.’s holdings in salesforce.com were worth $3,014,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of CRM. Nuveen Asset Management LLC boosted its holdings in shares of salesforce.com by 36,379.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 12,648,680 shares of the CRM provider’s stock worth $1,919,183,000 after buying an additional 12,614,007 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in salesforce.com by 13.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 33,910,865 shares of the CRM provider’s stock valued at $5,145,296,000 after acquiring an additional 4,046,077 shares during the period. Viking Global Investors LP bought a new stake in salesforce.com in the 2nd quarter valued at about $443,415,000. BlackRock Inc. raised its stake in salesforce.com by 4.7% in the 2nd quarter. BlackRock Inc. now owns 56,165,345 shares of the CRM provider’s stock valued at $8,521,967,000 after acquiring an additional 2,499,996 shares during the period. Finally, Jennison Associates LLC raised its stake in salesforce.com by 8.4% in the 2nd quarter. Jennison Associates LLC now owns 21,575,462 shares of the CRM provider’s stock valued at $3,273,645,000 after acquiring an additional 1,673,392 shares during the period. 73.73% of the stock is currently owned by institutional investors.
A number of brokerages recently issued reports on CRM. Wedbush restated an “outperform” rating and issued a $184.00 price objective (down from $192.00) on shares of salesforce.com in a research note on Tuesday, August 20th. JPMorgan Chase & Co. set a $180.00 price objective on salesforce.com and gave the company a “buy” rating in a research note on Friday, August 23rd. Credit Suisse Group set a $175.00 price objective on salesforce.com and gave the company a “buy” rating in a research note on Wednesday, August 28th. Northland Securities set a $185.00 price objective on salesforce.com and gave the company a “buy” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley boosted their price objective on salesforce.com from $178.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Three analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $184.31.
Shares of CRM traded down $2.25 during midday trading on Friday, hitting $143.92. 4,347,097 shares of the company traded hands, compared to its average volume of 3,903,648. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a 50-day moving average of $150.98 and a 200-day moving average of $153.85. The firm has a market cap of $133.95 billion, a P/E ratio of 99.26, a PEG ratio of 6.54 and a beta of 1.23. salesforce.com, inc. has a one year low of $113.60 and a one year high of $167.56.
salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Thursday, August 22nd. The CRM provider reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.57. The company had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.96 billion. salesforce.com had a net margin of 6.45% and a return on equity of 7.26%. salesforce.com’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 earnings per share. Sell-side analysts forecast that salesforce.com, inc. will post 1.25 EPS for the current fiscal year.
In related news, CAO Joe Allanson sold 167 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $154.07, for a total value of $25,729.69. Following the transaction, the chief accounting officer now directly owns 30,958 shares in the company, valued at $4,769,699.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Amy E. Weaver sold 647 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $156.39, for a total transaction of $101,184.33. Following the completion of the transaction, the insider now owns 30,647 shares in the company, valued at $4,792,884.33. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 277,019 shares of company stock worth $41,772,668. 5.50% of the stock is owned by company insiders.
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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