Salesforce.com Inc (NYSE:CRM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
According to Zacks, “Shares Salesforce have slightly underperformed the industry in the last one year. Estimates of the world’s leading CRM platform provider have been stable lately ahead of the company’s Q3 earnings release. The company has positive record of earnings surprises in recent quarters. Nonetheless, we believe that stiff competition, currency fluctuations and an increase in investments for international expansions and data centers could negatively impact its near-term profitability. However, the company’s top-line results are likely to benefit from its diverse cloud offerings and strong spending on digital marketing. Additionally, strategic acquisitions and the resultant synergies are anticipated to prove conducive to growth over the long run. Furthermore, the company’s partnerships with the likes of Amazon and Alphabet will help it in expanding international business.”
A number of other brokerages have also recently weighed in on CRM. J P Morgan Chase & Co restated a “buy” rating and set a $95.00 price objective on shares of Salesforce.com in a research note on Wednesday, August 23rd. Drexel Hamilton restated a “buy” rating and set a $111.00 price objective on shares of Salesforce.com in a research note on Wednesday, August 23rd. Piper Jaffray Companies reiterated a “buy” rating and issued a $115.00 price target on shares of Salesforce.com in a research note on Wednesday, November 1st. Deutsche Bank AG reiterated a “buy” rating and issued a $90.00 price target (down from $95.00) on shares of Salesforce.com in a research note on Wednesday, August 23rd. Finally, Canaccord Genuity reiterated a “buy” rating on shares of Salesforce.com in a research note on Monday, September 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and forty-six have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $107.17.
Shares of Salesforce.com (NYSE CRM) opened at $105.24 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market capitalization of $75,635.98, a price-to-earnings ratio of 526.20, a P/E/G ratio of 10.44 and a beta of 1.24. Salesforce.com has a 12 month low of $66.43 and a 12 month high of $105.38.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings data on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.24. The firm had revenue of $2.56 billion during the quarter, compared to analysts’ expectations of $2.52 billion. Salesforce.com had a positive return on equity of 1.83% and a negative net margin of 0.85%. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 EPS. analysts anticipate that Salesforce.com will post 0.4 earnings per share for the current fiscal year.
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In other Salesforce.com news, insider Parker Harris sold 8,026 shares of Salesforce.com stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $102.58, for a total transaction of $823,307.08. Following the completion of the sale, the insider now directly owns 19,261 shares of the company’s stock, valued at approximately $1,975,793.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Maria Martinez sold 940 shares of Salesforce.com stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $92.75, for a total value of $87,185.00. Following the sale, the insider now directly owns 19,890 shares of the company’s stock, valued at $1,844,797.50. The disclosure for this sale can be found here. Insiders have sold a total of 523,944 shares of company stock valued at $50,782,964 over the last three months. 6.20% of the stock is currently owned by insiders.
Several institutional investors have recently bought and sold shares of CRM. Koshinski Asset Management Inc. purchased a new stake in shares of Salesforce.com in the 2nd quarter valued at about $455,000. Glaxis Capital Management LLC purchased a new stake in Salesforce.com during the 2nd quarter valued at approximately $1,299,000. Oakmont Partners LLC raised its stake in Salesforce.com by 49.8% during the 2nd quarter. Oakmont Partners LLC now owns 18,584 shares of the CRM provider’s stock valued at $1,609,000 after acquiring an additional 6,180 shares during the last quarter. Atria Investments LLC raised its stake in Salesforce.com by 2.7% during the 2nd quarter. Atria Investments LLC now owns 7,568 shares of the CRM provider’s stock valued at $655,000 after acquiring an additional 202 shares during the last quarter. Finally, RB Capital Management LLC raised its stake in Salesforce.com by 3.6% during the 2nd quarter. RB Capital Management LLC now owns 14,801 shares of the CRM provider’s stock valued at $1,282,000 after acquiring an additional 511 shares during the last quarter. 86.15% of the stock is owned by institutional investors and hedge funds.
Salesforce.com Company Profile
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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