salesforce.com (NYSE:CRM) PT Raised to $280.00

salesforce.com (NYSE:CRM) had its target price raised by research analysts at Raymond James from $255.00 to $280.00 in a research report issued on Wednesday, The Fly reports. The firm currently has a “strong-buy” rating on the CRM provider’s stock. Raymond James’ price objective would suggest a potential upside of 26.71% from the company’s current price.

Several other equities research analysts have also commented on CRM. Bank of America set a $280.00 price target on shares of salesforce.com and gave the company a “buy” rating in a research note on Tuesday, September 1st. Pritchard Capital lowered shares of salesforce.com from a “buy” rating to a “neutral” rating and dropped their price target for the company from $300.00 to $250.00 in a research note on Wednesday. Cowen raised their price target on shares of salesforce.com from $210.00 to $270.00 and gave the company an “outperform” rating in a research note on Wednesday, August 26th. Smith Barney Citigroup started coverage on shares of salesforce.com in a research note on Tuesday, November 17th. They issued an “outperform” rating and a $304.00 price target on the stock. Finally, Oppenheimer restated a “buy” rating and issued a $265.00 price target on shares of salesforce.com in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-two have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $259.46.

CRM opened at $220.97 on Wednesday. The firm has a market cap of $201.08 billion, a price-to-earnings ratio of 57.69, a price-to-earnings-growth ratio of 8.30 and a beta of 1.21. salesforce.com has a fifty-two week low of $115.29 and a fifty-two week high of $284.50. The company’s 50-day moving average price is $250.23 and its 200 day moving average price is $220.06. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.07.

salesforce.com (NYSE:CRM) last released its quarterly earnings data on Monday, November 30th. The CRM provider reported $1.74 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.99. salesforce.com had a net margin of 12.21% and a return on equity of 3.99%. The firm had revenue of $5.42 million for the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the business earned $0.75 earnings per share. salesforce.com’s quarterly revenue was down 99.9% on a year-over-year basis. Research analysts anticipate that salesforce.com will post 1.89 earnings per share for the current year.

In other salesforce.com news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $267.70, for a total value of $4,015,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $240.26, for a total transaction of $1,201,300.00. Following the completion of the sale, the insider now owns 47,969 shares of the company’s stock, valued at approximately $11,525,031.94. The disclosure for this sale can be found here. Insiders sold a total of 474,861 shares of company stock valued at $118,786,662 in the last ninety days. Company insiders own 4.40% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in salesforce.com by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 71,232,417 shares of the CRM provider’s stock worth $13,343,968,000 after buying an additional 1,349,434 shares in the last quarter. BlackRock Inc. raised its holdings in shares of salesforce.com by 1.6% during the 2nd quarter. BlackRock Inc. now owns 64,796,146 shares of the CRM provider’s stock valued at $12,138,263,000 after purchasing an additional 1,042,078 shares in the last quarter. State Street Corp raised its holdings in shares of salesforce.com by 14.4% during the 3rd quarter. State Street Corp now owns 41,671,306 shares of the CRM provider’s stock valued at $10,472,833,000 after purchasing an additional 5,236,449 shares in the last quarter. Morgan Stanley raised its holdings in shares of salesforce.com by 10.1% during the 3rd quarter. Morgan Stanley now owns 12,206,616 shares of the CRM provider’s stock valued at $3,067,766,000 after purchasing an additional 1,118,889 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of salesforce.com by 3.4% during the 3rd quarter. Fisher Asset Management LLC now owns 11,892,437 shares of the CRM provider’s stock valued at $2,988,808,000 after purchasing an additional 386,087 shares in the last quarter. Institutional investors own 74.58% of the company’s stock.

About salesforce.com

salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management worldwide. 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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