Sandy Spring Bank Acquires 9,530 Shares of Salesforce.com Inc. (CRM)
Sandy Spring Bank raised its stake in Salesforce.com Inc. (NYSE:CRM) by 87.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,489 shares of the CRM provider’s stock after buying an additional 9,530 shares during the period. Sandy Spring Bank’s holdings in Salesforce.com were worth $1,462,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Manning & Napier Advisors LLC raised its position in Salesforce.com by 256.6% in the third quarter. Manning & Napier Advisors LLC now owns 1,841,411 shares of the CRM provider’s stock valued at $131,347,000 after buying an additional 1,324,985 shares during the period. Vanguard Group Inc. raised its position in Salesforce.com by 3.1% in the second quarter. Vanguard Group Inc. now owns 39,426,135 shares of the CRM provider’s stock valued at $3,130,829,000 after buying an additional 1,181,756 shares during the period. Capital Fund Management S.A. acquired a new position in Salesforce.com during the third quarter valued at about $82,896,000. American Century Companies Inc. raised its position in Salesforce.com by 54.4% in the second quarter. American Century Companies Inc. now owns 3,297,549 shares of the CRM provider’s stock valued at $261,858,000 after buying an additional 1,161,596 shares during the period. Finally, Waddell & Reed Financial Inc. raised its position in Salesforce.com by 489.5% in the second quarter. Waddell & Reed Financial Inc. now owns 1,384,048 shares of the CRM provider’s stock valued at $109,908,000 after buying an additional 1,149,275 shares during the period. Hedge funds and other institutional investors own 85.24% of the company’s stock.
Shares of Salesforce.com Inc. (NYSE:CRM) remained flat at $72.93 during midday trading on Tuesday. 7,435,029 shares of the company were exchanged. The company has a 50-day moving average of $74.32 and a 200-day moving average of $77.55. Salesforce.com Inc. has a 12 month low of $52.60 and a 12 month high of $84.48. The company has a market capitalization of $50.81 billion, a PE ratio of 247.22 and a beta of 1.55.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Thursday, November 17th. The CRM provider reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Salesforce.com had a net margin of 2.60% and a return on equity of 2.40%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.12 billion. During the same period last year, the company posted $0.21 EPS. The firm’s quarterly revenue was up 25.3% compared to the same quarter last year. Equities research analysts forecast that Salesforce.com Inc. will post $0.98 earnings per share for the current year.
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Several research analysts have issued reports on CRM shares. Bank of America Corp. restated a “buy” rating and issued a $70.52 price target (down previously from $100.00) on shares of Salesforce.com in a research report on Wednesday, October 5th. Vetr raised shares of Salesforce.com from a “hold” rating to a “buy” rating in a research note on Friday, September 23rd. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Salesforce.com in a research note on Monday, August 15th. Mizuho raised their price objective on shares of Salesforce.com from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 1st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $98.00 price objective (up previously from $96.00) on shares of Salesforce.com in a research note on Friday, August 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and forty-two have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $92.05.
In related news, EVP Burke F. Norton sold 180,000 shares of Salesforce.com stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $74.15, for a total transaction of $13,347,000.00. Following the sale, the executive vice president now directly owns 253,923 shares in the company, valued at approximately $18,828,390.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Susan Wojcicki bought 1,356 shares of the business’s stock in a transaction that occurred on Monday, September 19th. The shares were acquired at an average price of $73.71 per share, for a total transaction of $99,950.76. Following the completion of the transaction, the director now owns 14,147 shares in the company, valued at $1,042,775.37. The disclosure for this purchase can be found here. 6.70% of the stock is currently owned by insiders.
Salesforce.com Company Profile
salesforce.com, inc. is a provider of enterprise cloud computing solutions, with a focus on customer relationship management (CRM). The Company’s Customer Success Platform, including sales force automation, customer service and support, marketing automation, community management, analytics, application development, Internet of Things (IoT) integration and its professional cloud services, provide the next-generation platform of enterprise applications and services.
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