Piper Jaffray Companies Initiates Coverage on salesforce.com (NYSE:CRM)

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Research analysts at Piper Jaffray Companies started coverage on shares of salesforce.com (NYSE:CRM) in a research note issued to investors on Wednesday, FinViz reports. The firm set an “overweight” rating and a $190.00 price target on the CRM provider’s stock. Piper Jaffray Companies’ price target would suggest a potential upside of 16.53% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Nomura increased their target price on shares of salesforce.com from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, August 23rd. Stephens set a $184.00 target price on shares of salesforce.com and gave the stock a “buy” rating in a report on Friday, August 23rd. JPMorgan Chase & Co. set a $180.00 target price on shares of salesforce.com and gave the stock a “buy” rating in a report on Friday, August 23rd. OTR Global upgraded shares of salesforce.com to a “positive” rating in a report on Thursday, August 15th. Finally, Jefferies Financial Group restated a “buy” rating and set a $171.00 target price on shares of salesforce.com in a report on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $185.60.

Shares of CRM opened at $163.05 on Wednesday. salesforce.com has a 12 month low of $113.60 and a 12 month high of $167.56. The firm has a fifty day simple moving average of $151.66 and a 200 day simple moving average of $153.23. The stock has a market capitalization of $141.88 billion, a price-to-earnings ratio of 112.45, a PEG ratio of 6.93 and a beta of 1.22. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.31.

salesforce.com (NYSE:CRM) last announced its earnings results on Thursday, August 22nd. The CRM provider reported $0.66 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $4 billion during the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. The firm’s revenue was up 21.8% on a year-over-year basis. As a group, research analysts predict that salesforce.com will post 1.25 earnings per share for the current fiscal year.

In other news, General Counsel Amy E. Weaver sold 333 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $154.07, for a total value of $51,305.31. Following the transaction, the general counsel now directly owns 25,408 shares of the company’s stock, valued at $3,914,610.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Joe Allanson sold 323 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $155.57, for a total transaction of $50,249.11. Following the completion of the transaction, the chief accounting officer now directly owns 30,619 shares in the company, valued at $4,763,397.83. The disclosure for this sale can be found here. Insiders sold 250,199 shares of company stock worth $38,077,197 over the last three months. Insiders own 5.50% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Bray Capital Advisors increased its position in salesforce.com by 0.3% during the third quarter. Bray Capital Advisors now owns 23,420 shares of the CRM provider’s stock worth $3,476,000 after acquiring an additional 65 shares during the period. Chicago Partners Investment Group LLC increased its position in salesforce.com by 4.6% during the third quarter. Chicago Partners Investment Group LLC now owns 1,472 shares of the CRM provider’s stock worth $218,000 after acquiring an additional 65 shares during the period. Citizens Financial Group Inc RI increased its position in salesforce.com by 21.9% during the third quarter. Citizens Financial Group Inc RI now owns 379 shares of the CRM provider’s stock worth $56,000 after acquiring an additional 68 shares during the period. Allred Capital Management LLC increased its position in salesforce.com by 1.6% during the second quarter. Allred Capital Management LLC now owns 4,494 shares of the CRM provider’s stock worth $692,000 after acquiring an additional 71 shares during the period. Finally, Clear Perspective Advisors LLC increased its position in salesforce.com by 4.6% during the second quarter. Clear Perspective Advisors LLC now owns 1,646 shares of the CRM provider’s stock worth $250,000 after acquiring an additional 72 shares during the period. 74.11% 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.

See Also: Beige Book

Analyst Recommendations for salesforce.com (NYSE:CRM)

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