ING Groep NV increased its stake in Salesforce.com Inc (NYSE:CRM) by 95.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 50,739 shares of the CRM provider’s stock after buying an additional 24,824 shares during the period. ING Groep NV’s holdings in Salesforce.com were worth $4,394,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the company. Creative Planning raised its position in Salesforce.com by 12.8% in the first quarter. Creative Planning now owns 45,597 shares of the CRM provider’s stock valued at $3,761,000 after buying an additional 5,180 shares during the last quarter. Hills Bank & Trust Co. raised its position in Salesforce.com by 5.3% in the first quarter. Hills Bank & Trust Co. now owns 10,360 shares of the CRM provider’s stock valued at $854,000 after buying an additional 520 shares during the last quarter. Boltwood Capital Management raised its position in shares of Salesforce.com by 14.3% in the first quarter. Boltwood Capital Management now owns 13,595 shares of the CRM provider’s stock worth $1,121,000 after buying an additional 1,700 shares during the last quarter. CENTRAL TRUST Co purchased a new position in shares of Salesforce.com during the first quarter worth $601,000. Finally, Watch Point Trust Co purchased a new position in shares of Salesforce.com during the first quarter worth $1,468,000. Institutional investors and hedge funds own 85.87% of the company’s stock.
Salesforce.com Inc (CRM) traded down 0.27% during trading on Tuesday, hitting $90.26. 2,366,716 shares of the stock traded hands. Salesforce.com Inc has a 52-week low of $66.43 and a 52-week high of $92.13. The stock has a market cap of $64.28 billion, a P/E ratio of 477.57 and a beta of 1.29. The company’s 50 day moving average price is $88.60 and its 200-day moving average price is $85.06.
Salesforce.com (NYSE:CRM) last posted its earnings results on Thursday, May 18th. The CRM provider reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. The company had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Salesforce.com had a return on equity of 1.80% and a net margin of 1.49%. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period last year, the business posted $0.24 earnings per share. Equities research analysts forecast that Salesforce.com Inc will post $1.30 earnings per share for the current fiscal year.
A number of equities analysts recently weighed in on CRM shares. Benchmark Co. lifted their target price on shares of Salesforce.com from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. Zacks Investment Research downgraded shares of Salesforce.com from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Barclays PLC boosted their price objective on shares of Salesforce.com from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, April 26th. Credit Suisse Group assumed coverage on shares of Salesforce.com in a research report on Thursday, April 27th. They set an “outperform” rating and a $110.00 price objective for the company. Finally, BTIG Research reaffirmed a “buy” rating and issued a $100.00 target price on shares of Salesforce.com in a report on Monday, May 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and forty have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $97.41.
In related news, Chairman Marc Benioff sold 30,000 shares of Salesforce.com stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $90.31, for a total transaction of $2,709,300.00. Following the sale, the chairman now directly owns 34,195,300 shares in the company, valued at $3,088,177,543. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Parker Harris sold 8,027 shares of Salesforce.com stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $91.30, for a total transaction of $732,865.10. Following the sale, the insider now owns 49,913 shares in the company, valued at $4,557,056.90. The disclosure for this sale can be found here. Insiders sold 1,418,005 shares of company stock worth $127,427,385 over the last quarter. 6.70% of the stock is currently owned by company insiders.
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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