Next Century Growth Investors LLC decreased its position in shares of salesforce.com, inc. (NYSE:CRM) by 3.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,145 shares of the CRM provider’s stock after selling 201 shares during the quarter. Next Century Growth Investors LLC’s holdings in salesforce.com were worth $1,256,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CRM. Principal Financial Group Inc. increased its position in salesforce.com by 1.6% during the first quarter. Principal Financial Group Inc. now owns 3,630,358 shares of the CRM provider’s stock worth $769,163,000 after buying an additional 58,096 shares during the period. E Fund Management Co. Ltd. acquired a new position in salesforce.com during the first quarter worth approximately $7,309,000. Quilter Plc increased its position in salesforce.com by 7.6% during the first quarter. Quilter Plc now owns 58,102 shares of the CRM provider’s stock worth $12,310,000 after buying an additional 4,127 shares during the period. Texas Yale Capital Corp. grew its stake in shares of salesforce.com by 2.8% in the 1st quarter. Texas Yale Capital Corp. now owns 2,224 shares of the CRM provider’s stock valued at $471,000 after purchasing an additional 60 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its stake in shares of salesforce.com by 12.5% in the 1st quarter. Pinnacle Associates Ltd. now owns 17,089 shares of the CRM provider’s stock valued at $3,621,000 after purchasing an additional 1,898 shares during the last quarter. 77.33% of the stock is currently owned by institutional investors.
Several brokerages have weighed in on CRM. Loop Capital lifted their target price on salesforce.com from $265.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, September 24th. Wells Fargo & Company initiated coverage on salesforce.com in a research report on Monday, September 20th. They set an “overweight” rating and a $325.00 target price on the stock. Canaccord Genuity boosted their target price on salesforce.com from $200.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, August 26th. Morgan Stanley boosted their target price on salesforce.com from $305.00 to $345.00 and gave the stock an “overweight” rating in a research report on Friday, September 24th. Finally, Jefferies Financial Group set a $325.00 target price on salesforce.com in a research report on Monday, September 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-three have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, salesforce.com has an average rating of “Buy” and an average target price of $311.27.
salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Tuesday, August 24th. The CRM provider reported $1.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.56. salesforce.com had a return on equity of 7.15% and a net margin of 9.99%. The firm had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the prior year, the firm posted $1.44 earnings per share. salesforce.com’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, research analysts forecast that salesforce.com, inc. will post 2.09 earnings per share for the current fiscal year.
In other salesforce.com news, insider Srinivas Tallapragada sold 24,975 shares of the stock in a transaction on Monday, August 30th. The stock was sold at an average price of $265.61, for a total transaction of $6,633,609.75. Following the completion of the transaction, the insider now directly owns 38,946 shares of the company’s stock, valued at approximately $10,344,447.06. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 6,135 shares of the stock in a transaction on Monday, August 2nd. The shares were sold at an average price of $242.31, for a total value of $1,486,571.85. The disclosure for this sale can be found here. Insiders have sold a total of 789,178 shares of company stock worth $203,573,681 over the last quarter. Insiders own 4.10% of the company’s stock.
salesforce.com, inc. engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.
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