Envestnet Asset Management Inc. raised its stake in salesforce.com, inc. (NYSE:CRM) by 16.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 367,480 shares of the CRM provider’s stock after purchasing an additional 52,019 shares during the quarter. Envestnet Asset Management Inc.’s holdings in salesforce.com were worth $55,758,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of salesforce.com by 4.7% during the first quarter. BlackRock Inc. now owns 53,665,349 shares of the CRM provider’s stock valued at $8,498,982,000 after buying an additional 2,395,193 shares during the period. Janus Henderson Group PLC increased its stake in shares of salesforce.com by 12.9% during the second quarter. Janus Henderson Group PLC now owns 13,247,900 shares of the CRM provider’s stock valued at $2,009,810,000 after buying an additional 1,516,132 shares during the period. FIL Ltd increased its stake in shares of salesforce.com by 158.1% during the first quarter. FIL Ltd now owns 1,901,195 shares of the CRM provider’s stock valued at $301,093,000 after buying an additional 1,164,713 shares during the period. FMR LLC increased its stake in shares of salesforce.com by 0.8% during the first quarter. FMR LLC now owns 89,716,274 shares of the CRM provider’s stock valued at $14,208,366,000 after buying an additional 698,321 shares during the period. Finally, Swedbank increased its stake in shares of salesforce.com by 40.7% during the second quarter. Swedbank now owns 1,711,659 shares of the CRM provider’s stock valued at $259,710,000 after buying an additional 495,428 shares during the period. Hedge funds and other institutional investors own 82.05% of the company’s stock.
CRM stock traded up $1.76 during midday trading on Friday, hitting $143.89. The stock had a trading volume of 5,311,500 shares, compared to its average volume of 7,607,533. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50-day moving average of $152.41 and a two-hundred day moving average of $156.53. salesforce.com, inc. has a 52-week low of $113.60 and a 52-week high of $167.56. The firm has a market cap of $108.42 billion, a price-to-earnings ratio of 99.23, a price-to-earnings-growth ratio of 5.13 and a beta of 1.27.
salesforce.com (NYSE:CRM) last released its earnings results on Tuesday, June 4th. The CRM provider reported $0.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.32. salesforce.com had a return on equity of 8.18% and a net margin of 8.26%. The business had revenue of $3.74 billion for the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the previous year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was up 24.3% compared to the same quarter last year. Research analysts predict that salesforce.com, inc. will post 1.25 earnings per share for the current year.
In other salesforce.com news, Chairman Marc Benioff sold 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $140.98, for a total value of $1,409,800.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Amy E. Weaver sold 5,627 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $141.10, for a total value of $793,969.70. Following the completion of the sale, the insider now directly owns 33,316 shares in the company, valued at $4,700,887.60. The disclosure for this sale can be found here. Insiders sold 320,498 shares of company stock worth $49,033,859 over the last three months. Corporate insiders own 5.50% of the company’s stock.
Several equities analysts have recently issued reports on the company. OTR Global raised salesforce.com to a “positive” rating in a research note on Thursday. JPMorgan Chase & Co. reissued a “buy” rating and set a $180.00 target price on shares of salesforce.com in a research note on Monday, June 3rd. Credit Suisse Group reissued an “outperform” rating on shares of salesforce.com in a research note on Thursday, June 6th. ValuEngine cut salesforce.com from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Wedbush reissued an “outperform” rating and set a $192.00 target price on shares of salesforce.com in a research note on Friday, May 31st. Four analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $180.00.
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.
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