Security National Bank grew its position in shares of salesforce.com, inc. (NYSE:CRM) by 9.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,636 shares of the CRM provider’s stock after purchasing an additional 1,597 shares during the period. Security National Bank’s holdings in salesforce.com were worth $5,054,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of CRM. Amundi bought a new stake in salesforce.com during the second quarter worth about $1,100,891,000. Akre Capital Management LLC bought a new stake in salesforce.com during the second quarter worth about $683,956,000. Morgan Stanley lifted its stake in salesforce.com by 20.2% during the second quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after purchasing an additional 2,787,393 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in salesforce.com by 338.8% during the second quarter. Point72 Asset Management L.P. now owns 2,087,923 shares of the CRM provider’s stock worth $510,017,000 after purchasing an additional 1,612,123 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in salesforce.com by 297.4% during the second quarter. Renaissance Technologies LLC now owns 1,035,181 shares of the CRM provider’s stock worth $252,864,000 after purchasing an additional 774,700 shares during the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on CRM shares. Mizuho lifted their price target on salesforce.com from $320.00 to $360.00 and gave the stock a “buy” rating in a research note on Monday, November 15th. They noted that the move was a valuation call. KGI Securities upgraded salesforce.com from a “neutral” rating to an “outperform” rating and set a $330.00 price objective on the stock in a report on Thursday, August 26th. BMO Capital Markets lifted their price objective on salesforce.com from $310.00 to $335.00 and gave the stock an “outperform” rating in a report on Friday, September 24th. Deutsche Bank Aktiengesellschaft initiated coverage on salesforce.com in a report on Monday, November 1st. They issued a “buy” rating and a $360.00 price objective on the stock. Finally, UBS Group lifted their price objective on salesforce.com from $300.00 to $330.00 and gave the stock a “buy” rating in a report on Friday, September 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-two have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, salesforce.com presently has a consensus rating of “Buy” and a consensus target price of $320.59.
salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Tuesday, August 24th. The CRM provider reported $1.48 EPS for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the firm posted $1.44 EPS. The business’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 2.15 earnings per share for the current fiscal year.
In related news, CFO Amy E. Weaver sold 6,135 shares of the company’s stock in a transaction that occurred on Wednesday, September 1st. The stock was sold at an average price of $266.27, for a total value of $1,633,566.45. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Amy E. Weaver sold 7,262 shares of the company’s stock in a transaction that occurred on Monday, November 15th. The shares were sold at an average price of $306.90, for a total value of $2,228,707.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 737,826 shares of company stock worth $205,921,946. Insiders own 4.10% of the company’s stock.
salesforce.com Company Profile
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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