SunTrust Banks Comments on salesforce.com, inc.’s Q3 2020 Earnings (NYSE:CRM)

salesforce.com, inc. (NYSE:CRM) – SunTrust Banks increased their Q3 2020 earnings per share (EPS) estimates for salesforce.com in a note issued to investors on Wednesday, June 12th. SunTrust Banks analyst T. Tillman now forecasts that the CRM provider will post earnings per share of $0.23 for the quarter, up from their previous forecast of $0.22. SunTrust Banks has a “Buy” rating and a $189.00 price objective on the stock. SunTrust Banks also issued estimates for salesforce.com’s Q4 2020 earnings at $0.35 EPS, FY2020 earnings at $1.26 EPS and FY2021 earnings at $1.60 EPS.

salesforce.com (NYSE:CRM) last issued its earnings results on Tuesday, June 4th. The CRM provider reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.32. The company had revenue of $3.74 billion for the quarter, compared to analysts’ expectations of $3.68 billion. salesforce.com had a net margin of 8.26% and a return on equity of 8.18%. The firm’s revenue was up 24.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share.

A number of other analysts have also recently weighed in on CRM. Bank of America reissued a “buy” rating and set a $200.00 target price (up from $181.00) on shares of salesforce.com in a report on Wednesday, February 27th. Goldman Sachs Group reissued a “buy” rating and set a $178.00 target price on shares of salesforce.com in a report on Monday, March 4th. JPMorgan Chase & Co. increased their target price on shares of salesforce.com to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. BMO Capital Markets reissued an “outperform” rating and set a $185.00 target price (up from $175.00) on shares of salesforce.com in a report on Tuesday, March 5th. Finally, Wedbush increased their target price on shares of salesforce.com from $174.00 to $192.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $179.97.

Shares of NYSE:CRM opened at $150.01 on Monday. The firm has a market cap of $116.41 billion, a price-to-earnings ratio of 103.46, a price-to-earnings-growth ratio of 5.40 and a beta of 1.39. salesforce.com has a 1-year low of $113.60 and a 1-year high of $167.56. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.96 and a current ratio of 0.96.

In related news, Chairman Marc Benioff sold 10,000 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $151.14, for a total value of $1,511,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Parker Harris sold 620 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $147.30, for a total transaction of $91,326.00. Following the completion of the transaction, the insider now owns 29,438 shares of the company’s stock, valued at approximately $4,336,217.40. The disclosure for this sale can be found here. Insiders sold a total of 416,279 shares of company stock valued at $66,048,481 in the last quarter. 5.50% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CRM. Avondale Wealth Management boosted its position in shares of salesforce.com by 100.0% during the 1st quarter. Avondale Wealth Management now owns 160 shares of the CRM provider’s stock valued at $25,000 after purchasing an additional 80 shares in the last quarter. Citizens Financial Group Inc RI bought a new position in shares of salesforce.com during the 1st quarter valued at about $27,000. CX Institutional boosted its position in shares of salesforce.com by 426.5% during the 1st quarter. CX Institutional now owns 179 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 145 shares in the last quarter. Arcadia Investment Management Corp MI boosted its position in shares of salesforce.com by 63.0% during the 1st quarter. Arcadia Investment Management Corp MI now owns 176 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 68 shares in the last quarter. Finally, Avestar Capital LLC boosted its position in shares of salesforce.com by 108.7% during the 1st quarter. Avestar Capital LLC now owns 192 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 82.14% of the company’s stock.

About salesforce.com

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.

Featured Story: Initial Public Offering (IPO)

Earnings History and Estimates for salesforce.com (NYSE:CRM)

Receive News & Ratings for salesforce.com Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for salesforce.com and related companies with MarketBeat.com's FREE daily email newsletter.