Traders Buy Large Volume of Salesforce.com Put Options (CRM)

Salesforce.com Inc (NYSE:CRM) saw some unusual options trading on Friday. Traders acquired 6,707 put options on the company. This is an increase of approximately 121% compared to the typical daily volume of 3,030 put options.

Several research firms recently issued reports on CRM. Cowen and Company reiterated an “outperform” rating and set a $100.00 target price on shares of Salesforce.com in a research report on Wednesday, March 8th. BidaskClub cut Salesforce.com from a “buy” rating to a “hold” rating in a research report on Tuesday. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $95.00 target price on shares of Salesforce.com in a research report on Friday, March 3rd. Vetr raised Salesforce.com from a “buy” rating to a “strong-buy” rating and set a $100.19 price target for the company in a research note on Monday. Finally, Piper Jaffray Companies reissued an “overweight” rating and set a $110.00 price target (up from $105.00) on shares of Salesforce.com in a research note on Monday, June 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty-eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Salesforce.com has a consensus rating of “Buy” and an average target price of $96.78.

In other Salesforce.com news, insider Keith Block sold 10,000 shares of the company’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $82.95, for a total value of $829,500.00. Following the completion of the sale, the insider now owns 10,000 shares in the company, valued at $829,500. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Lawrence Tomlinson sold 17,000 shares of the company’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $91.57, for a total value of $1,556,690.00. Following the completion of the sale, the director now owns 17,497 shares of the company’s stock, valued at approximately $1,602,200.29. The disclosure for this sale can be found here. In the last three months, insiders sold 1,578,176 shares of company stock worth $137,994,329. 6.70% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the company. JNBA Financial Advisors increased its stake in shares of Salesforce.com by 9.3% in the fourth quarter. JNBA Financial Advisors now owns 1,828 shares of the CRM provider’s stock valued at $125,000 after buying an additional 155 shares during the period. First Personal Financial Services increased its stake in shares of Salesforce.com by 7.5% in the first quarter. First Personal Financial Services now owns 1,611 shares of the CRM provider’s stock valued at $133,000 after buying an additional 112 shares during the period. Dubuque Bank & Trust Co. increased its stake in shares of Salesforce.com by 387.1% in the first quarter. Dubuque Bank & Trust Co. now owns 1,622 shares of the CRM provider’s stock valued at $134,000 after buying an additional 1,289 shares during the period. Hemenway Trust Co LLC acquired a new stake in shares of Salesforce.com during the fourth quarter valued at $137,000. Finally, Harfst & Associates Inc. acquired a new stake in shares of Salesforce.com during the first quarter valued at $141,000. Institutional investors and hedge funds own 85.67% of the company’s stock.

Shares of Salesforce.com (NYSE CRM) traded down 0.31% during trading on Friday, hitting $86.00. The stock had a trading volume of 8,004,954 shares. Salesforce.com has a 12-month low of $66.43 and a 12-month high of $91.99. The stock’s 50-day moving average is $88.47 and its 200-day moving average is $81.01. The stock has a market cap of $61.25 billion, a price-to-earnings ratio of 455.03 and a beta of 1.24.

Salesforce.com (NYSE:CRM) last announced its earnings results on Thursday, May 18th. The CRM provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. Salesforce.com had a net margin of 1.49% and a return on equity of 1.80%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. On average, equities research analysts expect that Salesforce.com will post $1.30 EPS for the current year.

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About Salesforce.com

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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