Community Trust & Investment Co. decreased its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 0.8% in the second quarter, Holdings Channel reports. The institutional investor owned 73,921 shares of the CRM provider’s stock after selling 563 shares during the period. Community Trust & Investment Co.’s holdings in Salesforce were worth $15,617,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of the company. Graham Capital Wealth Management LLC acquired a new position in Salesforce in the 1st quarter worth about $233,743,000. NewSquare Capital LLC increased its position in shares of Salesforce by 132.8% in the first quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock valued at $30,000 after buying an additional 85 shares in the last quarter. Ahrens Investment Partners LLC acquired a new position in shares of Salesforce during the 1st quarter worth approximately $40,000. Aspire Private Capital LLC purchased a new position in shares of Salesforce during the 1st quarter valued at approximately $39,956,000,000. Finally, Pacific Center for Financial Services purchased a new stake in Salesforce in the 1st quarter worth $41,000. Institutional investors and hedge funds own 77.52% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on CRM. Jefferies Financial Group lifted their target price on shares of Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, August 31st. Bank of America boosted their price objective on Salesforce from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 31st. Barclays raised their target price on Salesforce from $245.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, August 31st. Northland Securities increased their price objective on Salesforce from $210.00 to $220.00 and gave the company a “market perform” rating in a research note on Friday, September 1st. Finally, BMO Capital Markets lifted their target price on shares of Salesforce from $255.00 to $262.00 and gave the stock an “outperform” rating in a research note on Thursday, August 31st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $240.59.
Insider Activity at Salesforce
In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $215.54, for a total transaction of $3,233,100.00. Following the transaction, the chief executive officer now owns 15,786,166 shares in the company, valued at $3,402,550,219.64. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $215.54, for a total transaction of $3,233,100.00. Following the completion of the sale, the chief executive officer now directly owns 15,786,166 shares of the company’s stock, valued at approximately $3,402,550,219.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Parker Harris sold 1,250 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $206.75, for a total transaction of $258,437.50. Following the completion of the transaction, the insider now owns 101,790 shares in the company, valued at approximately $21,045,082.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 633,071 shares of company stock worth $138,539,253. Company insiders own 3.70% of the company’s stock.
Salesforce Price Performance
Shares of CRM stock traded down $2.19 during trading hours on Tuesday, hitting $212.81. The company’s stock had a trading volume of 827,427 shares, compared to its average volume of 6,985,916. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a twelve month low of $126.34 and a twelve month high of $238.22. The stock has a market cap of $207.06 billion, a price-to-earnings ratio of 135.23, a P/E/G ratio of 1.62 and a beta of 1.19. The business has a fifty day moving average of $218.24 and a 200-day moving average of $206.68.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.22. The business had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.53 billion. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 earnings per share. As a group, equities research analysts anticipate that Salesforce, Inc. will post 5.86 EPS for the current year.
Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.
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