Sumitomo Life Insurance Co. trimmed its position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,109 shares of the CRM provider’s stock after selling 176 shares during the period. Sumitomo Life Insurance Co.’s holdings in Salesforce were worth $2,658,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in CRM. Fairfield Bush & CO. increased its holdings in shares of Salesforce by 8.7% during the 1st quarter. Fairfield Bush & CO. now owns 4,468 shares of the CRM provider’s stock worth $949,000 after buying an additional 357 shares during the last quarter. Roundview Capital LLC increased its holdings in Salesforce by 18.8% in the 1st quarter. Roundview Capital LLC now owns 24,037 shares of the CRM provider’s stock valued at $5,104,000 after purchasing an additional 3,809 shares in the last quarter. Covestor Ltd increased its holdings in Salesforce by 42.8% in the 1st quarter. Covestor Ltd now owns 621 shares of the CRM provider’s stock valued at $132,000 after purchasing an additional 186 shares in the last quarter. Ergoteles LLC acquired a new stake in Salesforce in the 1st quarter valued at $455,000. Finally, Mackenzie Financial Corp increased its holdings in Salesforce by 21.3% in the 1st quarter. Mackenzie Financial Corp now owns 860,950 shares of the CRM provider’s stock valued at $182,797,000 after purchasing an additional 151,440 shares in the last quarter. 77.52% of the stock is currently owned by institutional investors and hedge funds.
Salesforce Trading Down 0.9 %
Salesforce stock opened at $263.14 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $254.72 billion, a price-to-earnings ratio of 100.05, a price-to-earnings-growth ratio of 2.03 and a beta of 1.24. Salesforce, Inc. has a 1 year low of $130.36 and a 1 year high of $268.36. The firm’s 50 day moving average price is $233.36 and its two-hundred day moving average price is $220.56.
Salesforce (NYSE:CRM – Get Free Report) last posted its quarterly earnings results on Wednesday, November 29th. The CRM provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.06. The firm had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.71 billion. Salesforce had a net margin of 7.63% and a return on equity of 9.19%. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.73 earnings per share. On average, research analysts predict that Salesforce, Inc. will post 6.02 EPS for the current fiscal year.
Insiders Place Their Bets
In other Salesforce news, CFO Amy E. Weaver sold 12,249 shares of Salesforce stock in a transaction that occurred on Friday, December 29th. The shares were sold at an average price of $264.94, for a total transaction of $3,245,250.06. Following the transaction, the chief financial officer now directly owns 37,979 shares in the company, valued at approximately $10,062,156.26. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $202.81, for a total transaction of $3,042,150.00. Following the transaction, the chief executive officer now directly owns 15,371,166 shares in the company, valued at approximately $3,117,426,176.46. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Amy E. Weaver sold 12,249 shares of Salesforce stock in a transaction that occurred on Friday, December 29th. The stock was sold at an average price of $264.94, for a total transaction of $3,245,250.06. Following the transaction, the chief financial officer now owns 37,979 shares in the company, valued at $10,062,156.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,131,297 shares of company stock worth $271,598,291. 3.70% of the stock is owned by insiders.
Wall Street Analysts Forecast Growth
Several analysts recently issued reports on CRM shares. HSBC started coverage on Salesforce in a report on Friday, September 15th. They issued a “buy” rating and a $267.00 price target for the company. KeyCorp lowered their target price on Salesforce from $272.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, November 22nd. Morgan Stanley upgraded Salesforce from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $290.00 to $350.00 in a research note on Thursday, December 21st. Stifel Nicolaus raised their target price on Salesforce from $275.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, November 30th. Finally, Oppenheimer raised their target price on Salesforce from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, November 30th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $259.61.
Get Our Latest Stock Analysis on Salesforce
Salesforce Profile
(Free Report)
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.
See Also
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