Ocean Capital Management LLC reduced its holdings in salesforce.com, inc. (NYSE:CRM) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,814 shares of the CRM provider’s stock after selling 338 shares during the quarter. salesforce.com comprises 2.1% of Ocean Capital Management LLC’s holdings, making the stock its 9th largest holding. Ocean Capital Management LLC’s holdings in salesforce.com were worth $3,337,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of CRM. Guggenheim Capital LLC increased its holdings in salesforce.com by 6.2% in the fourth quarter. Guggenheim Capital LLC now owns 210,224 shares of the CRM provider’s stock worth $34,191,000 after purchasing an additional 12,350 shares in the last quarter. Macquarie Group Ltd. grew its stake in salesforce.com by 54.4% in the fourth quarter. Macquarie Group Ltd. now owns 240,223 shares of the CRM provider’s stock valued at $39,070,000 after acquiring an additional 84,602 shares during the period. Park National Corp OH grew its stake in salesforce.com by 13.1% in the first quarter. Park National Corp OH now owns 1,739 shares of the CRM provider’s stock valued at $250,000 after acquiring an additional 202 shares during the period. State of Alaska Department of Revenue grew its stake in salesforce.com by 5.2% in the first quarter. State of Alaska Department of Revenue now owns 164,830 shares of the CRM provider’s stock valued at $23,731,000 after acquiring an additional 8,100 shares during the period. Finally, Gradient Investments LLC grew its stake in salesforce.com by 24.6% in the first quarter. Gradient Investments LLC now owns 21,436 shares of the CRM provider’s stock valued at $3,086,000 after acquiring an additional 4,233 shares during the period. Institutional investors and hedge funds own 81.26% of the company’s stock.
In related news, insider Srinivas Tallapragada sold 5,000 shares of the business’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $166.50, for a total transaction of $832,500.00. Following the sale, the insider now directly owns 42,176 shares in the company, valued at approximately $7,022,304. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark J. Hawkins sold 36,581 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $185.88, for a total value of $6,799,676.28. Following the sale, the chief financial officer now owns 14,144 shares in the company, valued at $2,629,086.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 672,077 shares of company stock worth $123,680,637. 4.40% of the stock is currently owned by corporate insiders.
salesforce.com (NYSE:CRM) last released its quarterly earnings data on Thursday, May 28th. The CRM provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. salesforce.com had a positive return on equity of 2.45% and a negative net margin of 0.92%. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the company posted $0.93 EPS. The firm’s revenue for the quarter was up 30.2% compared to the same quarter last year. As a group, research analysts expect that salesforce.com, inc. will post 1.13 earnings per share for the current fiscal year.
A number of equities research analysts have commented on CRM shares. Credit Suisse Group reissued a “buy” rating and issued a $200.00 price objective on shares of salesforce.com in a research note on Friday, May 29th. Jefferies Financial Group raised their price objective on salesforce.com from $205.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. They noted that the move was a valuation call. Cowen reduced their price objective on salesforce.com from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Monday, May 18th. OTR Global cut salesforce.com to a “positive” rating in a research note on Wednesday, May 13th. Finally, ValuEngine cut salesforce.com from a “buy” rating to a “hold” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-nine have given a buy rating and two have issued a strong buy rating to the stock. salesforce.com currently has a consensus rating of “Buy” and a consensus price target of $200.21.
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.
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