Salesforce, Inc. (NYSE:CRM) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC cut its stake in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 12.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 56,900 shares of the CRM provider’s stock after selling 8,000 shares during the period. Cornerstone Advisors LLC’s holdings in Salesforce were worth $11,538,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of Salesforce by 0.3% during the 2nd quarter. State Street Corp now owns 45,653,307 shares of the CRM provider’s stock valued at $9,644,718,000 after acquiring an additional 143,962 shares in the last quarter. Capital World Investors grew its position in shares of Salesforce by 30.2% during the 2nd quarter. Capital World Investors now owns 19,242,436 shares of the CRM provider’s stock valued at $4,065,157,000 after buying an additional 4,458,227 shares during the last quarter. Morgan Stanley grew its position in shares of Salesforce by 0.8% during the 4th quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock valued at $2,519,719,000 after buying an additional 149,012 shares during the last quarter. Capital Research Global Investors grew its position in shares of Salesforce by 8.3% during the 2nd quarter. Capital Research Global Investors now owns 11,306,042 shares of the CRM provider’s stock valued at $2,388,507,000 after buying an additional 865,001 shares during the last quarter. Finally, Norges Bank bought a new position in Salesforce in the 4th quarter worth about $1,420,381,000. 77.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on CRM. Oppenheimer upped their target price on shares of Salesforce from $300.00 to $325.00 and gave the stock an “outperform” rating in a research report on Monday. Bank of America upped their price target on shares of Salesforce from $280.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, November 30th. Wolfe Research raised shares of Salesforce from a “peer perform” rating to an “outperform” rating and set a $315.00 price target for the company in a research note on Monday, December 18th. KeyCorp cut their target price on shares of Salesforce from $272.00 to $268.00 and set an “overweight” rating for the company in a research note on Wednesday, November 22nd. Finally, Royal Bank of Canada increased their target price on shares of Salesforce from $240.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday, November 30th. Nine research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $264.03.

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Salesforce Stock Performance

NYSE:CRM traded down $1.44 during midday trading on Monday, reaching $289.86. The stock had a trading volume of 1,540,060 shares, compared to its average volume of 5,025,247. Salesforce, Inc. has a 1-year low of $159.65 and a 1-year high of $295.24. The firm’s fifty day simple moving average is $268.45 and its 200-day simple moving average is $232.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $280.58 billion, a P/E ratio of 110.46, a PEG ratio of 1.87 and a beta of 1.28.

Salesforce (NYSE:CRMGet Free Report) last issued its quarterly earnings results on Wednesday, November 29th. The CRM provider reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.06. Salesforce had a net margin of 7.63% and a return on equity of 9.19%. The firm had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same period in the prior year, the firm earned $0.73 EPS. The business’s revenue was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Salesforce, Inc. will post 6.02 EPS for the current fiscal year.

Insider Transactions at Salesforce

In other news, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $223.11, for a total transaction of $2,231,100.00. Following the completion of the transaction, the insider now directly owns 58,930 shares of the company’s stock, valued at approximately $13,147,872.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $223.11, for a total transaction of $2,231,100.00. Following the completion of the transaction, the insider now directly owns 58,930 shares of the company’s stock, valued at approximately $13,147,872.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $288.30, for a total transaction of $4,324,500.00. Following the transaction, the chief executive officer now directly owns 13,551,166 shares of the company’s stock, valued at $3,906,801,157.80. The disclosure for this sale can be found here. In the last three months, insiders sold 1,383,178 shares of company stock valued at $365,653,525. Company insiders own 3.70% of the company’s stock.

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.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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