Salesforce.com Inc. (CRM) Shares Sold by Seven Bridges Advisors LLC
Seven Bridges Advisors LLC cut its stake in Salesforce.com Inc. (NYSE:CRM) by 5.3% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 9,443 shares of the CRM provider’s stock after selling 533 shares during the period. Seven Bridges Advisors LLC’s holdings in Salesforce.com were worth $750,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Soroban Capital Partners LP acquired a new position in Salesforce.com during the first quarter valued at about $290,380,000. Tybourne Capital Management HK Ltd. purchased a new stake in shares of Salesforce.com during the first quarter valued at $72,518,000. AMF Pensionsforsakring AB raised its stake in shares of Salesforce.com by 488.5% in the first quarter. AMF Pensionsforsakring AB now owns 602,629 shares of the CRM provider’s stock valued at $44,492,000 after buying an additional 500,229 shares during the period. Bank of Montreal Can purchased a new stake in shares of Salesforce.com during the second quarter valued at $31,592,000. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Salesforce.com by 3.0% in the first quarter. TIAA CREF Investment Management LLC now owns 9,129,463 shares of the CRM provider’s stock valued at $674,028,000 after buying an additional 264,783 shares during the period. 87.68% of the stock is owned by institutional investors.
Salesforce.com Inc. (NYSE:CRM) traded down 0.12% during mid-day trading on Tuesday, hitting $72.91. The company had a trading volume of 4,833,461 shares. The firm has a market capitalization of $49.94 billion, a PE ratio of 225.03 and a beta of 1.57. Salesforce.com Inc. has a 12-month low of $52.60 and a 12-month high of $84.48. The company’s 50 day moving average price is $77.53 and its 200-day moving average price is $77.82.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 31st. The CRM provider reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.02. The business earned $2.04 billion during the quarter, compared to the consensus estimate of $2.02 billion. Salesforce.com had a net margin of 2.91% and a return on equity of 2.19%. The firm’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. On average, analysts forecast that Salesforce.com Inc. will post $0.95 EPS for the current fiscal year.
CRM has been the subject of several research analyst reports. Morgan Stanley cut their price objective on Salesforce.com from $110.00 to $94.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Piper Jaffray Cos. restated an “overweight” rating and issued a $100.00 price objective on shares of Salesforce.com in a report on Monday, August 15th. Mizuho upped their price objective on Salesforce.com from $85.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 1st. Wedbush restated an “outperform” rating and issued a $98.00 price objective (up previously from $96.00) on shares of Salesforce.com in a report on Friday, August 26th. Finally, Vetr upgraded Salesforce.com from a “hold” rating to a “buy” rating and set a $83.92 price objective for the company in a report on Wednesday, August 10th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and forty-one have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $92.63.
In other news, Director Susan Wojcicki acquired 1,356 shares of the firm’s stock in a transaction on Monday, September 19th. The shares were purchased at an average price of $73.71 per share, for a total transaction of $99,950.76. Following the completion of the transaction, the director now owns 14,147 shares of the company’s stock, valued at $1,042,775.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 25,000 shares of the business’s stock in a transaction dated Wednesday, June 22nd. The shares were sold at an average price of $81.25, for a total transaction of $2,031,250.00. Following the completion of the transaction, the chief executive officer now owns 35,383,000 shares in the company, valued at approximately $2,874,868,750. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
salesforce.com, inc. is a provider of enterprise cloud computing solutions, with a focus on customer relationship management (CRM). The Company’s Customer Success Platform, including sales force automation, customer service and support, marketing automation, community management, analytics, application development, Internet of Things (IoT) integration and its professional cloud services, provide the next-generation platform of enterprise applications and services.
Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce.com Inc. (NYSE:CRM).
Receive News & Ratings for Salesforce.com Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce.com Inc. and related companies with MarketBeat.com's FREE daily email newsletter.