Cambridge Trust Co. Sells 11,604 Shares of Salesforce.com Inc (CRM)
Cambridge Trust Co. lowered its stake in shares of Salesforce.com Inc (NYSE:CRM) by 4.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 277,807 shares of the CRM provider’s stock after selling 11,604 shares during the period. Salesforce.com accounts for approximately 1.7% of Cambridge Trust Co.’s portfolio, making the stock its 17th largest position. Cambridge Trust Co.’s holdings in Salesforce.com were worth $24,058,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Salesforce.com by 4.7% in the first quarter. Vanguard Group Inc. now owns 43,880,907 shares of the CRM provider’s stock valued at $3,619,736,000 after buying an additional 1,956,427 shares in the last quarter. Janus Capital Management LLC raised its position in shares of Salesforce.com by 21.6% in the first quarter. Janus Capital Management LLC now owns 10,755,181 shares of the CRM provider’s stock valued at $927,363,000 after buying an additional 1,910,921 shares in the last quarter. Harbour Capital Advisors LLC raised its position in shares of Salesforce.com by 8,573.8% in the second quarter. Harbour Capital Advisors LLC now owns 1,358,321 shares of the CRM provider’s stock valued at $15,685,000 after buying an additional 1,342,661 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Salesforce.com by 34.8% in the first quarter. Alliancebernstein L.P. now owns 2,530,351 shares of the CRM provider’s stock valued at $208,729,000 after buying an additional 653,152 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Salesforce.com by 11.2% in the first quarter. Geode Capital Management LLC now owns 5,793,802 shares of the CRM provider’s stock valued at $477,183,000 after buying an additional 583,131 shares in the last quarter. 85.80% of the stock is owned by institutional investors and hedge funds.
Salesforce.com Inc (CRM) opened at 90.45 on Friday. The stock’s 50 day moving average price is $88.60 and its 200 day moving average price is $85.06. Salesforce.com Inc has a 52-week low of $66.43 and a 52-week high of $92.13. The company has a market cap of $64.42 billion, a P/E ratio of 478.57 and a beta of 1.29.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings data on Thursday, May 18th. The CRM provider reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. Salesforce.com had a return on equity of 1.80% and a net margin of 1.49%. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the business posted $0.24 earnings per share. The firm’s revenue was up 24.6% compared to the same quarter last year. Analysts expect that Salesforce.com Inc will post $1.30 earnings per share for the current year.
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CRM has been the subject of several recent research reports. Benchmark Co. raised their price objective on Salesforce.com from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, May 15th. Zacks Investment Research lowered Salesforce.com from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Barclays PLC raised their price objective on Salesforce.com from $89.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, April 26th. Credit Suisse Group initiated coverage on Salesforce.com in a research report on Thursday, April 27th. They set an “outperform” rating and a $110.00 price objective for the company. Finally, BTIG Research reissued a “buy” rating and set a $100.00 price objective on shares of Salesforce.com in a research report on Monday, May 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and forty have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $97.41.
In other Salesforce.com news, CEO Marc Benioff sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $89.80, for a total transaction of $898,000.00. Following the completion of the sale, the chief executive officer now owns 34,195,300 shares of the company’s stock, valued at $3,070,737,940. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lawrence Tomlinson sold 17,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $91.57, for a total value of $1,556,690.00. Following the sale, the director now directly owns 17,497 shares of the company’s stock, valued at approximately $1,602,200.29. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,417,777 shares of company stock worth $127,304,165. 6.70% of the stock is currently owned by company insiders.
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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