Cabot Wealth Management Inc. Sells 27,845 Shares of Salesforce.com Inc (NYSE:CRM)
Cabot Wealth Management Inc. decreased its position in Salesforce.com Inc (NYSE:CRM) by 50.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,514 shares of the CRM provider’s stock after selling 27,845 shares during the period. Cabot Wealth Management Inc.’s holdings in Salesforce.com were worth $2,383,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Shine Investment Advisory Services Inc. acquired a new position in Salesforce.com during the second quarter worth approximately $130,000. Legacy Capital Partners Inc. acquired a new position in Salesforce.com during the second quarter worth approximately $242,000. Global X Management Co. LLC increased its position in Salesforce.com by 12.6% in the second quarter. Global X Management Co. LLC now owns 3,577 shares of the CRM provider’s stock worth $310,000 after buying an additional 400 shares in the last quarter. BP PLC increased its position in Salesforce.com by 65.3% in the second quarter. BP PLC now owns 130,000 shares of the CRM provider’s stock worth $11,253,000 after buying an additional 51,344 shares in the last quarter. Finally, Seven Bridges Advisors LLC increased its position in Salesforce.com by 27.4% in the second quarter. Seven Bridges Advisors LLC now owns 8,885 shares of the CRM provider’s stock worth $769,000 after buying an additional 1,910 shares in the last quarter. Institutional investors own 85.87% of the company’s stock.
Salesforce.com Inc (NYSE CRM) opened at 90.26 on Wednesday. The company has a market capitalization of $64.28 billion, a price-to-earnings ratio of 477.57 and a beta of 1.29. The firm has a 50-day moving average of $88.60 and a 200 day moving average of $85.06. Salesforce.com Inc has a one year low of $66.43 and a one year high of $92.13.
Salesforce.com (NYSE:CRM) last announced its earnings results 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 net margin of 1.49% and a return on equity of 1.80%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the company posted $0.24 earnings per share. The firm’s revenue was up 24.6% on a year-over-year basis. Equities research analysts predict that Salesforce.com Inc will post $1.30 earnings per share for the current fiscal year.
A number of equities analysts have recently commented on the stock. Credit Suisse Group assumed coverage on shares of Salesforce.com in a research note on Tuesday, August 1st. They set an “outperform” rating and a $110.00 price objective for the company. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $102.00 target price on shares of Salesforce.com in a report on Monday, July 31st. Vetr cut shares of Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $97.77 price target on the stock. in a report on Tuesday, July 11th. Zacks Investment Research cut shares of Salesforce.com from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Finally, SunTrust Banks, Inc. assumed coverage on shares of Salesforce.com in a report on Monday, June 26th. They issued a “buy” rating and a $110.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and forty have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $97.41.
In other Salesforce.com news, insider Keith Block sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $86.80, for a total value of $868,000.00. Following the sale, the insider now owns 10,000 shares in the company, valued at approximately $868,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Amy E. Weaver sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $90.12, for a total value of $126,168.00. Following the completion of the sale, the insider now owns 17,913 shares in the company, valued at approximately $1,614,319.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,408,005 shares of company stock worth $126,555,485. Corporate insiders own 6.70% of the company’s stock.
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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