Wallace Advisory Group LLC Reduces Position in Salesforce, Inc. (NYSE:CRM)

Wallace Advisory Group LLC cut its position in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,653 shares of the CRM provider’s stock after selling 62 shares during the period. Salesforce makes up 1.0% of Wallace Advisory Group LLC’s portfolio, making the stock its 22nd largest holding. Wallace Advisory Group LLC’s holdings in Salesforce were worth $1,401,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CRM. Norges Bank bought a new stake in shares of Salesforce in the 4th quarter valued at about $2,762,331,000. Capital International Investors raised its stake in shares of Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after acquiring an additional 5,935,973 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Salesforce by 1,254.7% during the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after acquiring an additional 3,226,512 shares in the last quarter. Coatue Management LLC acquired a new position in Salesforce during the 4th quarter valued at approximately $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in Salesforce by 110.3% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock valued at $893,336,000 after purchasing an additional 1,780,421 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Srinivas Tallapragada sold 942 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $228,265.44. Following the transaction, the insider now owns 22,154 shares in the company, valued at approximately $5,368,357.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Salesforce news, COO Brian Millham sold 1,678 shares of Salesforce stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $406,612.96. Following the transaction, the chief operating officer now directly owns 1,662 shares in the company, valued at approximately $402,735.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Srinivas Tallapragada sold 942 shares of Salesforce stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now owns 22,154 shares in the company, valued at $5,368,357.28. The disclosure for this sale can be found here. Insiders have sold 556,787 shares of company stock worth $154,295,433 in the last quarter. 3.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Raymond James restated a “strong-buy” rating and set a $325.00 price target (down previously from $380.00) on shares of Salesforce in a research note on Thursday, May 30th. BMO Capital Markets dropped their price objective on shares of Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. DA Davidson dropped their price objective on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Canaccord Genuity Group lowered their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Finally, Morgan Stanley lowered their price target on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $292.79.

View Our Latest Stock Analysis on Salesforce

Salesforce Stock Up 0.6 %

CRM stock traded up $1.44 during mid-day trading on Tuesday, reaching $241.38. The company had a trading volume of 3,075,188 shares, compared to its average volume of 6,885,263. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a market capitalization of $233.90 billion, a price-to-earnings ratio of 43.58, a price-to-earnings-growth ratio of 2.15 and a beta of 1.26. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a fifty day simple moving average of $261.81 and a 200 day simple moving average of $276.63.

Salesforce (NYSE:CRMGet Free Report) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the prior year, the business posted $1.15 EPS. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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