Putnam Investments LLC reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 7.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 891,929 shares of the CRM provider’s stock after selling 74,733 shares during the quarter. Putnam Investments LLC owned 0.09% of Salesforce worth $118,261,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Financial Management Professionals Inc. grew its stake in Salesforce by 365.2% during the fourth quarter. Financial Management Professionals Inc. now owns 214 shares of the CRM provider’s stock worth $28,000 after buying an additional 168 shares during the period. Capital Directions Investment Advisors LLC purchased a new stake in Salesforce during the fourth quarter worth approximately $28,000. GHP Investment Advisors Inc. grew its stake in Salesforce by 113.4% during the third quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after buying an additional 110 shares during the period. MinichMacGregor Wealth Management LLC purchased a new stake in Salesforce during the fourth quarter worth approximately $31,000. Finally, Tradewinds Capital Management LLC grew its stake in Salesforce by 44.4% during the fourth quarter. Tradewinds Capital Management LLC now owns 244 shares of the CRM provider’s stock worth $32,000 after buying an additional 75 shares during the period. 75.83% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at Salesforce
In related news, CEO Marc Benioff sold 725 shares of the stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $181.28, for a total value of $131,428.00. Following the completion of the transaction, the chief executive officer now owns 27,753,609 shares in the company, valued at approximately $5,031,174,239.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, CEO Marc Benioff sold 725 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $181.28, for a total value of $131,428.00. Following the completion of the sale, the chief executive officer now directly owns 27,753,609 shares of the company’s stock, valued at approximately $5,031,174,239.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Srinivas Tallapragada sold 150,344 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $210.62, for a total transaction of $31,665,453.28. Following the completion of the sale, the insider now directly owns 55,962 shares of the company’s stock, valued at $11,786,716.44. The disclosure for this sale can be found here. Insiders sold 177,325 shares of company stock worth $36,866,040 in the last 90 days. Corporate insiders own 3.60% of the company’s stock.
Salesforce Stock Down 0.7 %
Salesforce (NYSE:CRM – Get Rating) last announced its earnings results on Wednesday, May 31st. The CRM provider reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.08. The firm had revenue of $8.25 billion during the quarter, compared to analyst estimates of $8.17 billion. Salesforce had a net margin of 1.18% and a return on equity of 5.75%. During the same quarter in the prior year, the firm posted $0.41 EPS. As a group, equities analysts expect that Salesforce, Inc. will post 5.26 earnings per share for the current year.
Salesforce announced that its Board of Directors has authorized a share buyback plan on Wednesday, March 1st that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the CRM provider to repurchase up to 10.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
Analyst Upgrades and Downgrades
Several research firms have issued reports on CRM. Piper Sandler boosted their price objective on shares of Salesforce from $230.00 to $248.00 in a research note on Thursday, June 1st. Wells Fargo & Company boosted their target price on shares of Salesforce from $225.00 to $250.00 in a research report on Tuesday, May 30th. Atlantic Securities boosted their target price on shares of Salesforce from $140.00 to $200.00 in a research report on Thursday, March 2nd. Needham & Company LLC raised shares of Salesforce from a “hold” rating to a “buy” rating and set a $230.00 target price on the stock in a research report on Thursday, March 2nd. Finally, Macquarie boosted their target price on shares of Salesforce from $218.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, March 2nd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average target price of $220.97.
Salesforce Profile
Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.
Featured Stories
- Get a free copy of the StockNews.com research report on Salesforce (CRM)
- Can Cardinal Health Fly Higher In 2023?
- DraftKings Stock, Is There Royally Good Upside Ahead?
- Disney Stock Could Double: Return To Historical Performance
- For AI Exposure, Try Global Artificial Intelligence ETF
- 3 Penny Stocks The Insiders Are BuyingÂ
Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce, Inc. (NYSE:CRM – Get Rating).
Receive News & Ratings for Salesforce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce and related companies with MarketBeat.com's FREE daily email newsletter.
