Welch & Forbes LLC reduced its position in Salesforce, Inc. (NYSE:CRM – Get Rating) by 2.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 10,197 shares of the CRM provider’s stock after selling 298 shares during the period. Welch & Forbes LLC’s holdings in Salesforce were worth $2,037,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. Financial Management Professionals Inc. lifted its stake in Salesforce by 365.2% in the 4th quarter. Financial Management Professionals Inc. now owns 214 shares of the CRM provider’s stock valued at $28,000 after purchasing an additional 168 shares during the last quarter. Capital Directions Investment Advisors LLC acquired a new stake in Salesforce during the fourth quarter worth approximately $28,000. MinichMacGregor Wealth Management LLC acquired a new stake in Salesforce during the fourth quarter worth approximately $31,000. Tradewinds Capital Management LLC lifted its position 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 acquiring an additional 75 shares during the last quarter. Finally, Macroview Investment Management LLC lifted its position in Salesforce by 488.4% during the fourth quarter. Macroview Investment Management LLC now owns 253 shares of the CRM provider’s stock worth $34,000 after acquiring an additional 210 shares during the last quarter. 81.13% of the stock is currently owned by institutional investors and hedge funds.
Salesforce Price Performance
Shares of NYSE:CRM opened at $210.09 on Monday. The firm has a market cap of $204.63 billion, a PE ratio of 552.87, a price-to-earnings-growth ratio of 2.07 and a beta of 1.24. The firm’s fifty day moving average is $205.87 and its 200-day moving average is $178.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.02 and a current ratio of 1.02. Salesforce, Inc. has a 52 week low of $126.34 and a 52 week high of $225.00.
Salesforce announced that its board has approved a stock repurchase program on Wednesday, March 1st that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the CRM provider to repurchase up to 10.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the stock. Wedbush raised their price objective on shares of Salesforce from $230.00 to $240.00 in a research report on Thursday, June 1st. Loop Capital raised their target price on shares of Salesforce from $190.00 to $215.00 in a report on Thursday, June 1st. JPMorgan Chase & Co. raised their target price on shares of Salesforce from $200.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, March 2nd. Royal Bank of Canada raised their target price on shares of Salesforce from $225.00 to $240.00 in a report on Thursday, June 1st. Finally, Piper Sandler raised their target price on shares of Salesforce from $230.00 to $248.00 in a report on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $220.97.
Insider Activity at Salesforce
In related news, insider Parker Harris sold 1,250 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $219.27, for a total value of $274,087.50. Following the transaction, the insider now owns 100,309 shares in the company, valued at $21,994,754.43. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Marc Benioff sold 725 shares of the company’s stock in a transaction dated Wednesday, March 29th. The shares were sold at an average price of $195.24, for a total transaction of $141,549.00. Following the transaction, the chief executive officer now owns 27,671,609 shares in the company, valued at $5,402,604,941.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Parker Harris sold 1,250 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $219.27, for a total transaction of $274,087.50. Following the transaction, the insider now owns 100,309 shares in the company, valued at approximately $21,994,754.43. The disclosure for this sale can be found here. Insiders have sold a total of 771,032 shares of company stock worth $161,582,596 over the last quarter. Company insiders own 3.60% of the company’s stock.
About Salesforce
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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.
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