Gradient Investments LLC cut its stake in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 43.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,606 shares of the CRM provider’s stock after selling 1,239 shares during the period. Gradient Investments LLC’s holdings in Salesforce were worth $321,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Connective Portfolio Management LLC purchased a new position in Salesforce during the first quarter worth about $2,252,000. Tennessee Valley Asset Management Partners increased its position in shares of Salesforce by 3.7% during the 1st quarter. Tennessee Valley Asset Management Partners now owns 1,718 shares of the CRM provider’s stock valued at $343,000 after purchasing an additional 62 shares during the last quarter. Dakota Community Bank & Trust NA boosted its holdings in shares of Salesforce by 231.5% in the 1st quarter. Dakota Community Bank & Trust NA now owns 547 shares of the CRM provider’s stock worth $109,000 after buying an additional 382 shares during the last quarter. MGO Private Wealth LLC purchased a new position in shares of Salesforce in the 1st quarter worth about $216,000. Finally, Arden Trust Co increased its holdings in Salesforce by 8.5% during the first quarter. Arden Trust Co now owns 3,652 shares of the CRM provider’s stock worth $730,000 after buying an additional 286 shares during the last quarter. 81.13% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In related news, insider Parker Harris sold 1,250 shares of Salesforce 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 sale, 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 accessible through this hyperlink. In related news, CFO Amy E. Weaver sold 510 shares of Salesforce stock in a transaction that occurred on Monday, April 24th. The stock was sold at an average price of $196.33, for a total transaction of $100,128.30. Following the sale, the chief financial officer now directly owns 36,680 shares in the company, valued at $7,201,384.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 1,250 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $219.27, for a total value of $274,087.50. Following the completion of the transaction, the insider now owns 100,309 shares of the company’s stock, valued at approximately $21,994,754.43. The disclosure for this sale can be found here. Over the last three months, insiders have sold 770,711 shares of company stock valued at $161,547,516. Company insiders own 3.60% of the company’s stock.
Salesforce Stock Up 0.7 %
Salesforce (NYSE:CRM – Get Rating) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations 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 previous year, the company earned $0.41 earnings per share. Equities research analysts forecast that Salesforce, Inc. will post 5.26 EPS for the current year.
Salesforce declared that its Board of Directors has initiated a share repurchase plan 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 plans are generally an indication that the company’s board of directors believes its stock is undervalued.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the stock. Barclays increased their target price on shares of Salesforce from $225.00 to $245.00 in a research report on Monday, May 15th. BMO Capital Markets raised their target price on Salesforce from $230.00 to $245.00 in a research report on Thursday, June 1st. Needham & Company LLC upgraded Salesforce from a “hold” rating to a “buy” rating and set a $230.00 price target for the company in a research note on Thursday, March 2nd. JMP Securities boosted their price objective on Salesforce from $250.00 to $275.00 in a research note on Thursday, June 1st. Finally, Robert W. Baird lifted their target price on shares of Salesforce from $200.00 to $210.00 in a research note on Thursday, June 1st. One analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $220.97.
Salesforce Company Profile
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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