Grassi Investment Management Trims Stock Position in salesforce.com, inc. (NYSE:CRM)

Grassi Investment Management cut its stake in salesforce.com, inc. (NYSE:CRM) by 6.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 52,305 shares of the CRM provider’s stock after selling 3,410 shares during the period. Grassi Investment Management’s holdings in salesforce.com were worth $7,764,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRM. Massey Quick Simon & CO. LLC acquired a new stake in shares of salesforce.com in the second quarter worth $26,000. Personal Wealth Partners acquired a new stake in salesforce.com during the 2nd quarter valued at $28,000. Enterprise Trust & Investment Co grew its holdings in salesforce.com by 234.4% during the 3rd quarter. Enterprise Trust & Investment Co now owns 204 shares of the CRM provider’s stock valued at $30,000 after purchasing an additional 143 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. acquired a new stake in salesforce.com during the 2nd quarter valued at $46,000. Finally, Citizens Financial Group Inc RI grew its holdings in salesforce.com by 81.9% during the 2nd quarter. Citizens Financial Group Inc RI now owns 311 shares of the CRM provider’s stock valued at $47,000 after purchasing an additional 140 shares in the last quarter. 73.65% of the stock is owned by hedge funds and other institutional investors.

NYSE CRM traded up $0.81 during trading hours on Friday, reaching $147.82. 1,771,633 shares of the company traded hands, compared to its average volume of 4,621,369. The company has a 50 day moving average of $150.64 and a two-hundred day moving average of $154.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.31. salesforce.com, inc. has a 12 month low of $113.60 and a 12 month high of $167.56. The stock has a market capitalization of $129.52 billion, a PE ratio of 101.94, a PEG ratio of 5.64 and a beta of 1.23.

salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Thursday, August 22nd. The CRM provider reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.57. salesforce.com had a net margin of 6.45% and a return on equity of 7.26%. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same period last year, the firm posted $0.71 EPS. The company’s revenue for the quarter was up 21.8% on a year-over-year basis. On average, equities research analysts anticipate that salesforce.com, inc. will post 1.25 earnings per share for the current year.

In other news, CEO Marc Benioff sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $144.28, for a total value of $721,400.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Sanford Robertson sold 25,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $155.67, for a total transaction of $3,891,750.00. Following the completion of the transaction, the director now owns 124,017 shares in the company, valued at $19,305,726.39. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 287,452 shares of company stock worth $43,677,508. Insiders own 5.50% of the company’s stock.

A number of equities research analysts recently weighed in on CRM shares. Northland Securities set a $185.00 price target on shares of salesforce.com and gave the company a “buy” rating in a report on Friday, August 23rd. Royal Bank of Canada raised their price target on shares of salesforce.com from $181.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, August 23rd. They noted that the move was a valuation call. SunTrust Banks set a $189.00 price target on shares of salesforce.com and gave the company a “buy” rating in a report on Wednesday, August 21st. Morgan Stanley raised their price target on shares of salesforce.com from $178.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, JPMorgan Chase & Co. set a $180.00 price target on shares of salesforce.com and gave the company a “buy” rating in a report on Friday, August 23rd. Three analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and one has given a strong buy rating to the stock. salesforce.com has a consensus rating of “Buy” and a consensus price target of $184.31.

About salesforce.com

salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.

Further Reading: Front-End Load

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Institutional Ownership by Quarter for salesforce.com (NYSE:CRM)

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