Dock Street Asset Management Inc. Acquires New Holdings in Salesforce, Inc. (NYSE:CRM)

Dock Street Asset Management Inc. bought a new position in shares of Salesforce, Inc. (NYSE:CRMGet Rating) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,339 shares of the CRM provider’s stock, valued at approximately $2,832,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRM. State Street Corp increased its stake in shares of Salesforce by 3.3% in the fourth quarter. State Street Corp now owns 44,253,857 shares of the CRM provider’s stock valued at $11,246,233,000 after buying an additional 1,417,895 shares during the period. Geode Capital Management LLC boosted its holdings in Salesforce by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 15,448,821 shares of the CRM provider’s stock valued at $3,914,460,000 after acquiring an additional 564,493 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in Salesforce by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 14,565,099 shares of the CRM provider’s stock valued at $3,701,429,000 after acquiring an additional 655,371 shares during the last quarter. Jennison Associates LLC increased its position in Salesforce by 42.2% during the 4th quarter. Jennison Associates LLC now owns 13,808,917 shares of the CRM provider’s stock valued at $3,509,260,000 after purchasing an additional 4,096,666 shares during the period. Finally, Norges Bank bought a new position in Salesforce during the 4th quarter worth approximately $2,689,030,000. Hedge funds and other institutional investors own 77.75% of the company’s stock.

Shares of CRM stock traded up $3.75 during trading on Thursday, hitting $171.20. The company’s stock had a trading volume of 97,162 shares, compared to its average volume of 9,764,170. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16. The company has a market cap of $170.34 billion, a PE ratio of 166.55, a P/E/G ratio of 4.57 and a beta of 1.16. The business has a fifty day moving average of $172.00 and a 200-day moving average of $205.29. Salesforce, Inc. has a 52 week low of $154.55 and a 52 week high of $311.75.

Salesforce (NYSE:CRMGet Rating) last posted its quarterly earnings data on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.04. Salesforce had a return on equity of 3.92% and a net margin of 3.59%. The business had revenue of $7.41 billion for the quarter, compared to analysts’ expectations of $7.38 billion. During the same quarter in the previous year, the firm earned $0.74 earnings per share. The business’s revenue was up 24.3% on a year-over-year basis. As a group, research analysts predict that Salesforce, Inc. will post 2.18 EPS for the current year.

A number of equities analysts recently weighed in on the stock. Cowen lowered their target price on shares of Salesforce from $285.00 to $225.00 in a research note on Monday, May 23rd. Piper Sandler lowered their price objective on Salesforce from $330.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, June 1st. StockNews.com initiated coverage on Salesforce in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Stifel Nicolaus lowered their target price on Salesforce from $300.00 to $250.00 in a report on Wednesday, June 1st. Finally, Loop Capital cut their price target on Salesforce from $225.00 to $175.00 and set a “hold” rating on the stock in a report on Thursday, June 2nd. Four equities research analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $272.50.

In related news, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $167.52, for a total value of $385,296.00. Following the transaction, the chief executive officer now owns 28,761,368 shares in the company, valued at $4,818,104,367.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Bret Steven Taylor sold 612 shares of the firm’s stock in a transaction on Monday, April 25th. The stock was sold at an average price of $171.68, for a total value of $105,068.16. Following the completion of the sale, the chief executive officer now directly owns 931,187 shares of the company’s stock, valued at $159,866,184.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,840 shares of company stock valued at $20,113,549. 4.10% of the stock is owned by company insiders.

Salesforce Company Profile (Get Rating)

Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include 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.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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