Gateway Investment Advisers LLC decreased its position in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 1.9% during the 1st quarter, HoldingsChannel reports. The fund owned 273,407 shares of the CRM provider’s stock after selling 5,301 shares during the period. Gateway Investment Advisers LLC’s holdings in Salesforce were worth $58,050,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vectors Research Management LLC increased its position in Salesforce by 128.9% in the 4th quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock valued at $26,000 after buying an additional 58 shares in the last quarter. Retirement Planning Co of New England Inc. bought a new stake in Salesforce during the 4th quarter valued at $27,000. Financial Enhancement Group LLC increased its holdings in shares of Salesforce by 589.5% in the fourth quarter. Financial Enhancement Group LLC now owns 131 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 112 shares during the period. Northwest Investment Counselors LLC bought a new position in Salesforce in the fourth quarter valued at $35,000. Finally, CarsonAllaria Wealth Management Ltd. purchased a new stake in Salesforce during the fourth quarter valued at about $42,000. 77.75% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on CRM shares. Wedbush reduced their price target on shares of Salesforce from $315.00 to $275.00 and set an “outperform” rating for the company in a research report on Wednesday, March 2nd. Loop Capital lowered their target price on shares of Salesforce from $225.00 to $175.00 and set a “hold” rating on the stock in a research note on Thursday, June 2nd. Canaccord Genuity Group lowered their target price on shares of Salesforce from $315.00 to $260.00 and set a “buy” rating on the stock in a research note on Wednesday, March 2nd. Cowen reduced their price target on shares of Salesforce from $285.00 to $225.00 in a report on Monday, May 23rd. Finally, Mizuho reduced their target price on shares of Salesforce from $295.00 to $225.00 and set a “buy” rating on the stock in a report on Wednesday, May 18th. Four research analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $272.50.
Salesforce (NYSE:CRM – Get Rating) last posted its earnings results on Tuesday, May 31st. The CRM provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.94 by $0.04. The firm had revenue of $7.41 billion during the quarter, compared to analysts’ expectations of $7.38 billion. Salesforce had a net margin of 3.59% and a return on equity of 3.92%. Salesforce’s quarterly revenue was up 24.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.74 EPS. Sell-side analysts predict that Salesforce, Inc. will post 2.18 EPS for the current year.
In other news, insider Srinivas Tallapragada sold 895 shares of Salesforce stock in a transaction that occurred on Monday, April 25th. The shares were sold at an average price of $171.68, for a total transaction of $153,653.60. Following the completion of the sale, the insider now owns 47,309 shares in the company, valued at approximately $8,122,009.12. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction on Tuesday, June 21st. The stock was sold at an average price of $167.52, for a total transaction 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 108,840 shares of company stock valued at $20,113,549. Company insiders own 4.10% of the company’s stock.
About Salesforce (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.
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