Meyer Handelman Co. Raises Stake in Salesforce, Inc. (NYSE:CRM)

Meyer Handelman Co. boosted its position in Salesforce, Inc. (NYSE:CRMGet Rating) by 16.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,715 shares of the CRM provider’s stock after buying an additional 4,800 shares during the period. Meyer Handelman Co.’s holdings in Salesforce were worth $5,729,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Vectors Research Management LLC boosted 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 worth $26,000 after purchasing an additional 58 shares in the last quarter. MCF Advisors LLC purchased a new stake in Salesforce in the 1st quarter worth approximately $30,000. FSC Wealth Advisors LLC raised its stake in shares of Salesforce by 1,350.0% during the 1st quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider’s stock worth $31,000 after buying an additional 135 shares during the period. Verity Asset Management Inc. acquired a new position in shares of Salesforce during the 1st quarter worth approximately $35,000. Finally, Retirement Group LLC raised its stake in shares of Salesforce by 65.5% during the 1st quarter. Retirement Group LLC now owns 182 shares of the CRM provider’s stock worth $39,000 after buying an additional 72 shares during the period. Hedge funds and other institutional investors own 77.02% of the company’s stock.

Salesforce Stock Down 3.4 %

Shares of NYSE CRM traded down $5.09 during midday trading on Friday, hitting $145.06. 321,998 shares of the company’s stock were exchanged, compared to its average volume of 7,754,920. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.06 and a quick ratio of 1.06. Salesforce, Inc. has a twelve month low of $147.51 and a twelve month high of $311.75. The company has a market cap of $145.06 billion, a PE ratio of 278.06, a P/E/G ratio of 4.01 and a beta of 1.12. The firm’s fifty day simple moving average is $171.85 and its 200-day simple moving average is $178.69.

Salesforce (NYSE:CRMGet Rating) last issued its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.15. The business had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.70 billion. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The business’s quarterly revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the company earned $0.87 EPS. Research analysts predict that Salesforce, Inc. will post 2.2 EPS for the current fiscal year.

Salesforce declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 24th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the CRM provider to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $150.29, for a total transaction of $345,667.00. Following the transaction, the chief executive officer now owns 27,761,368 shares of the company’s stock, valued at $4,172,255,996.72. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Salesforce news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction that occurred on Wednesday, September 21st. The stock was sold at an average price of $150.29, for a total value of $345,667.00. Following the transaction, the chief executive officer now directly owns 27,761,368 shares in the company, valued at approximately $4,172,255,996.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amy E. Weaver sold 516 shares of Salesforce stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $177.86, for a total value of $91,775.76. Following the completion of the transaction, the chief financial officer now owns 30,486 shares in the company, valued at $5,422,239.96. The disclosure for this sale can be found here. Insiders have sold a total of 71,246 shares of company stock valued at $12,337,917 over the last quarter. Company insiders own 3.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CRM shares. Citigroup reduced their target price on Salesforce from $189.00 to $179.00 and set a “neutral” rating for the company in a research note on Thursday, August 25th. JPMorgan Chase & Co. reduced their target price on Salesforce from $275.00 to $245.00 and set an “overweight” rating for the company in a research note on Thursday, August 25th. Stifel Nicolaus reduced their price objective on Salesforce to $200.00 in a research note on Thursday, August 25th. Guggenheim raised Salesforce from a “sell” rating to a “neutral” rating and set a $150.00 price objective for the company in a research note on Friday, September 2nd. Finally, Loop Capital reduced their price objective on Salesforce from $225.00 to $175.00 and set a “hold” rating for the company in a research note on Thursday, June 2nd. Five analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $242.12.

About Salesforce

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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.

See Also

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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