American International Group Inc. Has $76.78 Million Stake in Salesforce, Inc. (NYSE:CRM)

American International Group Inc. raised its position in Salesforce, Inc. (NYSE:CRM) by 3.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 291,779 shares of the CRM provider’s stock after purchasing an additional 9,271 shares during the quarter. Salesforce accounts for approximately 0.3% of American International Group Inc.’s portfolio, making the stock its 27th biggest holding. American International Group Inc.’s holdings in Salesforce were worth $76,779,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Truepoint Inc. bought a new position in Salesforce in the 3rd quarter valued at about $258,000. PNC Financial Services Group Inc. boosted its position in Salesforce by 2.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 181,619 shares of the CRM provider’s stock worth $36,829,000 after buying an additional 3,638 shares during the period. Kestra Advisory Services LLC boosted its position in Salesforce by 4.9% during the 3rd quarter. Kestra Advisory Services LLC now owns 98,545 shares of the CRM provider’s stock worth $19,983,000 after buying an additional 4,564 shares during the period. Financial Engines Advisors L.L.C. increased its stake in shares of Salesforce by 0.9% in the 3rd quarter. Financial Engines Advisors L.L.C. now owns 8,127 shares of the CRM provider’s stock valued at $1,648,000 after acquiring an additional 71 shares in the last quarter. Finally, WCG Wealth Advisors LLC increased its stake in shares of Salesforce by 35.7% in the 3rd quarter. WCG Wealth Advisors LLC now owns 15,917 shares of the CRM provider’s stock valued at $3,266,000 after acquiring an additional 4,187 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Price Performance

Shares of CRM stock traded up $2.91 during trading hours on Friday, reaching $231.94. The stock had a trading volume of 8,833,734 shares, compared to its average volume of 12,624,135. The stock’s fifty day simple moving average is $268.79 and its 200 day simple moving average is $276.94. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The firm has a market capitalization of $224.75 billion, a PE ratio of 41.72, a PEG ratio of 2.04 and a beta of 1.25.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. Salesforce’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business earned $1.15 earnings per share. On average, equities research analysts predict that Salesforce, Inc. will post 7.47 EPS for the current year.

Wall Street Analyst Weigh In

CRM has been the subject of several research analyst reports. Stifel Nicolaus lowered their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Jefferies Financial Group lowered their price objective on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. TD Cowen lowered their price objective on shares of Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a research note on Thursday, May 30th. Morgan Stanley decreased their price target on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Finally, Wedbush lowered their price objective on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $292.79.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the sale, the insider now owns 104,904 shares in the company, valued at approximately $31,429,238.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the sale, the insider now owns 104,904 shares in the company, valued at approximately $31,429,238.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Srinivas Tallapragada sold 2,890 shares of the business’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $893,934.80. Following the sale, the insider now owns 60,416 shares in the company, valued at approximately $18,687,877.12. The disclosure for this sale can be found here. Insiders have sold 634,670 shares of company stock valued at $178,310,008 over the last three months. 3.20% of the stock is owned by corporate insiders.

Salesforce 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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.