Pioneer Wealth Management Group Cuts Position in Salesforce, Inc. (NYSE:CRM)

Pioneer Wealth Management Group trimmed its position in Salesforce, Inc. (NYSE:CRM) by 6.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 856 shares of the CRM provider’s stock after selling 63 shares during the quarter. Pioneer Wealth Management Group’s holdings in Salesforce were worth $258,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Capital World Investors raised its holdings in shares of Salesforce by 2.4% in the 4th quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock worth $5,147,402,000 after purchasing an additional 457,463 shares during the period. Fisher Asset Management LLC grew its stake in shares of Salesforce by 5.3% in the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock valued at $3,926,323,000 after buying an additional 752,566 shares in the last quarter. Capital International Investors grew its stake in shares of Salesforce by 76.4% in the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after buying an additional 5,935,973 shares in the last quarter. Northern Trust Corp grew its stake in shares of Salesforce by 1.1% in the third quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock valued at $2,270,144,000 after buying an additional 121,436 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Salesforce in the fourth quarter valued at about $2,762,331,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following the completion of the transaction, the chief financial officer now owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, Director G Mason Morfit acquired 428,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was acquired at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the transaction, the director now owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the transaction, the chief financial officer now directly owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The disclosure for this sale can be found here. Insiders sold 575,989 shares of company stock valued at $160,340,775 over the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE CRM traded up $3.26 during mid-day trading on Friday, reaching $245.06. The company had a trading volume of 15,928,785 shares, compared to its average volume of 13,763,672. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market cap of $237.46 billion, a PE ratio of 44.08, a P/E/G ratio of 2.12 and a beta of 1.25. The company has a 50-day moving average price of $262.47 and a two-hundred day moving average price of $276.50.

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

Analysts Set New Price Targets

CRM has been the subject of a number of recent analyst reports. Barclays lowered their price objective on Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Stifel Nicolaus decreased their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Citigroup decreased their target price on Salesforce from $323.00 to $260.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. DA Davidson decreased their target price on Salesforce from $300.00 to $230.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Finally, Wedbush decreased their target price on Salesforce from $325.00 to $315.00 and set an “outperform” rating for the company in a research report on Wednesday, May 29th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $292.79.

About Salesforce

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.