Core Wealth Advisors Inc. Invests $2.56 Million in Salesforce, Inc. (NYSE:CRM)
Core Wealth Advisors Inc. acquired a new position in Salesforce, Inc. (NYSE:CRM – Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,724 shares of the CRM provider’s stock, valued at approximately $2,559,000. Salesforce makes up about 0.9% of Core Wealth Advisors Inc.’s investment portfolio, making the stock its 14th biggest position.
A number of other institutional investors have also made changes to their positions in CRM. Marks Group Wealth Management Inc increased its holdings in Salesforce by 0.7% during the fourth quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after buying an additional 257 shares during the last quarter. Roman Butler Fullerton & Co. increased its holdings in Salesforce by 1.4% during the fourth quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after buying an additional 105 shares during the last quarter. Parnassus Investments LLC increased its holdings in Salesforce by 0.3% during the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after buying an additional 18,397 shares during the last quarter. TD Asset Management Inc increased its holdings in Salesforce by 32.6% during the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after buying an additional 194,224 shares during the last quarter. Finally, Pure Financial Advisors LLC acquired a new position in Salesforce during the fourth quarter worth $214,000. Institutional investors own 80.43% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on CRM. Citigroup lowered their target price on shares of Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Jefferies Financial Group decreased their price objective on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Oppenheimer decreased their price objective on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Macquarie decreased their price objective on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.
Salesforce Stock Up 0.3 %
CRM stock opened at $242.63 on Monday. The stock has a market capitalization of $235.11 billion, a P/E ratio of 43.50, a price-to-earnings-growth ratio of 2.12 and a beta of 1.26. 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 50-day moving average price of $275.34 and a 200-day moving average price of $276.90.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. The firm’s revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Insider Activity
In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total value of $1,258,320.00. Following the completion of the transaction, the insider now owns 104,904 shares of the company’s stock, valued at $31,429,238.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Salesforce news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 104,904 shares of the company’s stock, valued at approximately $31,429,238.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the sale, the chief financial officer now directly owns 38,483 shares of the company’s stock, valued at approximately $11,903,561.56. The disclosure for this sale can be found here. Insiders sold 625,870 shares of company stock valued at $177,970,848 over the last quarter. 3.20% of the stock is owned by company insiders.
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.
Further Reading
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