Bridgefront Capital LLC Sells 3,553 Shares of Salesforce, Inc. (NYSE:CRM)
Bridgefront Capital LLC trimmed its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 67.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,718 shares of the CRM provider’s stock after selling 3,553 shares during the period. Bridgefront Capital LLC’s holdings in Salesforce were worth $452,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Bear Mountain Capital Inc. bought a new stake in Salesforce during the 4th quarter worth about $26,000. Signature Resources Capital Management LLC acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $26,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Salesforce during the fourth quarter worth approximately $31,000. BKM Wealth Management LLC acquired a new position in Salesforce in the fourth quarter valued at approximately $34,000. Finally, Pacifica Partners Inc. boosted its stake in Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.
Salesforce Price Performance
NYSE:CRM opened at $235.71 on Thursday. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a market cap of $228.40 billion, a P/E ratio of 42.39, a P/E/G ratio of 2.12 and a beta of 1.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50-day simple moving average is $271.49 and its 200 day simple moving average is $276.86.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the prior year, the business posted $1.15 EPS. The business’s revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total value of $3,249,900.00. Following the completion of the transaction, the chief executive officer now owns 12,407,327 shares of the company’s stock, valued at approximately $2,688,171,467.82. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director G Mason Morfit acquired 428,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was bought at an average cost of $233.17 per share, for a total transaction of $99,796,760.00. Following the completion of the transaction, the director now directly owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $216.66, for a total transaction of $3,249,900.00. Following the completion of the sale, the chief executive officer now directly owns 12,407,327 shares in the company, valued at $2,688,171,467.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 649,670 shares of company stock valued at $182,751,808. 3.20% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on the company. Morgan Stanley cut their price target on Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Wolfe Research restated an “outperform” rating and set a $365.00 target price on shares of Salesforce in a research report on Tuesday, April 16th. StockNews.com cut Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Royal Bank of Canada restated an “outperform” rating and set a $350.00 price objective on shares of Salesforce in a report on Friday, May 24th. Finally, DA Davidson cut their target price on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $292.79.
Read Our Latest Research Report on CRM
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Salesforce, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Salesforce wasn’t on the list.
While Salesforce currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
