GLOBALT Investments LLC GA Acquires New Holdings in Salesforce, Inc. (NYSE:CRM)
GLOBALT Investments LLC GA acquired a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,271 shares of the CRM provider’s stock, valued at approximately $334,000.
A number of other institutional investors have also made changes to their positions in the stock. PNC Financial Services Group Inc. grew its holdings in Salesforce by 2.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 181,619 shares of the CRM provider’s stock valued at $36,829,000 after buying an additional 3,638 shares during the last quarter. QRG Capital Management Inc. acquired a new stake in Salesforce in the 3rd quarter valued at approximately $15,519,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Salesforce in the 3rd quarter valued at approximately $8,853,000. Envestnet Asset Management Inc. grew its holdings in Salesforce by 30.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,460,598 shares of the CRM provider’s stock valued at $296,180,000 after buying an additional 340,631 shares during the last quarter. Finally, Balentine LLC grew its holdings in Salesforce by 1.8% in the 3rd quarter. Balentine LLC now owns 5,788 shares of the CRM provider’s stock valued at $1,174,000 after buying an additional 101 shares during the last quarter. 80.43% of the stock is owned by institutional investors.
Salesforce Trading Up 1.3 %
NYSE:CRM opened at $231.94 on Friday. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The business’s 50-day moving average price is $268.79 and its two-hundred day moving average price 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. The firm has a market capitalization of $224.75 billion, a price-to-earnings ratio of 41.72, a PEG ratio of 2.01 and a beta of 1.25.
Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share 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 firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the prior year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, equities analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current year.
Analyst Ratings Changes
CRM has been the topic of several recent research reports. Canaccord Genuity Group decreased their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Wolfe Research reissued an “outperform” rating and set a $365.00 price objective on shares of Salesforce in a report on Tuesday, April 16th. Argus lifted their price objective on Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Robert W. Baird decreased their price objective on Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Finally, TD Cowen decreased their price objective on Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a report on Thursday, May 30th. One research 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 assigned a strong buy rating to the stock. According to MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.
Check Out Our Latest Stock Analysis on Salesforce
Insiders Place Their Bets
In other Salesforce news, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares in the company, valued at $11,903,561.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares in the company, valued at $11,903,561.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 942 shares of the 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 completion of the sale, the chief financial officer now owns 39,416 shares of the company’s stock, valued at $12,040,011.36. The disclosure for this sale can be found here. Insiders sold 634,670 shares of company stock worth $178,310,008 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.
Salesforce Company 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.
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