Coatue Management LLC Acquires New Shares in Salesforce, Inc. (NYSE:CRM)
Coatue Management LLC acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,144,062 shares of the CRM provider’s stock, valued at approximately $564,188,000. Salesforce comprises about 2.4% of Coatue Management LLC’s holdings, making the stock its 11th largest holding. Coatue Management LLC owned approximately 0.22% of Salesforce at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of CRM. Norges Bank bought a new position in Salesforce in the fourth quarter valued at about $2,762,331,000. Capital International Investors lifted its holdings in 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 acquiring an additional 5,935,973 shares during the period. Cerity Partners LLC lifted its holdings in Salesforce by 1,254.7% in the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after acquiring an additional 3,226,512 shares during the period. International Assets Investment Management LLC lifted its holdings in Salesforce by 23,653.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,406,220 shares of the CRM provider’s stock valued at $370,033,000 after acquiring an additional 1,400,300 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its stake in shares of Salesforce by 443.4% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,199,924 shares of the CRM provider’s stock worth $315,748,000 after buying an additional 979,108 shares during the period. Institutional investors own 80.43% of the company’s stock.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Truist Financial reaffirmed a “buy” rating and issued a $300.00 price objective (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Barclays decreased their price objective on Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Citigroup decreased their price objective on Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. JPMorgan Chase & Co. decreased their price objective on Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Finally, Robert W. Baird cut their target price on Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.
Salesforce Trading Down 2.2 %
Shares of CRM stock traded down $5.28 on Wednesday, reaching $235.71. 10,255,033 shares of the company’s stock were exchanged, compared to its average volume of 6,651,904. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week 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 capitalization of $228.40 billion, a PE ratio of 42.39, a P/E/G ratio of 2.12 and a beta of 1.25. The company’s fifty day simple moving average is $271.49 and its 200 day simple moving average is $276.86.
Salesforce (NYSE:CRM – Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period last year, the company earned $1.15 EPS. Salesforce’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, analysts forecast that Salesforce, Inc. will post 7.47 EPS for the current year.
Insider Buying and Selling at Salesforce
In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, March 15th. The stock was sold at an average price of $296.12, for a total transaction of $4,441,800.00. Following the completion of the sale, the chief executive officer now directly owns 13,161,166 shares of the company’s stock, valued at approximately $3,897,284,475.92. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $296.12, for a total value of $4,441,800.00. Following the completion of the transaction, the chief executive officer now directly owns 13,161,166 shares of the company’s stock, valued at approximately $3,897,284,475.92. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 2,890 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $893,934.80. Following the completion of the transaction, the insider now directly owns 60,416 shares of the company’s stock, valued at $18,687,877.12. The disclosure for this sale can be found here. Insiders sold a total of 649,670 shares of company stock valued at $182,751,808 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
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.
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