Beacon Financial Group Purchases Shares of 1,411 Salesforce, Inc. (NYSE:CRM)
Beacon Financial Group purchased a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,411 shares of the CRM provider’s stock, valued at approximately $371,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of CRM. Norges Bank acquired a new stake in Salesforce in the fourth quarter valued at $2,762,331,000. Capital International Investors grew its holdings in shares of Salesforce by 76.4% during the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after purchasing an additional 5,935,973 shares during the last quarter. Cerity Partners LLC grew its holdings in shares of Salesforce by 1,254.7% during the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after purchasing an additional 3,226,512 shares during the last quarter. Coatue Management LLC purchased a new position in shares of Salesforce during the fourth quarter worth about $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Salesforce by 110.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock worth $893,336,000 after purchasing an additional 1,780,421 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.46, for a total transaction of $287,743.32. Following the completion of the sale, the chief financial officer now directly owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.46, for a total transaction of $287,743.32. Following the completion of the sale, the chief financial officer now directly owns 39,416 shares of the company’s stock, valued at approximately $12,040,011.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 7,075 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was 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 $11,903,561.56. The disclosure for this sale can be found here. Insiders sold 634,670 shares of company stock valued at $178,310,008 in the last ninety days. Company insiders own 3.20% of the company’s stock.
Salesforce Trading Up 1.3 %
Shares of Salesforce stock opened at $231.94 on Friday. The company has a market capitalization of $224.75 billion, a P/E ratio of 41.72, a P/E/G ratio of 2.04 and a beta of 1.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The business has a 50 day moving average price of $268.79 and a 200 day moving average price of $276.94.
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, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. During the same period in the previous year, the company earned $1.15 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Thursday, May 30th. JMP Securities reissued a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a report on Monday, April 15th. Robert W. Baird lowered their price target on Salesforce from $355.00 to $295.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Barclays lowered their price target on Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Sanford C. Bernstein raised their price target on Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating 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 assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $292.79.
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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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