BlueSpruce Investments LP Has $566.50 Million Stake in Salesforce, Inc. (NYSE:CRM)
BlueSpruce Investments LP reduced its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 27.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,152,839 shares of the CRM provider’s stock after selling 800,156 shares during the period. Salesforce makes up 10.8% of BlueSpruce Investments LP’s portfolio, making the stock its 6th largest holding. BlueSpruce Investments LP owned approximately 0.22% of Salesforce worth $566,498,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of CRM. Norges Bank purchased a new stake in shares of Salesforce in the fourth quarter worth about $2,762,331,000. Capital International Investors boosted its position in shares of Salesforce by 76.4% during the 4th 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 last quarter. Cerity Partners LLC grew its holdings in shares of 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 purchasing an additional 3,226,512 shares in the last quarter. Coatue Management LLC bought a new stake in Salesforce in the fourth quarter worth $564,188,000. Finally, International Assets Investment Management LLC raised its stake in Salesforce by 23,653.7% during 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 purchasing an additional 1,400,300 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Salesforce Price Performance
Shares of CRM stock opened at $229.03 on Friday. The stock’s 50-day moving average is $270.19 and its 200 day moving average is $276.53. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $221.93 billion, a P/E ratio of 41.19, a PEG ratio of 2.12 and a beta of 1.25.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business earned $1.15 EPS. Research analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
CRM has been the topic of a number of research reports. Wedbush reduced their target price on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a report on Wednesday, May 29th. Bank of America raised their price target on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. JMP Securities reiterated a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research report on Monday, April 15th. Mizuho lowered their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Finally, Argus upped their price target on shares of Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. One research 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $292.79.
View Our Latest Stock Report on Salesforce
Insider Buying and Selling at Salesforce
In other news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the sale, the chief accounting officer now owns 5,856 shares in the company, valued at $1,599,566.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $309.64, for a total value of $4,644,600.00. Following the completion of the transaction, the chief executive officer now owns 13,101,166 shares of the company’s stock, valued at $4,056,645,040.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 634,670 shares of company stock worth $178,310,008. 3.20% of the stock is owned by insiders.
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.
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