California State Teachers Retirement System Has $408.78 Million Position in Salesforce, Inc. (NYSE:CRM)
California State Teachers Retirement System increased its position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 0.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,553,475 shares of the CRM provider’s stock after purchasing an additional 12,530 shares during the period. Salesforce makes up about 0.6% of California State Teachers Retirement System’s portfolio, making the stock its 24th biggest holding. California State Teachers Retirement System owned approximately 0.16% of Salesforce worth $408,781,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in CRM. Bear Mountain Capital Inc. acquired a new position in Salesforce in the 4th quarter valued at $26,000. Signature Resources Capital Management LLC bought a new stake in Salesforce during the 4th quarter worth $26,000. Kathleen S. Wright Associates Inc. bought a new stake in Salesforce during the 4th quarter worth $31,000. Pacifica Partners Inc. grew its position in Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Finally, BKM Wealth Management LLC bought a new stake in Salesforce during the 4th quarter worth $34,000. 80.43% of the stock is owned by institutional investors and hedge funds.
Salesforce Price Performance
Shares of NYSE CRM opened at $234.90 on Monday. The stock has a fifty day simple moving average of $281.80 and a two-hundred day simple moving average of $276.36. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The firm has a market cap of $227.62 billion, a price-to-earnings ratio of 42.17, a price-to-earnings-growth ratio of 2.03 and a beta of 1.26. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.
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 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 business had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the prior year, the company earned $1.15 earnings per share. Salesforce’s revenue was up 10.7% compared to the same quarter last year. Analysts anticipate that Salesforce, Inc. will post 7.46 earnings per share for the current year.
Insider Transactions at Salesforce
In other news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was 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 directly owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $269.26, for a total value of $1,130,892.00. Following the completion of the transaction, the insider now directly owns 115,762 shares of the company’s stock, valued at $31,170,076.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was 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 directly owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The disclosure for this sale can be found here. Insiders sold 638,070 shares of company stock valued at $182,912,726 over the last three months. Company insiders own 3.20% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on CRM shares. UBS Group reduced their price objective on Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a research report on Thursday. Deutsche Bank Aktiengesellschaft reduced their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday. Oppenheimer reduced their price target on Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research report on Thursday. StockNews.com lowered Salesforce from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 19th. Finally, Bank of America upped their target price on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.
Check Out Our Latest Report on Salesforce
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.
See Also
Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce, Inc. (NYSE:CRM – Free Report).
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