Ethic Inc. Raises Stake in Salesforce, Inc. (NYSE:CRM)
Ethic Inc. grew its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 7.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 77,619 shares of the CRM provider’s stock after purchasing an additional 5,480 shares during the period. Salesforce makes up about 0.6% of Ethic Inc.’s holdings, making the stock its 20th largest position. Ethic Inc.’s holdings in Salesforce were worth $20,425,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in CRM. Alliance Wealth Advisors LLC UT boosted its position in shares of Salesforce by 4.7% during the 3rd quarter. Alliance Wealth Advisors LLC UT now owns 15,805 shares of the CRM provider’s stock worth $3,205,000 after purchasing an additional 703 shares in the last quarter. One Capital Management LLC grew its stake in Salesforce by 1.6% in the 3rd quarter. One Capital Management LLC now owns 51,522 shares of the CRM provider’s stock valued at $10,448,000 after acquiring an additional 819 shares during the last quarter. Ellevest Inc. grew its stake in Salesforce by 4.7% in the 3rd quarter. Ellevest Inc. now owns 4,848 shares of the CRM provider’s stock valued at $983,000 after acquiring an additional 219 shares during the last quarter. Navellier & Associates Inc. acquired a new stake in Salesforce in the 3rd quarter valued at about $878,000. Finally, Nemes Rush Group LLC grew its stake in Salesforce by 3.8% in the 3rd quarter. Nemes Rush Group LLC now owns 32,926 shares of the CRM provider’s stock valued at $6,677,000 after acquiring an additional 1,209 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at Salesforce
In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $306.23, for a total transaction of $4,593,450.00. Following the completion of the sale, the chief executive officer now owns 13,191,166 shares of the company’s stock, valued at $4,039,530,764.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Amy E. Weaver sold 942 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following 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 disclosure for this sale can be found here. Insiders sold 640,870 shares of company stock valued at $181,608,198 over the last 90 days. 3.20% of the stock is owned by corporate insiders.
Salesforce Stock Down 0.8 %
NYSE:CRM traded down $1.88 during trading hours on Tuesday, hitting $239.96. The stock had a trading volume of 3,581,096 shares, compared to its average volume of 6,586,881. 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, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The business has a 50 day simple moving average of $274.13 and a two-hundred day simple moving average of $277.03. The company has a market cap of $232.52 billion, a PE ratio of 43.72, a price-to-earnings-growth ratio of 2.12 and a beta of 1.26.
Salesforce (NYSE:CRM – Get Free Report) last issued 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 the consensus estimate of $9.15 billion. During the same quarter last year, the company earned $1.15 earnings per share. Salesforce’s revenue for the quarter was up 10.7% on a year-over-year basis. Analysts predict that Salesforce, Inc. will post 7.47 EPS for the current year.
Analysts Set New Price Targets
A number of brokerages recently commented on CRM. TD Cowen lowered their price objective on shares of Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a research note on Thursday, May 30th. Morgan Stanley lowered their price objective on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Barclays lowered their price objective on shares of Salesforce from $355.00 to $305.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $345.00 target price on shares of Salesforce 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 issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $292.79.
Read Our Latest Analysis on Salesforce
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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