Okabena Investment Services Inc. Boosts Holdings in Salesforce, Inc. (NYSE:CRM)
Okabena Investment Services Inc. raised its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 67.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,094 shares of the CRM provider’s stock after purchasing an additional 3,248 shares during the period. Okabena Investment Services Inc.’s holdings in Salesforce were worth $2,130,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in CRM. Norges Bank bought a new stake in shares of Salesforce during the 4th quarter worth $2,762,331,000. Capital International Investors lifted its stake in 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 lifted its stake in 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 bought a new position in shares of Salesforce during the 4th quarter valued at about $564,188,000. Finally, International Assets Investment Management LLC increased its position in shares of Salesforce by 23,653.7% during the 4th 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 during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on CRM. Sanford C. Bernstein upped their target price on Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. reduced their target price on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Oppenheimer lowered their price target on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Truist Financial reaffirmed a “buy” rating and set a $300.00 price objective (down from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Finally, Stifel Nicolaus lowered their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $292.79.
Check Out Our Latest Report on Salesforce
Insider Transactions at Salesforce
In related news, CFO Amy E. Weaver sold 7,075 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 38,483 shares of the company’s stock, valued at approximately $11,903,561.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Parker Harris sold 2,800 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $240.40, for a total transaction of $673,120.00. Following the sale, the insider now owns 115,762 shares in the company, valued at $27,829,184.80. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 7,075 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now 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 have sold a total of 634,670 shares of company stock valued at $178,310,008 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.
Salesforce Stock Performance
Shares of Salesforce stock opened at $231.89 on Friday. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The firm has a market capitalization of $224.70 billion, a P/E ratio of 41.71, a P/E/G ratio of 2.07 and a beta of 1.25. 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 business has a fifty day simple moving average of $268.79 and a two-hundred day simple moving average of $276.58.
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, beating analysts’ consensus estimates 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 last year, the company posted $1.15 EPS. Salesforce’s revenue was up 10.7% on a year-over-year basis. On average, equities analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.
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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