Palo DS Manager LLC Acquires New Holdings in Salesforce, Inc. (NYSE:CRM)
Palo DS Manager LLC bought a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 21,486 shares of the CRM provider’s stock, valued at approximately $5,654,000. Salesforce comprises about 4.9% of Palo DS Manager LLC’s holdings, making the stock its 9th biggest position.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRM. Americana Partners LLC grew its holdings in Salesforce by 104.9% in the 3rd quarter. Americana Partners LLC now owns 7,387 shares of the CRM provider’s stock valued at $1,465,000 after buying an additional 3,782 shares during the last quarter. Community Financial Services Group LLC acquired a new stake in shares of Salesforce during the 3rd quarter worth approximately $413,000. Chartwell Investment Partners LLC grew its holdings in shares of Salesforce by 31.6% during the 3rd quarter. Chartwell Investment Partners LLC now owns 25,479 shares of the CRM provider’s stock worth $5,167,000 after purchasing an additional 6,118 shares in the last quarter. Merit Financial Group LLC grew its holdings in shares of Salesforce by 20.5% during the 3rd quarter. Merit Financial Group LLC now owns 15,077 shares of the CRM provider’s stock worth $3,057,000 after purchasing an additional 2,564 shares in the last quarter. Finally, Great Lakes Advisors LLC grew its holdings in shares of Salesforce by 2.5% during the 3rd quarter. Great Lakes Advisors LLC now owns 34,837 shares of the CRM provider’s stock worth $7,064,000 after purchasing an additional 850 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
Salesforce Trading Up 7.5 %
Shares of Salesforce stock traded up $16.43 during trading on Friday, reaching $234.44. 36,807,425 shares of the company were exchanged, compared to its average volume of 7,702,839. The company has a quick ratio of 1.09, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The business has a 50-day moving average price of $281.80 and a 200-day moving average price of $275.97. The firm has a market capitalization of $227.17 billion, a price-to-earnings ratio of 42.17, a P/E/G ratio of 2.07 and a beta of 1.30.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $9.15 billion. During the same period in the previous year, the firm earned $1.15 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts anticipate that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on CRM. Mizuho decreased their price objective on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday. KeyCorp began coverage on Salesforce in a report on Thursday, March 21st. They set a “sector weight” rating on the stock. Jefferies Financial Group decreased their price objective on Salesforce from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday. JPMorgan Chase & Co. cut their target price on Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Wells Fargo & Company cut their target price on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research report on Thursday. One 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. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.
View Our Latest Stock Report on CRM
Insider Transactions at Salesforce
In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the sale, the insider now owns 104,904 shares in the company, valued at $31,429,238.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $299.60, for a total transaction of $1,258,320.00. Following the sale, the insider now owns 104,904 shares in the company, valued at $31,429,238.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the sale, the chief financial officer now owns 39,416 shares in the company, valued at approximately $12,040,011.36. 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.
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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