Salesforce, Inc. (NYSE:CRM) Stake Trimmed by Los Angeles Capital Management LLC
Los Angeles Capital Management LLC trimmed its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,221,738 shares of the CRM provider’s stock after selling 144,818 shares during the quarter. Salesforce makes up 1.3% of Los Angeles Capital Management LLC’s holdings, making the stock its 10th biggest position. Los Angeles Capital Management LLC owned approximately 0.13% of Salesforce worth $367,963,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Salesforce in the 4th quarter worth approximately $2,762,331,000. Capital International Investors boosted its stake in shares of Salesforce by 76.4% in 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 purchasing an additional 5,935,973 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Salesforce by 1,254.7% in the 4th 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 purchased a new stake in shares of Salesforce in the 4th quarter valued at $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Salesforce by 110.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock valued at $893,336,000 after purchasing an additional 1,780,421 shares in the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Salesforce Stock Up 0.6 %
Salesforce stock traded up $1.33 during trading hours on Wednesday, hitting $231.81. The stock had a trading volume of 7,119,770 shares, compared to its average volume of 13,280,099. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $224.62 billion, a P/E ratio of 41.69, a price-to-earnings-growth ratio of 2.02 and a beta of 1.25. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The stock’s 50-day moving average price is $265.95 and its 200-day moving average price is $276.92.
Salesforce (NYSE:CRM – Get Free Report) last announced its quarterly earnings results 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 net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the previous year, the business posted $1.15 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on CRM. Piper Sandler cut their price objective on shares of Salesforce from $300.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Bank of America upped their price objective on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Wells Fargo & Company cut their price objective on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research note on Thursday, May 30th. Mizuho dropped their price target on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $350.00 price target on shares of Salesforce in a research report on Friday, May 24th. One 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $292.79.
Get Our Latest Analysis on Salesforce
Insider Transactions at Salesforce
In other news, CFO Amy E. Weaver sold 7,075 shares of Salesforce stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total value of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares in the company, valued at $11,903,561.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Amy E. Weaver sold 7,075 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the completion of the sale, the chief financial officer now directly owns 38,483 shares in the company, valued at $11,903,561.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Parker Harris sold 2,800 shares of the business’s 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 of the company’s stock, valued at $27,829,184.80. The disclosure for this sale can be found here. Insiders sold 615,470 shares of company stock worth $172,557,838 over the last three months. 3.20% of the stock is currently owned by company insiders.
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.
Further Reading
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