Waterloo Capital L.P. Takes Position in Salesforce, Inc. (NYSE:CRM)
Waterloo Capital L.P. acquired a new stake in Salesforce, Inc. (NYSE:CRM – Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,299 shares of the CRM provider’s stock, valued at approximately $342,000.
A number of other hedge funds also recently made changes to their positions in the company. Bear Mountain Capital Inc. purchased a new stake in Salesforce during the 4th quarter worth approximately $26,000. Signature Resources Capital Management LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Salesforce during the fourth quarter valued at $31,000. Pacifica Partners Inc. lifted its stake in Salesforce by 333.3% in 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 in the last quarter. Finally, BKM Wealth Management LLC purchased a new stake in Salesforce in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Salesforce Trading Down 0.4 %
Shares of CRM opened at $241.85 on Monday. The stock has a fifty day moving average price of $275.34 and a two-hundred day moving average price of $276.90. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a market cap of $234.35 billion, a price-to-earnings ratio of 43.50, a PEG 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 return on equity of 11.57% and a net margin of 15.30%. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the previous year, the company posted $1.15 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. Analysts predict that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Insider Buying and Selling at Salesforce
In other news, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Wednesday, March 13th. The stock was 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 directly owns 13,191,166 shares of the company’s stock, valued at $4,039,530,764.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 625,870 shares of company stock worth $177,970,848. 3.20% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on CRM. Robert W. Baird reduced their price objective on Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Canaccord Genuity Group cut their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. UBS Group cut their price target on Salesforce from $310.00 to $250.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. BMO Capital Markets cut their price target on Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Finally, Jefferies Financial Group cut their price target on Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. One research 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $292.79.
Check Out Our Latest Stock Report on Salesforce
Salesforce Company 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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