Wellington Management Group LLP Sells 1,839,409 Shares of Salesforce, Inc. (NYSE:CRM)
Wellington Management Group LLP lessened its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 14.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,483,358 shares of the CRM provider’s stock after selling 1,839,409 shares during the period. Wellington Management Group LLP owned 1.08% of Salesforce worth $2,758,591,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Bear Mountain Capital Inc. purchased a new stake in shares of Salesforce in the 4th quarter worth about $26,000. Signature Resources Capital Management LLC purchased a new stake in shares of Salesforce in the 4th quarter worth about $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Salesforce in the 4th quarter worth about $31,000. BKM Wealth Management LLC purchased a new stake in shares of Salesforce in the 4th quarter worth about $34,000. Finally, Pacifica Partners Inc. lifted its position in shares of 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 purchasing an additional 100 shares during the period. Institutional investors own 80.43% of the company’s stock.
Insider Buying and Selling at Salesforce
In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $299.59, for a total transaction of $4,493,850.00. Following the transaction, the chief executive officer now owns 13,131,166 shares of the company’s stock, valued at $3,933,966,021.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $299.59, for a total value of $4,493,850.00. Following the transaction, the chief executive officer now owns 13,131,166 shares of the company’s stock, valued at $3,933,966,021.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares in the company, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. Insiders have sold 634,670 shares of company stock valued at $178,310,008 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.
Salesforce Price Performance
Shares of NYSE:CRM opened at $231.94 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a market capitalization of $224.75 billion, a P/E ratio of 41.72, a P/E/G ratio of 2.04 and a beta of 1.25. The firm’s 50 day simple moving average is $268.79 and its two-hundred day simple moving average is $277.27.
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 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 business had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same quarter in the previous year, the firm earned $1.15 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. Research analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on CRM shares. DA Davidson dropped their target price on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating for the company in a research report on Thursday, May 30th. Evercore ISI dropped their target price on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a research 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 report on Thursday, May 30th. Sanford C. Bernstein lifted their price target on shares of Salesforce from $231.00 to $234.00 and gave the company an “underperform” rating 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 research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $292.79.
Check Out 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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