Baader Bank INC raised its holdings in Salesforce, Inc. (NYSE:CRM – Get Rating) by 1.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 74,851 shares of the CRM provider’s stock after acquiring an additional 1,344 shares during the quarter. Salesforce comprises approximately 1.3% of Baader Bank INC’s holdings, making the stock its 16th largest position. Baader Bank INC’s holdings in Salesforce were worth $15,893,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Salesforce during the 4th quarter valued at $2,689,030,000. Aaron Wealth Advisors LLC increased its holdings in Salesforce by 76,897.5% in the 1st quarter. Aaron Wealth Advisors LLC now owns 2,727,250 shares of the CRM provider’s stock valued at $12,845,000 after buying an additional 2,723,708 shares during the period. Vanguard Group Inc. grew its holdings in shares of Salesforce by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 77,620,937 shares of the CRM provider’s stock worth $16,480,478,000 after purchasing an additional 1,458,042 shares during the last quarter. State Street Corp grew its holdings in shares of Salesforce by 3.3% in the 4th quarter. State Street Corp now owns 44,253,857 shares of the CRM provider’s stock worth $11,246,233,000 after purchasing an additional 1,417,895 shares during the last quarter. Finally, Select Equity Group L.P. bought a new stake in shares of Salesforce in the 1st quarter worth about $184,619,000. 77.02% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
CRM has been the topic of several analyst reports. Stifel Nicolaus lowered their target price on shares of Salesforce to $200.00 in a report on Thursday, August 25th. JPMorgan Chase & Co. lowered their target price on shares of Salesforce from $275.00 to $245.00 and set an “overweight” rating on the stock in a report on Thursday, August 25th. Roth Capital upgraded shares of Salesforce from a “neutral” rating to a “buy” rating and set a $242.00 price target on the stock in a research report on Wednesday, May 18th. Barclays reduced their price target on shares of Salesforce from $218.00 to $202.00 and set an “overweight” rating on the stock in a research report on Thursday, August 25th. Finally, Cowen reduced their price target on shares of Salesforce from $225.00 to $210.00 and set an “outperform” rating on the stock in a research report on Thursday, August 25th. Five investment analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $244.11.
Salesforce Price Performance
Salesforce (NYSE:CRM – Get Rating) last issued its quarterly earnings results on Wednesday, August 24th. The CRM provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.17. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The company had revenue of $7.72 billion during the quarter, compared to analysts’ expectations of $7.70 billion. During the same period last year, the business earned $0.87 EPS. The business’s quarterly revenue was up 21.8% on a year-over-year basis. As a group, equities research analysts forecast that Salesforce, Inc. will post 2.2 EPS for the current fiscal year.
Salesforce announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 24th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the CRM provider to buy up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Insider Activity at Salesforce
In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $190.69, for a total transaction of $438,587.00. Following the completion of the sale, the chief executive officer now owns 27,761,368 shares of the company’s stock, valued at approximately $5,293,815,263.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 516 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $177.86, for a total value of $91,775.76. Following the transaction, the chief financial officer now directly owns 30,486 shares of the company’s stock, valued at $5,422,239.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $190.69, for a total value of $438,587.00. Following the sale, the chief executive officer now owns 27,761,368 shares of the company’s stock, valued at approximately $5,293,815,263.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,849 shares of company stock valued at $12,404,484. 3.60% of the stock is owned by corporate insiders.
Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.
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