Cornerstone Advisory LLC Has $237,000 Position in Salesforce, Inc. (NYSE:CRM)

Cornerstone Advisory LLC lowered its position in Salesforce, Inc. (NYSE:CRMGet Rating) by 38.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,117 shares of the CRM provider’s stock after selling 704 shares during the quarter. Cornerstone Advisory LLC’s holdings in Salesforce were worth $237,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Salesforce by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 77,620,937 shares of the CRM provider’s stock worth $16,480,478,000 after buying an additional 1,458,042 shares during the last quarter. State Street Corp lifted its stake in shares of Salesforce by 1.0% during the 1st quarter. State Street Corp now owns 44,687,516 shares of the CRM provider’s stock worth $9,488,053,000 after buying an additional 433,659 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Salesforce by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 15,448,821 shares of the CRM provider’s stock worth $3,914,460,000 after buying an additional 564,493 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Salesforce by 4.6% during the 1st quarter. Fisher Asset Management LLC now owns 15,234,715 shares of the CRM provider’s stock worth $3,234,635,000 after buying an additional 669,616 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Salesforce during the 4th quarter worth about $2,689,030,000. Institutional investors and hedge funds own 77.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CRM. Wolfe Research cut their target price on shares of Salesforce from $215.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, August 25th. Wedbush lowered their price target on shares of Salesforce from $225.00 to $215.00 and set an “outperform” rating on the stock in a research report on Thursday, August 25th. Cowen lowered 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. UBS Group lowered their price target on shares of Salesforce from $190.00 to $180.00 and set a “neutral” rating on the stock in a research report on Thursday, August 25th. Finally, Morgan Stanley lowered their price target on shares of Salesforce from $291.00 to $273.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 16th. Five investment analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $243.21.

Salesforce Stock Down 3.4 %

NYSE:CRM opened at $154.78 on Friday. The firm’s 50 day simple moving average is $174.06 and its 200 day simple moving average is $180.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.06 and a quick ratio of 1.06. Salesforce, Inc. has a one year low of $150.48 and a one year high of $311.75. The company has a market cap of $154.78 billion, a PE ratio of 286.63, a P/E/G ratio of 4.29 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last posted its earnings results on Wednesday, August 24th. The CRM provider reported $1.19 EPS for the quarter, topping the consensus estimate of $1.02 by $0.17. The business had revenue of $7.72 billion for the quarter, compared to the consensus estimate of $7.70 billion. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same period last year, the company earned $0.87 EPS. On average, research analysts anticipate that Salesforce, Inc. will post 2.2 earnings per share for the current year.

Salesforce announced that its board has authorized a stock repurchase plan on Wednesday, August 24th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the CRM provider to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $167.52, for a total value of $385,296.00. Following the transaction, the chief executive officer now owns 28,761,368 shares in the company, valued at approximately $4,818,104,367.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $167.52, for a total value of $385,296.00. Following the completion of the sale, the chief executive officer now owns 28,761,368 shares in the company, valued at approximately $4,818,104,367.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Parker Harris sold 973 shares of Salesforce stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $170.43, for a total transaction of $165,828.39. Following the completion of the sale, the insider now owns 93,103 shares of the company’s stock, valued at approximately $15,867,544.29. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,849 shares of company stock worth $12,397,285. Company insiders own 3.60% of the company’s stock.

About Salesforce

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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.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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