Brookstone Capital Management Decreases Position in Salesforce, Inc. (NYSE:CRM)

Brookstone Capital Management cut its stake in shares of Salesforce, Inc. (NYSE:CRMGet Rating) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,874 shares of the CRM provider’s stock after selling 1,291 shares during the period. Brookstone Capital Management’s holdings in Salesforce were worth $3,488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRM. Norges Bank bought a new position in shares of Salesforce during the fourth quarter valued at approximately $2,689,030,000. Aaron Wealth Advisors LLC grew its stake in shares of Salesforce by 76,897.5% during the first 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 last quarter. Vanguard Group Inc. grew its stake in shares of Salesforce by 1.9% during the first quarter. Vanguard Group Inc. now owns 77,620,937 shares of the CRM provider’s stock valued at $16,480,478,000 after buying an additional 1,458,042 shares during the last quarter. State Street Corp grew its stake in shares of Salesforce by 3.3% during the fourth quarter. State Street Corp now owns 44,253,857 shares of the CRM provider’s stock valued at $11,246,233,000 after buying an additional 1,417,895 shares during the last quarter. Finally, Select Equity Group L.P. bought a new position in shares of Salesforce during the first quarter valued at approximately $184,619,000. 77.02% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Performance

NYSE CRM opened at $152.83 on Tuesday. The stock has a 50-day simple moving average of $173.14 and a two-hundred day simple moving average of $179.79. The firm has a market capitalization of $152.83 billion, a P/E ratio of 283.02, a PEG ratio of 4.11 and a beta of 1.12. Salesforce, Inc. has a fifty-two week low of $149.56 and a fifty-two week high of $311.75. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06.

Salesforce (NYSE:CRMGet Rating) last released its quarterly earnings data on Wednesday, August 24th. The CRM provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.17. The business had revenue of $7.72 billion during the quarter, compared to analyst estimates of $7.70 billion. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The company’s revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the business posted $0.87 EPS. On average, equities analysts forecast that Salesforce, Inc. will post 2.2 earnings per share for the current year.

Salesforce declared that its board has authorized a share buyback program on Wednesday, August 24th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the CRM provider to purchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $151.07, for a total transaction of $347,461.00. Following the sale, the chief executive officer now directly owns 27,761,368 shares in the company, valued at approximately $4,193,909,863.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $151.07, for a total value of $347,461.00. Following the sale, the chief executive officer now directly owns 27,761,368 shares in the company, valued at approximately $4,193,909,863.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 516 shares of Salesforce stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $177.86, for a total value of $91,775.76. Following the completion of the sale, the chief financial officer now owns 30,486 shares in the company, valued at $5,422,239.96. The disclosure for this sale can be found here. Insiders have sold 70,849 shares of company stock worth $12,359,450 in the last ninety days. Company insiders own 3.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRM. Deutsche Bank Aktiengesellschaft cut their target price on Salesforce from $260.00 to $255.00 and set a “buy” rating on the stock in a research note on Thursday, August 25th. Guggenheim raised Salesforce from a “sell” rating to a “neutral” rating and set a $150.00 price objective on the stock in a research note on Friday, September 2nd. Jefferies Financial Group dropped their price objective on Salesforce from $330.00 to $260.00 in a research note on Monday, May 23rd. Mizuho dropped their price objective on Salesforce from $245.00 to $235.00 and set a “buy” rating on the stock in a research note on Thursday, August 25th. Finally, JPMorgan Chase & Co. dropped their price objective on Salesforce from $275.00 to $245.00 and set an “overweight” rating on the stock in a research note on Thursday, August 25th. Five analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $243.21.

Salesforce Profile

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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.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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