Sunbelt Securities Inc. Decreases Stake in Salesforce, Inc. (NYSE:CRM)

Sunbelt Securities Inc. lowered its position in Salesforce, Inc. (NYSE:CRM) by 33.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,905 shares of the CRM provider’s stock after selling 5,525 shares during the quarter. Sunbelt Securities Inc.’s holdings in Salesforce were worth $2,144,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Walkner Condon Financial Advisors LLC increased its position in shares of Salesforce by 2.0% in the 1st quarter. Walkner Condon Financial Advisors LLC now owns 2,599 shares of the CRM provider’s stock worth $519,000 after purchasing an additional 51 shares during the last quarter. Western Pacific Wealth Management LP increased its position in shares of Salesforce by 1.2% in the 1st quarter. Western Pacific Wealth Management LP now owns 4,545 shares of the CRM provider’s stock worth $908,000 after purchasing an additional 53 shares during the last quarter. Koshinski Asset Management Inc. boosted its holdings in shares of Salesforce by 0.6% in the 1st quarter. Koshinski Asset Management Inc. now owns 9,715 shares of the CRM provider’s stock valued at $1,941,000 after buying an additional 54 shares during the period. Argent Advisors Inc. boosted its holdings in shares of Salesforce by 1.1% in the 1st quarter. Argent Advisors Inc. now owns 4,952 shares of the CRM provider’s stock valued at $989,000 after buying an additional 54 shares during the period. Finally, Prudent Man Advisors LLC boosted its holdings in shares of Salesforce by 1.1% in the 1st quarter. Prudent Man Advisors LLC now owns 5,355 shares of the CRM provider’s stock valued at $1,070,000 after buying an additional 56 shares during the period. Institutional investors and hedge funds own 77.52% of the company’s stock.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $225.05, for a total transaction of $36,908.20. Following the sale, the chief accounting officer now owns 2,230 shares in the company, valued at $501,861.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $225.05, for a total value of $36,908.20. Following the completion of the sale, the chief accounting officer now owns 2,230 shares in the company, valued at approximately $501,861.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $225.73, for a total transaction of $2,257,300.00. Following the completion of the sale, the insider now owns 57,443 shares of the company’s stock, valued at approximately $12,966,608.39. The disclosure for this sale can be found here. Insiders have sold 707,472 shares of company stock worth $154,064,224 over the last 90 days. 3.70% of the stock is owned by company insiders.

Salesforce Stock Down 1.6 %

NYSE CRM opened at $221.65 on Wednesday. Salesforce, Inc. has a 12 month low of $126.34 and a 12 month high of $238.22. The company’s 50 day simple moving average is $217.87 and its 200 day simple moving average is $205.57. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market capitalization of $215.67 billion, a P/E ratio of 139.40, a PEG ratio of 1.68 and a beta of 1.19.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.90 by $0.22. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The business had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the previous year, the business earned $0.52 earnings per share. The firm’s revenue was up 11.4% compared to the same quarter last year. Equities research analysts expect that Salesforce, Inc. will post 5.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRM has been the subject of several research reports. TD Cowen lifted their price target on shares of Salesforce from $210.00 to $230.00 and gave the company a “market perform” rating in a report on Thursday, August 31st. Societe Generale lowered shares of Salesforce from a “buy” rating to a “hold” rating in a report on Thursday, June 1st. Northland Securities lifted their price target on shares of Salesforce from $210.00 to $220.00 and gave the company a “market perform” rating in a report on Friday, September 1st. JMP Securities reaffirmed a “market outperform” rating and issued a $275.00 price target on shares of Salesforce in a report on Thursday, August 31st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $240.00 target price on shares of Salesforce in a research note on Thursday, August 31st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $239.86.

About Salesforce

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 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.