Gabelli Funds LLC Sells 1,195 Shares of Salesforce, Inc. (NYSE:CRM)

Gabelli Funds LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 42.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,605 shares of the CRM provider’s stock after selling 1,195 shares during the period. Gabelli Funds LLC’s holdings in Salesforce were worth $422,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRM. Norges Bank bought a new position in Salesforce during the fourth quarter worth about $2,762,331,000. Capital International Investors lifted its holdings in Salesforce by 76.4% during the fourth quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after acquiring an additional 5,935,973 shares in the last quarter. Cerity Partners LLC lifted its holdings in Salesforce by 1,254.7% during the fourth quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock worth $916,693,000 after acquiring an additional 3,226,512 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Salesforce by 23,653.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,406,220 shares of the CRM provider’s stock worth $370,033,000 after acquiring an additional 1,400,300 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its stake in shares of Salesforce by 443.4% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,199,924 shares of the CRM provider’s stock valued at $315,748,000 after purchasing an additional 979,108 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CRM has been the topic of several recent research reports. Wedbush dropped their price target on Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 29th. KeyCorp initiated coverage on Salesforce in a research note on Thursday, March 21st. They issued a “sector weight” rating on the stock. Morgan Stanley dropped their price target on Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. BMO Capital Markets dropped their price target on Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Finally, JMP Securities reissued a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research note on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $292.79.

Check Out Our Latest Report on CRM

Insider Buying and Selling

In related news, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the sale, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Amy E. Weaver sold 7,075 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total transaction of $2,188,439.00. Following the sale, the chief financial officer now owns 38,483 shares of the company’s stock, valued at $11,903,561.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $242.49, for a total value of $3,637,350.00. Following the completion of the sale, the chief executive officer now directly owns 12,210,327 shares in the company, valued at approximately $2,960,882,194.23. The disclosure for this sale can be found here. Insiders have sold 640,870 shares of company stock valued at $181,608,198 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

Salesforce Price Performance

Salesforce stock opened at $241.92 on Tuesday. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The stock’s 50 day moving average is $274.13 and its 200-day moving average is $277.03. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $234.42 billion, a price-to-earnings ratio of 43.51, a PEG ratio of 2.12 and a beta of 1.26.

Salesforce (NYSE:CRMGet Free Report) last posted its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. The company had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.15 earnings per share. Equities research analysts expect that Salesforce, Inc. will post 7.47 EPS for the current year.

Salesforce Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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