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Robertson Stephens Wealth Management LLC Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Robertson Stephens Wealth Management LLC Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Robertson Stephens Wealth Management LLC trimmed its position in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 18.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,891 shares of the CRM provider’s stock after selling 1,558 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Salesforce were worth $1,456,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Jag Capital Management LLC lifted its position in shares of Salesforce by 27.6% during the second quarter. Jag Capital Management LLC now owns 87,835 shares of the CRM provider’s stock valued at $18,556,000 after buying an additional 18,980 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Salesforce by 1,002.3% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 244,700 shares of the CRM provider’s stock valued at $51,695,000 after purchasing an additional 222,500 shares during the last quarter. Ontario Teachers Pension Plan Board purchased a new position in shares of Salesforce in the 2nd quarter valued at approximately $352,498,000. Renaissance Technologies LLC purchased a new position in shares of Salesforce in the 2nd quarter valued at approximately $172,753,000. Finally, Cibc World Market Inc. raised its position in shares of Salesforce by 22.5% in the 2nd quarter. Cibc World Market Inc. now owns 169,380 shares of the CRM provider’s stock valued at $35,783,000 after purchasing an additional 31,149 shares during the last quarter. 77.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Parker Harris sold 1,250 shares of Salesforce stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $219.33, for a total value of $274,162.50. Following the transaction, the insider now directly owns 101,790 shares of the company’s stock, valued at approximately $22,325,600.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $200.97, for a total transaction of $32,959.08. Following the transaction, the chief accounting officer now directly owns 2,576 shares of the company’s stock, valued at approximately $517,698.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Parker Harris sold 1,250 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $219.33, for a total value of $274,162.50. Following the transaction, the insider now directly owns 101,790 shares in the company, valued at $22,325,600.70. The disclosure for this sale can be found here. Insiders have sold 669,390 shares of company stock valued at $141,474,603 in the last three months. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on CRM shares. Needham & Company LLC increased their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday. Robert W. Baird increased their price objective on shares of Salesforce from $210.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, August 31st. UBS Group increased their price target on shares of Salesforce from $220.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 31st. Evercore ISI lifted their price objective on shares of Salesforce from $240.00 to $275.00 and gave the company an “outperform” rating in a research note on Thursday, August 31st. Finally, Roth Mkm increased their price objective on shares of Salesforce from $242.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $247.81.

View Our Latest Research Report on Salesforce

Salesforce Price Performance

Salesforce stock traded up $16.25 during midday trading on Thursday, reaching $246.60. The company’s stock had a trading volume of 8,811,479 shares, compared to its average volume of 6,415,116. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $239.94 billion, a PE ratio of 156.97, a P/E/G ratio of 1.70 and a beta of 1.18. The stock’s 50 day simple moving average is $209.69 and its 200 day simple moving average is $213.25. Salesforce, Inc. has a fifty-two week low of $126.34 and a fifty-two week high of $252.50.

Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings data on Wednesday, November 29th. The CRM provider reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.06. The business had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.71 billion. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.73 EPS. On average, equities research analysts forecast that Salesforce, Inc. will post 5.86 earnings per share for the current year.

About Salesforce

(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 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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