Strategy Asset Managers LLC Decreases Stake in Salesforce, Inc. (NYSE:CRM)

Strategy Asset Managers LLC reduced its stake in Salesforce, Inc. (NYSE:CRMGet Rating) by 36.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,154 shares of the CRM provider’s stock after selling 651 shares during the period. Strategy Asset Managers LLC’s holdings in Salesforce were worth $245,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Orser Capital Management LLC purchased a new position in Salesforce in the 1st quarter worth approximately $208,000. Addison Capital Co increased its stake in Salesforce by 37.4% in the 1st quarter. Addison Capital Co now owns 2,905 shares of the CRM provider’s stock worth $617,000 after purchasing an additional 790 shares during the period. Atalanta Sosnoff Capital LLC increased its stake in Salesforce by 48.6% in the 1st quarter. Atalanta Sosnoff Capital LLC now owns 346,418 shares of the CRM provider’s stock worth $73,552,000 after purchasing an additional 113,342 shares during the period. Legacy Private Trust Co. increased its stake in Salesforce by 36.8% in the 1st quarter. Legacy Private Trust Co. now owns 10,120 shares of the CRM provider’s stock worth $2,148,000 after purchasing an additional 2,725 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Salesforce by 14.2% during the first quarter. Nordea Investment Management AB now owns 1,626,799 shares of the CRM provider’s stock valued at $348,965,000 after buying an additional 202,717 shares during the period. 77.75% of the stock is currently owned by institutional investors and hedge funds.

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $157.52, for a total transaction of $362,296.00. Following the transaction, the chief executive officer now directly owns 28,926,000 shares in the company, valued at approximately $4,556,423,520. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Srinivas Tallapragada sold 20,000 shares of Salesforce stock in a transaction on Thursday, April 7th. The shares were sold at an average price of $200.00, for a total value of $4,000,000.00. Following the completion of the transaction, the insider now owns 44,879 shares in the company, valued at $8,975,800. The disclosure for this sale can be found here. Insiders have sold a total of 108,840 shares of company stock worth $20,113,549 over the last 90 days. 4.10% of the stock is currently owned by company insiders.

Several equities analysts have recently issued reports on CRM shares. Jefferies Financial Group reduced their target price on Salesforce from $330.00 to $260.00 in a research note on Monday, May 23rd. Cowen reduced their price target on Salesforce from $285.00 to $225.00 in a research note on Monday, May 23rd. Wedbush reduced their price target on Salesforce from $315.00 to $275.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 2nd. Credit Suisse Group dropped their target price on Salesforce from $375.00 to $315.00 and set an “outperform” rating on the stock in a report on Wednesday, June 1st. Finally, Piper Sandler dropped their target price on Salesforce from $330.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, June 1st. Four equities research analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $272.50.

Shares of CRM stock opened at $167.45 on Thursday. Salesforce, Inc. has a 52-week low of $154.55 and a 52-week high of $311.75. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $166.61 billion, a P/E ratio of 162.57, a P/E/G ratio of 4.47 and a beta of 1.16. The stock has a 50 day moving average price of $172.00 and a 200 day moving average price of $205.29.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings results on Tuesday, May 31st. The CRM provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. Salesforce had a return on equity of 3.92% and a net margin of 3.59%. The firm had revenue of $7.41 billion during the quarter, compared to analyst estimates of $7.38 billion. During the same period last year, the company earned $0.74 EPS. Salesforce’s quarterly revenue was up 24.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Salesforce, Inc. will post 2.18 EPS for the current year.

About Salesforce (Get Rating)

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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