Salesforce, Inc. (NYSE:CRM) Shares Acquired by Graham Capital Management L.P.

Graham Capital Management L.P. increased its position in Salesforce, Inc. (NYSE:CRMGet Rating) by 267.3% during the first quarter, Holdings Channel reports. The fund owned 8,999 shares of the CRM provider’s stock after purchasing an additional 6,549 shares during the quarter. Graham Capital Management L.P.’s holdings in Salesforce were worth $1,910,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CRM. Confluence Wealth Services Inc. acquired a new stake in shares of Salesforce in the 4th quarter worth about $361,000. L2 Asset Management LLC acquired a new stake in shares of Salesforce in the 4th quarter worth about $346,000. Rhumbline Advisers grew its position in Salesforce by 1.5% in the 4th quarter. Rhumbline Advisers now owns 1,522,613 shares of the CRM provider’s stock valued at $386,942,000 after buying an additional 23,080 shares in the last quarter. Probity Advisors Inc. grew its position in Salesforce by 8.9% in the 4th quarter. Probity Advisors Inc. now owns 2,459 shares of the CRM provider’s stock valued at $625,000 after buying an additional 201 shares in the last quarter. Finally, Winfield Associates Inc. grew its position in Salesforce by 3.6% in the 4th quarter. Winfield Associates Inc. now owns 10,176 shares of the CRM provider’s stock valued at $2,586,000 after buying an additional 350 shares in the last quarter. Institutional investors and hedge funds own 77.02% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Jefferies Financial Group decreased their target price on shares of Salesforce from $330.00 to $260.00 in a research report on Monday, May 23rd. Wolfe Research decreased their target price on shares of Salesforce from $215.00 to $200.00 and set an “outperform” rating for the company in a research report on Thursday, August 25th. Loop Capital decreased their target price on shares of Salesforce from $225.00 to $175.00 and set a “hold” rating for the company in a research report on Thursday, June 2nd. Roth Capital upgraded shares of Salesforce from a “neutral” rating to a “buy” rating and set a $242.00 target price for the company in a research report on Wednesday, May 18th. Finally, Robert W. Baird reduced their price objective on shares of Salesforce from $260.00 to $230.00 and set an “outperform” rating for the company in a research report on Thursday, August 25th. Five equities research 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 stock. Based on data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus target price of $244.11.

Salesforce Price Performance

NYSE CRM opened at $162.59 on Friday. The firm has a market capitalization of $162.59 billion, a price-to-earnings ratio of 301.09, a price-to-earnings-growth ratio of 4.26 and a beta of 1.12. The company has a 50 day simple moving average of $174.64 and a 200-day simple moving average of $181.73. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.06 and a quick ratio of 1.06. Salesforce, Inc. has a 52-week low of $150.48 and a 52-week high of $311.75.

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

Salesforce announced that its Board of Directors has initiated a stock repurchase program on Wednesday, August 24th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the CRM provider to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $167.94, for a total value of $386,262.00. Following the transaction, the chief executive officer now owns 28,761,368 shares of the company’s stock, valued at $4,830,184,141.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $167.94, for a total value of $386,262.00. Following the transaction, the chief executive officer now owns 28,761,368 shares of the company’s stock, valued at $4,830,184,141.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Bret Steven Taylor sold 1,033 shares of Salesforce stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $170.43, for a total transaction of $176,054.19. Following the completion of the transaction, the chief executive officer now directly owns 932,210 shares in the company, valued at approximately $158,876,550.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,149 shares of company stock valued at $12,800,383. 3.60% of the stock is currently owned by corporate insiders.

About Salesforce

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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.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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