AdvisorNet Financial Inc Lowers Stake in Salesforce, Inc. (NYSE:CRM)

AdvisorNet Financial Inc lowered its stake in shares of Salesforce, Inc. (NYSE:CRMGet Rating) by 2.9% in the second quarter, HoldingsChannel.com reports. The firm owned 3,166 shares of the CRM provider’s stock after selling 96 shares during the period. AdvisorNet Financial Inc’s holdings in Salesforce were worth $523,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Accretive Wealth Partners LLC grew its stake in shares of Salesforce by 1.1% during the fourth quarter. Accretive Wealth Partners LLC now owns 4,674 shares of the CRM provider’s stock valued at $1,188,000 after acquiring an additional 52 shares in the last quarter. MCIA Inc grew its stake in shares of Salesforce by 0.5% during the first quarter. MCIA Inc now owns 10,681 shares of the CRM provider’s stock valued at $2,088,000 after acquiring an additional 52 shares in the last quarter. First National Bank Sioux Falls grew its stake in shares of Salesforce by 4.0% during the first quarter. First National Bank Sioux Falls now owns 1,366 shares of the CRM provider’s stock valued at $290,000 after acquiring an additional 53 shares in the last quarter. Kessler Investment Group LLC grew its stake in shares of Salesforce by 10.8% during the fourth quarter. Kessler Investment Group LLC now owns 554 shares of the CRM provider’s stock valued at $141,000 after acquiring an additional 54 shares in the last quarter. Finally, Vectors Research Management LLC grew its stake in shares of Salesforce by 128.9% during the fourth quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 77.02% of the company’s stock.

Salesforce Trading Down 2.1 %

Salesforce stock opened at $151.51 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market cap of $151.51 billion, a price-to-earnings ratio of 280.57, a price-to-earnings-growth ratio of 4.11 and a beta of 1.12. Salesforce, Inc. has a 1 year low of $149.56 and a 1 year high of $311.75. The firm’s 50 day moving average price is $173.14 and its two-hundred day moving average price is $179.97.

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

Salesforce declared that its board has approved a stock repurchase plan on Wednesday, August 24th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the CRM provider to purchase up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 973 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 $165,828.39. Following the transaction, the insider now directly owns 93,103 shares in the company, valued at approximately $15,867,544.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Parker Harris sold 973 shares of the business’s stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $170.43, for a total transaction of $165,828.39. Following the transaction, the insider now directly owns 93,103 shares in the company, valued at approximately $15,867,544.29. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $167.52, for a total transaction of $385,296.00. Following the transaction, the chief executive officer now owns 28,761,368 shares in the company, valued at $4,818,104,367.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,849 shares of company stock worth $12,397,285. Corporate insiders own 3.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CRM shares. Mizuho lowered their target price on Salesforce from $245.00 to $235.00 and set a “buy” rating for the company in a research note on Thursday, August 25th. Citigroup decreased their price target on Salesforce from $189.00 to $179.00 and set a “neutral” rating for the company in a research note on Thursday, August 25th. Stifel Nicolaus decreased their price target on Salesforce to $200.00 in a research note on Thursday, August 25th. William Blair reiterated an “outperform” rating on shares of Salesforce in a research note on Wednesday, June 1st. Finally, JPMorgan Chase & Co. decreased their price target on Salesforce from $275.00 to $245.00 and set an “overweight” rating for the company in a research note on Thursday, August 25th. Five analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average target price of $243.21.

Salesforce Profile

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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.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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