88,814 Shares in Salesforce, Inc. (NYSE:CRM) Bought by Abner Herrman & Brock LLC

Abner Herrman & Brock LLC bought a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 88,814 shares of the CRM provider’s stock, valued at approximately $18,763,000. Salesforce accounts for 2.8% of Abner Herrman & Brock LLC’s holdings, making the stock its 15th biggest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp lifted its holdings in Salesforce by 0.9% during the 1st quarter. State Street Corp now owns 45,509,345 shares of the CRM provider’s stock worth $9,091,832,000 after buying an additional 391,648 shares during the period. FMR LLC lifted its holdings in Salesforce by 1.9% during the 1st quarter. FMR LLC now owns 36,357,722 shares of the CRM provider’s stock worth $7,263,546,000 after buying an additional 695,355 shares during the period. Morgan Stanley lifted its holdings in Salesforce by 0.8% during the 4th quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock worth $2,519,719,000 after buying an additional 149,012 shares during the period. Geode Capital Management LLC lifted its holdings in Salesforce by 1.9% during the 1st quarter. Geode Capital Management LLC now owns 17,749,285 shares of the CRM provider’s stock worth $3,536,910,000 after buying an additional 332,375 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Salesforce by 21.3% during the 1st quarter. Wellington Management Group LLP now owns 14,134,170 shares of the CRM provider’s stock worth $2,823,724,000 after buying an additional 2,481,759 shares during the period. 77.52% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

Shares of CRM stock traded up $1.22 during trading on Thursday, hitting $220.02. The company’s stock had a trading volume of 707,632 shares, compared to its average volume of 6,999,611. The business has a fifty day moving average of $217.87 and a 200-day moving average of $205.57. Salesforce, Inc. has a 52 week low of $126.34 and a 52 week high of $238.22. The company has a market cap of $214.08 billion, a PE ratio of 137.63, a P/E/G ratio of 1.68 and a beta of 1.19. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.22. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The business had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same period in the prior year, the company earned $0.52 earnings per share. Salesforce’s revenue was up 11.4% compared to the same quarter last year. As a group, research analysts anticipate that Salesforce, Inc. will post 5.86 earnings per share for the current year.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total transaction of $36,908.20. Following the sale, the chief accounting officer now owns 2,230 shares in the company, valued at $501,861.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total transaction of $36,908.20. Following the sale, the chief accounting officer now owns 2,230 shares in the company, valued at $501,861.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $210.95, for a total value of $3,164,250.00. Following the sale, the chief executive officer now owns 16,473,609 shares in the company, valued at approximately $3,475,107,818.55. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 707,472 shares of company stock valued at $154,064,224. Company insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. StockNews.com raised Salesforce from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 31st. JPMorgan Chase & Co. boosted their price objective on Salesforce from $230.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, August 31st. Jefferies Financial Group boosted their price objective on Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, August 31st. Royal Bank of Canada reissued an “outperform” rating and issued a $240.00 price objective on shares of Salesforce in a research note on Thursday, August 31st. Finally, Wedbush boosted their price objective on Salesforce from $240.00 to $255.00 and gave the company an “outperform” rating in a research note on Thursday, August 31st. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $239.86.

Salesforce Profile

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.