Modus Advisors LLC raised its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 1.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,926 shares of the CRM provider’s stock after purchasing an additional 178 shares during the quarter. Modus Advisors LLC’s holdings in Salesforce were worth $2,519,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Graham Capital Wealth Management LLC purchased a new position in Salesforce in the first quarter valued at about $233,743,000. NewSquare Capital LLC raised its holdings in Salesforce by 132.8% in the first quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock valued at $30,000 after acquiring an additional 85 shares in the last quarter. Ahrens Investment Partners LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at about $40,000. Aspire Private Capital LLC bought a new position in shares of Salesforce during the first quarter worth about $39,956,000,000. Finally, Pacific Center for Financial Services bought a new stake in Salesforce in the first quarter valued at about $41,000. Institutional investors and hedge funds own 77.52% of the company’s stock.
In other Salesforce news, COO Brian Millham sold 78,870 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $210.94, for a total value of $16,636,837.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Sundeep G. Reddy sold 164 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $225.05, for a total transaction of $36,908.20. Following the completion of the sale, the chief accounting officer now owns 2,230 shares of the company’s stock, valued at $501,861.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Brian Millham sold 78,870 shares of Salesforce stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $210.94, for a total value of $16,636,837.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 707,472 shares of company stock worth $154,064,224. Company insiders own 3.70% of the company’s stock.
Salesforce Stock Performance
Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.90 by $0.22. The business had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.53 billion. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the business earned $0.52 earnings per share. On average, sell-side analysts forecast that Salesforce, Inc. will post 5.86 EPS for the current year.
Wall Street Analyst Weigh In
CRM has been the topic of a number of research analyst reports. Roth Mkm increased their target price on Salesforce from $242.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, August 31st. Wedbush upped their price target on shares of Salesforce from $240.00 to $255.00 and gave the stock an “outperform” rating in a research report on Thursday, August 31st. Mizuho boosted their target price on shares of Salesforce from $250.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 31st. Oppenheimer boosted their price objective on Salesforce from $235.00 to $250.00 and gave the stock an “outperform” rating in a research report on Thursday, August 31st. Finally, Robert W. Baird increased their price target on Salesforce from $210.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $239.86.
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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