Smith Anglin Financial LLC Cuts Stake in Salesforce, Inc. (NYSE:CRM)

Smith Anglin Financial LLC lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 14.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 948 shares of the CRM provider’s stock after selling 162 shares during the quarter. Smith Anglin Financial LLC’s holdings in Salesforce were worth $200,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Salesforce during the 4th quarter worth approximately $1,420,381,000. Moneta Group Investment Advisors LLC grew its holdings in Salesforce by 125,717.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after buying an additional 10,252,257 shares in the last quarter. Starboard Value LP acquired a new stake in shares of Salesforce in the 4th quarter worth $401,215,000. Wellington Management Group LLP raised its holdings in shares of 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 acquiring an additional 2,481,759 shares during the period. Finally, Inclusive Capital Partners L.P. acquired a new position in shares of Salesforce during the 4th quarter valued at about $216,769,000. 77.52% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 78,870 shares of the firm’s stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $210.94, for a total transaction of $16,636,837.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $234.71, for a total value of $3,520,650.00. Following the transaction, the chief executive officer now directly owns 16,401,166 shares in the company, valued at approximately $3,849,517,671.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Brian Millham sold 78,870 shares of the company’s stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $210.94, for a total transaction of $16,636,837.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 698,191 shares of company stock valued at $152,203,804. Corporate insiders own 3.70% of the company’s stock.

Salesforce Stock Down 1.9 %

Shares of Salesforce stock opened at $214.61 on Friday. Salesforce, Inc. has a one year low of $126.34 and a one year high of $238.22. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a fifty day moving average of $218.14 and a two-hundred day moving average of $205.75. The company has a market cap of $208.82 billion, a P/E ratio of 134.97, a PEG ratio of 1.66 and a beta of 1.19.

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, topping analysts’ consensus estimates of $1.90 by $0.22. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The firm had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. Salesforce’s quarterly revenue was up 11.4% on a year-over-year basis. On average, analysts forecast that Salesforce, Inc. will post 5.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Truist Financial reaffirmed a “buy” rating and issued a $275.00 price target on shares of Salesforce in a research note on Wednesday. Loop Capital lifted their price target on shares of Salesforce from $215.00 to $230.00 and gave the company a “hold” rating in a research report on Thursday, August 31st. Jefferies Financial Group increased their price objective on shares of Salesforce from $250.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, August 31st. Needham & Company LLC restated a “buy” rating and set a $250.00 price target on shares of Salesforce in a research note on Friday. Finally, Oppenheimer lifted their price objective on Salesforce from $235.00 to $250.00 and gave the company an “outperform” rating in a research note on Thursday, August 31st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $240.59.

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.