Telemus Capital LLC Has $2.83 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Telemus Capital LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 8.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,410 shares of the CRM provider’s stock after selling 1,251 shares during the period. Telemus Capital LLC’s holdings in Salesforce were worth $2,833,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CRM. State Street Corp increased its stake in Salesforce by 0.9% in the first quarter. State Street Corp now owns 45,509,345 shares of the CRM provider’s stock valued at $9,091,832,000 after purchasing an additional 391,648 shares in the last quarter. FMR LLC raised its stake 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 raised its stake 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 grew its stake in Salesforce by 1.9% in the first quarter. Geode Capital Management LLC now owns 17,749,285 shares of the CRM provider’s stock valued at $3,536,910,000 after acquiring an additional 332,375 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Salesforce by 21.3% in the first 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 in the last quarter. Institutional investors own 77.52% of the company’s stock.

Insider Activity

In related news, CFO Amy E. Weaver sold 16,275 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $212.81, for a total value of $3,463,482.75. Following the sale, the chief financial officer now directly owns 35,107 shares in the company, valued at $7,471,120.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $225.05, for a total value of $36,908.20. Following the transaction, the chief accounting officer now directly owns 2,230 shares of the company’s stock, valued at $501,861.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Amy E. Weaver sold 16,275 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $212.81, for a total transaction of $3,463,482.75. Following the sale, the chief financial officer now directly owns 35,107 shares of the company’s stock, valued at approximately $7,471,120.67. The disclosure for this sale can be found here. Over the last quarter, insiders sold 698,191 shares of company stock valued at $152,203,804. Company insiders own 3.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRM. UBS Group boosted their price objective on Salesforce from $220.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, August 31st. Needham & Company LLC reissued a “buy” rating and set a $250.00 price objective on shares of Salesforce in a research report on Friday. StockNews.com raised shares of Salesforce from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 31st. TD Cowen increased their price objective on Salesforce from $210.00 to $230.00 and gave the stock a “market perform” rating in a report on Thursday, August 31st. Finally, Mizuho upped their price target on Salesforce from $250.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.59.

Salesforce Price Performance

CRM traded down $4.17 during trading on Friday, hitting $214.61. 9,939,044 shares of the stock traded hands, compared to its average volume of 7,037,322. The business has a 50 day moving average price of $218.14 and a 200 day moving average price of $205.75. The company has a market cap of $208.82 billion, a price-to-earnings ratio of 134.97, a PEG ratio of 1.66 and a beta of 1.19. Salesforce, Inc. has a twelve month low of $126.34 and a twelve month high of $238.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.02.

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 the consensus estimate of $1.90 by $0.22. The business had revenue of $8.60 billion during 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%. Salesforce’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 EPS. Equities research analysts forecast that Salesforce, Inc. will post 5.86 earnings per share for the current fiscal year.

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.