Weybosset Research & Management LLC Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Weybosset Research & Management LLC reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 38.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 995 shares of the CRM provider’s stock after selling 620 shares during the period. Weybosset Research & Management LLC’s holdings in Salesforce were worth $210,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. purchased a new position in Salesforce during the second quarter worth about $412,000. Ignite Planners LLC grew its position in Salesforce by 7.4% during the second quarter. Ignite Planners LLC now owns 1,279 shares of the CRM provider’s stock worth $268,000 after buying an additional 88 shares during the period. Pioneer Trust Bank N A OR grew its position in Salesforce by 14.0% during the second quarter. Pioneer Trust Bank N A OR now owns 16,595 shares of the CRM provider’s stock worth $3,506,000 after buying an additional 2,040 shares during the period. Juncture Wealth Strategies LLC acquired a new position in Salesforce during the second quarter worth about $605,000. Finally, Thrive Wealth Management LLC grew its position in Salesforce by 1.5% during the second quarter. Thrive Wealth Management LLC now owns 5,621 shares of the CRM provider’s stock worth $1,187,000 after buying an additional 82 shares during the period. 77.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRM has been the topic of several recent analyst reports. HSBC initiated coverage on shares of Salesforce in a research report on Friday. They set a “buy” rating and a $267.00 target price on the stock. Societe Generale lowered shares of Salesforce from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Bank of America upped their target price on shares of Salesforce from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 31st. JPMorgan Chase & Co. upped their target price on shares of Salesforce from $230.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 31st. Finally, Evercore ISI increased their price target on shares of Salesforce from $240.00 to $275.00 and gave the company an “outperform” rating in a research report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average price target of $240.59.

Salesforce Stock Performance

Shares of CRM stock opened at $215.02 on Tuesday. The company’s fifty day simple moving average is $218.24 and its 200-day simple moving average is $206.68. Salesforce, Inc. has a 52 week low of $126.34 and a 52 week high of $238.22. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. The company has a market cap of $209.21 billion, a PE ratio of 135.23, a P/E/G ratio of 1.62 and a beta of 1.19.

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

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 164 shares of the firm’s stock in a transaction 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 directly owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Salesforce news, insider Parker Harris sold 946 shares of the firm’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $209.63, for a total transaction of $198,309.98. Following the completion of the transaction, the insider now directly owns 101,236 shares of the company’s stock, valued at approximately $21,222,102.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 164 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 2,230 shares of the company’s stock, valued at $501,861.50. The disclosure for this sale can be found here. In the last three months, insiders sold 633,071 shares of company stock valued at $138,539,253. Corporate insiders own 3.70% of the company’s stock.

Salesforce Company 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.