Salesforce, Inc. (NYSE:CRM) Shares Sold by Peloton Wealth Strategists

Peloton Wealth Strategists decreased its position in shares of Salesforce, Inc. (NYSE:CRM) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,555 shares of the CRM provider’s stock after selling 115 shares during the period. Salesforce comprises 2.5% of Peloton Wealth Strategists’ holdings, making the stock its 8th largest holding. Peloton Wealth Strategists’ holdings in Salesforce were worth $5,610,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CRM. GeoWealth Management LLC bought a new stake in shares of Salesforce during the 2nd quarter valued at approximately $125,000. Profund Advisors LLC grew its stake in shares of Salesforce by 11.8% during the second quarter. Profund Advisors LLC now owns 39,552 shares of the CRM provider’s stock worth $8,356,000 after buying an additional 4,165 shares during the last quarter. Payden & Rygel bought a new stake in shares of Salesforce during the second quarter worth $7,563,000. Gamco Investors INC. ET AL lifted its stake in shares of Salesforce by 10.9% in the 2nd quarter. Gamco Investors INC. ET AL now owns 5,902 shares of the CRM provider’s stock valued at $1,247,000 after acquiring an additional 578 shares during the last quarter. Finally, Angeles Wealth Management LLC boosted its holdings in shares of Salesforce by 4.5% during the 2nd quarter. Angeles Wealth Management LLC now owns 2,742 shares of the CRM provider’s stock valued at $579,000 after acquiring an additional 118 shares in the last quarter. 77.52% of the stock is owned by institutional investors.

Salesforce Stock Up 1.1 %

Shares of NYSE CRM traded up $2.52 during mid-day trading on Monday, reaching $223.74. 760,676 shares of the company’s stock traded hands, compared to its average volume of 6,419,191. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50-day simple moving average of $208.52 and a 200 day simple moving average of $211.92. The stock has a market cap of $217.70 billion, a P/E ratio of 139.13, a PEG ratio of 1.66 and a beta of 1.18. Salesforce, Inc. has a 1-year low of $126.34 and a 1-year high of $238.22.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) 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 the consensus estimate of $8.53 billion. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The company’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.52 EPS. On average, analysts expect that Salesforce, Inc. will post 5.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of Salesforce stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $200.97, for a total transaction of $32,959.08. Following the transaction, the chief accounting officer now owns 2,576 shares of the company’s stock, valued at approximately $517,698.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $220.94, for a total transaction of $3,314,100.00. Following the sale, the chief executive officer now directly owns 14,876,166 shares in the company, valued at approximately $3,286,740,116.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $200.97, for a total transaction of $32,959.08. Following the sale, the chief accounting officer now directly owns 2,576 shares in the company, valued at approximately $517,698.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 671,788 shares of company stock valued at $141,136,481. Corporate insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

CRM has been the subject of a number of recent research reports. Piper Sandler cut Salesforce from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $268.00 to $232.00 in a report on Monday, October 23rd. Raymond James lifted their target price on shares of Salesforce from $260.00 to $280.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 31st. JMP Securities reissued a “market outperform” rating and set a $275.00 target price on shares of Salesforce in a report on Thursday, September 21st. StockNews.com began coverage on shares of Salesforce in a research note on Thursday, October 5th. They set a “strong-buy” rating for the company. Finally, Wells Fargo & Company boosted their price objective on shares of Salesforce from $250.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, August 31st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $241.28.

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.