Korea Investment CORP Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

Korea Investment CORP lowered its holdings in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 7.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 606,262 shares of the CRM provider’s stock after selling 48,652 shares during the quarter. Korea Investment CORP owned 0.06% of Salesforce worth $128,079,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Forza Wealth Management LLC bought a new stake in Salesforce during the 2nd quarter valued at $202,000. Bank of Hawaii raised its position in Salesforce by 89.2% during the 2nd quarter. Bank of Hawaii now owns 5,282 shares of the CRM provider’s stock valued at $1,116,000 after purchasing an additional 2,490 shares in the last quarter. Wealth Alliance Advisory Group LLC bought a new stake in Salesforce during the 2nd quarter valued at $396,000. Nordea Investment Management AB raised its position in Salesforce by 18.3% during the 2nd quarter. Nordea Investment Management AB now owns 1,547,360 shares of the CRM provider’s stock valued at $329,387,000 after purchasing an additional 239,786 shares in the last quarter. Finally, Verum Partners LLC bought a new stake in Salesforce during the 2nd quarter valued at $210,000. Hedge funds and other institutional investors own 77.52% of the company’s stock.

Salesforce Trading Down 0.0 %

Shares of CRM traded down $0.09 during midday trading on Tuesday, hitting $225.04. 1,430,958 shares of the stock were exchanged, compared to its average volume of 6,414,943. Salesforce, Inc. has a 52-week low of $126.34 and a 52-week high of $238.22. The stock has a fifty day simple moving average of $208.52 and a 200 day simple moving average of $212.15. The firm has a market cap of $218.96 billion, a P/E ratio of 141.59, a P/E/G ratio of 1.66 and a beta of 1.18. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.02.

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

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $250.00 target price on shares of Salesforce in a research report on Friday, September 15th. UBS Group boosted their price target on Salesforce from $220.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, August 31st. Bank of America upped their target price on Salesforce from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 31st. Morgan Stanley downgraded Salesforce from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $251.00 to $278.00 in a research note on Monday, July 31st. Finally, Northland Securities boosted their price target on Salesforce from $210.00 to $220.00 and gave the company a “market perform” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $241.28.

Get Our Latest Research Report on CRM

Insider Buying and Selling

In other Salesforce news, insider Parker Harris sold 6,250 shares of Salesforce stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $228.00, for a total transaction of $1,425,000.00. Following the completion of the sale, the insider now directly owns 101,790 shares of the company’s stock, valued at approximately $23,208,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $196.64, for a total value of $2,949,600.00. Following the completion of the sale, the chief executive officer now directly owns 15,086,166 shares of the company’s stock, valued at approximately $2,966,543,682.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 6,250 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $228.00, for a total value of $1,425,000.00. Following the completion of the sale, the insider now directly owns 101,790 shares of the company’s stock, valued at $23,208,120. The disclosure for this sale can be found here. Insiders sold 653,792 shares of company stock valued at $137,393,021 in the last three months. 3.70% of the stock is owned by corporate insiders.

Salesforce Profile

(Free Report)

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.

Featured Articles

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

Receive News & Ratings for Salesforce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce and related companies with MarketBeat.com's FREE daily email newsletter.