Gabelli Funds LLC Sells 1,195 Shares of Salesforce, Inc. (NYSE:CRM)

Gabelli Funds LLC lowered its position in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 42.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,605 shares of the CRM provider’s stock after selling 1,195 shares during the quarter. Gabelli Funds LLC’s holdings in Salesforce were worth $422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Marks Group Wealth Management Inc raised its holdings in shares of Salesforce by 0.7% in the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after purchasing an additional 257 shares during the period. Roman Butler Fullerton & Co. raised its holdings in shares of Salesforce by 1.4% in the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after purchasing an additional 105 shares during the period. Parnassus Investments LLC raised its holdings in shares of Salesforce by 0.3% in the 4th quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares during the period. TD Asset Management Inc raised its holdings in shares of Salesforce by 32.6% in the 4th quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock worth $207,756,000 after purchasing an additional 194,224 shares during the period. Finally, Pure Financial Advisors LLC bought a new stake in shares of Salesforce in the 4th quarter worth approximately $214,000. Institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CRM. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $350.00 price target on shares of Salesforce in a report on Friday, May 24th. DA Davidson lowered their target price on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Raymond James reissued a “strong-buy” rating and set a $325.00 target price (down previously from $380.00) on shares of Salesforce in a report on Thursday, May 30th. TD Cowen lowered their target price on shares of Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a report on Thursday, May 30th. Finally, Mizuho lowered their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $292.79.

Read Our Latest Stock Report on Salesforce

Salesforce Stock Performance

NYSE CRM opened at $241.92 on Tuesday. The company has a 50-day simple moving average of $274.13 and a two-hundred day simple moving average of $277.03. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The firm has a market cap of $234.42 billion, a price-to-earnings ratio of 43.51, a PEG ratio of 2.12 and a beta of 1.26.

Salesforce (NYSE:CRMGet Free Report) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. During the same period in the prior year, the business posted $1.15 earnings per share. The company’s revenue was up 10.7% on a year-over-year basis. On average, equities analysts forecast that Salesforce, Inc. will post 7.47 EPS for the current year.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares in the company, valued at $1,599,566.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $306.23, for a total transaction of $4,593,450.00. Following the completion of the transaction, the chief executive officer now directly owns 13,191,166 shares of the company’s stock, valued at $4,039,530,764.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. Insiders sold a total of 640,870 shares of company stock worth $181,608,198 over the last three months. Company insiders own 3.20% of the company’s stock.

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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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