Baird Financial Group Inc. Sells 29,561 Shares of Salesforce, Inc. (NYSE:CRM)

Baird Financial Group Inc. reduced its stake in Salesforce, Inc. (NYSE:CRMGet Rating) by 7.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 369,183 shares of the CRM provider’s stock after selling 29,561 shares during the period. Baird Financial Group Inc.’s holdings in Salesforce were worth $78,385,000 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. Vectors Research Management LLC boosted its stake in shares of Salesforce by 128.9% during the fourth quarter. Vectors Research Management LLC now owns 103 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 58 shares in the last quarter. MCF Advisors LLC bought a new position in shares of Salesforce during the first quarter valued at approximately $30,000. FSC Wealth Advisors LLC boosted its stake in shares of Salesforce by 1,350.0% during the first quarter. FSC Wealth Advisors LLC now owns 145 shares of the CRM provider’s stock valued at $31,000 after purchasing an additional 135 shares in the last quarter. Verity Asset Management Inc. bought a new position in shares of Salesforce during the first quarter valued at approximately $35,000. Finally, Retirement Group LLC boosted its stake in shares of Salesforce by 65.5% during the first quarter. Retirement Group LLC now owns 182 shares of the CRM provider’s stock valued at $39,000 after purchasing an additional 72 shares in the last quarter. 77.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CRM shares. JPMorgan Chase & Co. lowered their target price on shares of Salesforce from $275.00 to $245.00 and set an “overweight” rating for the company in a research note on Thursday, August 25th. Oppenheimer raised their target price on shares of Salesforce from $205.00 to $240.00 in a research note on Friday, August 19th. Guggenheim upgraded shares of Salesforce from a “sell” rating to a “neutral” rating and set a $150.00 target price for the company in a research note on Friday, September 2nd. William Blair restated an “outperform” rating on shares of Salesforce in a research note on Wednesday, June 1st. Finally, Stifel Nicolaus lowered their target price on shares of Salesforce to $200.00 in a research note on Thursday, August 25th. Five equities research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $244.11.

Insider Activity

In other news, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $168.34, for a total value of $387,182.00. Following the sale, the chief executive officer now owns 28,761,368 shares in the company, valued at $4,841,688,689.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Amy E. Weaver sold 924 shares of the business’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $170.43, for a total transaction of $157,477.32. Following the transaction, the chief financial officer now directly owns 29,989 shares in the company, valued at $5,111,025.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $168.34, for a total transaction of $387,182.00. Following the transaction, the chief executive officer now owns 28,761,368 shares in the company, valued at $4,841,688,689.12. The disclosure for this sale can be found here. Insiders have sold a total of 70,849 shares of company stock worth $12,442,710 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Salesforce Stock Up 2.4 %

CRM opened at $156.90 on Friday. Salesforce, Inc. has a fifty-two week low of $150.48 and a fifty-two week high of $311.75. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.06 and a current ratio of 1.06. The company has a fifty day moving average of $174.75 and a two-hundred day moving average of $182.02. The stock has a market capitalization of $156.90 billion, a price-to-earnings ratio of 290.56, a PEG ratio of 4.12 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last released its quarterly earnings data on Wednesday, August 24th. The CRM provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.17. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The company had revenue of $7.72 billion during the quarter, compared to analysts’ expectations of $7.70 billion. During the same quarter in the previous year, the company earned $0.87 earnings per share. The firm’s revenue for the quarter was up 21.8% on a year-over-year basis. On average, research analysts expect that Salesforce, Inc. will post 2.2 earnings per share for the current year.

Salesforce declared that its board has authorized a share repurchase program on Wednesday, August 24th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the CRM provider to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

About Salesforce

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Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include 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.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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