Salesforce, Inc. (NYSE:CRM) Shares Sold by Eminence Capital LP

Eminence Capital LP lowered its position in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 8.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 489,400 shares of the CRM provider’s stock after selling 47,912 shares during the period. Salesforce comprises about 1.9% of Eminence Capital LP’s holdings, making the stock its 17th largest position. Eminence Capital LP’s holdings in Salesforce were worth $128,781,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bear Mountain Capital Inc. acquired a new position in Salesforce in the 4th quarter valued at about $26,000. Signature Resources Capital Management LLC acquired a new position in Salesforce during the 4th quarter worth approximately $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Salesforce during the 4th quarter worth approximately $31,000. Pacifica Partners Inc. boosted its stake in shares of Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Finally, BKM Wealth Management LLC purchased a new stake in shares of Salesforce during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research analyst reports. Evercore ISI decreased their price target on Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. UBS Group decreased their price target on Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Citigroup reduced their target price on Salesforce from $323.00 to $260.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Morgan Stanley cut their target price on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Finally, Wells Fargo & Company decreased their price target on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $292.79.

Read Our Latest Analysis on CRM

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the 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 owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, March 15th. The shares were sold at an average price of $296.12, for a total value of $4,441,800.00. Following the completion of the transaction, the chief executive officer now owns 13,161,166 shares of the company’s stock, valued at $3,897,284,475.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares in the company, valued at $1,599,566.40. The disclosure for this sale can be found here. Insiders sold a total of 625,870 shares of company stock valued at $177,970,848 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Up 0.4 %

Shares of Salesforce stock traded up $0.90 during trading hours on Monday, hitting $242.75. 2,658,668 shares of the company’s stock traded hands, compared to its average volume of 6,568,902. 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 twelve month low of $193.68 and a twelve month high of $318.71. The stock has a 50 day simple moving average of $275.34 and a 200-day simple moving average of $276.90. The company has a market cap of $235.22 billion, a PE ratio of 43.57, a PEG ratio of 2.12 and a beta of 1.26.

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

About Salesforce

(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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