Checchi Capital Advisers LLC lifted its stake in Salesforce, Inc. (NYSE:CRM – Free Report) by 7.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,805 shares of the CRM provider’s stock after purchasing an additional 1,573 shares during the period. Checchi Capital Advisers LLC’s holdings in Salesforce were worth $4,607,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of CRM. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in shares of Salesforce by 92,823.1% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 238,763,957 shares of the CRM provider’s stock valued at $50,441,274,000 after purchasing an additional 238,507,009 shares during the last quarter. State Street Corp lifted its position in Salesforce by 0.9% during the first quarter. State Street Corp now owns 45,509,345 shares of the CRM provider’s stock valued at $9,091,832,000 after purchasing an additional 391,648 shares during the period. FMR LLC boosted its stake in shares of Salesforce by 1.9% in the 1st quarter. FMR LLC now owns 36,357,722 shares of the CRM provider’s stock worth $7,263,546,000 after buying an additional 695,355 shares during the last quarter. Morgan Stanley grew its stake in shares of Salesforce by 0.8% during the 4th quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock valued at $2,519,719,000 after purchasing an additional 149,012 shares during the period. Finally, Geode Capital Management LLC grew its position in Salesforce by 1.9% during the first quarter. Geode Capital Management LLC now owns 17,749,285 shares of the CRM provider’s stock valued at $3,536,910,000 after buying an additional 332,375 shares during the period. 77.52% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
CRM has been the topic of several recent research reports. The Goldman Sachs Group downgraded Salesforce from a “conviction-buy” rating to a “buy” rating in a research note on Monday, October 2nd. Northland Securities upped their target price on shares of Salesforce from $210.00 to $220.00 and gave the company a “market perform” rating in a research report on Friday, September 1st. Wells Fargo & Company increased their target price on shares of Salesforce from $250.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, August 31st. Morgan Stanley lowered Salesforce from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $251.00 to $278.00 in a research note on Monday, July 31st. Finally, Oppenheimer raised their price objective on Salesforce from $235.00 to $250.00 and gave the stock an “outperform” rating in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $241.28.
Check Out Our Latest Stock Report on CRM
Insider Buying and Selling
In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of the company’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $200.97, for a total value of $32,959.08. Following the transaction, the chief accounting officer now owns 2,576 shares of the company’s stock, valued at $517,698.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $205.12, for a total value of $3,076,800.00. Following the completion of the transaction, the chief executive officer now owns 16,086,166 shares in the company, valued at $3,299,594,369.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 164 shares of the business’s stock in a transaction on Monday, October 23rd. The stock was 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 disclosure for this sale can be found here. Over the last three months, insiders sold 671,788 shares of company stock worth $140,899,181. Company insiders own 3.70% of the company’s stock.
Salesforce Stock Performance
Shares of NYSE:CRM traded down $2.22 during trading on Wednesday, hitting $218.96. 1,235,908 shares of the stock traded hands, compared to its average volume of 6,453,898. The company has a market cap of $213.05 billion, a price-to-earnings ratio of 139.11, a P/E/G ratio of 1.63 and a beta of 1.18. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average price of $208.66 and a two-hundred day moving average price of $211.37. Salesforce, Inc. has a 52-week low of $126.34 and a 52-week high of $238.22.
Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.22. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The business had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, equities analysts predict that Salesforce, Inc. will post 5.86 EPS for the current year.
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.
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