Quest Investment Management LLC grew its stake in salesforce.com, inc. (NYSE:CRM) by 384.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 97,080 shares of the CRM provider’s stock after acquiring an additional 77,035 shares during the quarter. salesforce.com accounts for 2.0% of Quest Investment Management LLC’s holdings, making the stock its 20th biggest position. Quest Investment Management LLC’s holdings in salesforce.com were worth $13,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its stake in salesforce.com by 14.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,533,328 shares of the CRM provider’s stock worth $1,027,545,000 after purchasing an additional 961,104 shares in the last quarter. Baillie Gifford & Co. increased its stake in salesforce.com by 4.9% during the 1st quarter. Baillie Gifford & Co. now owns 6,046,347 shares of the CRM provider’s stock worth $703,190,000 after purchasing an additional 280,110 shares in the last quarter. Wells Fargo & Company MN increased its stake in salesforce.com by 1.9% during the 2nd quarter. Wells Fargo & Company MN now owns 5,328,925 shares of the CRM provider’s stock worth $726,866,000 after purchasing an additional 98,481 shares in the last quarter. Fred Alger Management Inc. increased its stake in salesforce.com by 0.6% during the 2nd quarter. Fred Alger Management Inc. now owns 5,132,941 shares of the CRM provider’s stock worth $700,133,000 after purchasing an additional 28,321 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in salesforce.com by 10.4% during the 2nd quarter. First Trust Advisors LP now owns 4,172,931 shares of the CRM provider’s stock worth $569,188,000 after purchasing an additional 393,682 shares in the last quarter. 85.53% of the stock is owned by institutional investors.
In related news, Vice Chairman Keith Block sold 10,000 shares of the stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $126.82, for a total value of $1,268,200.00. Following the sale, the insider now owns 29,618 shares in the company, valued at approximately $3,756,154.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan Wojcicki purchased 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 30th. The stock was acquired at an average price of $132.00 per share, for a total transaction of $792,000.00. Following the purchase, the director now owns 64,926 shares in the company, valued at approximately $8,570,232. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 18,000 shares of company stock worth $2,497,980 and sold 601,048 shares worth $81,897,855. 6.00% of the stock is currently owned by corporate insiders.
CRM opened at $145.51 on Friday. salesforce.com, inc. has a 1-year low of $87.26 and a 1-year high of $149.35. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $107.02 billion, a P/E ratio of 160.24, a price-to-earnings-growth ratio of 5.78 and a beta of 1.11.
salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Tuesday, May 29th. The CRM provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.28. salesforce.com had a return on equity of 7.25% and a net margin of 4.33%. The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the business earned $0.28 EPS. The firm’s revenue for the quarter was up 25.4% on a year-over-year basis. equities analysts expect that salesforce.com, inc. will post 1.01 earnings per share for the current year.
A number of equities analysts have weighed in on CRM shares. Zacks Investment Research downgraded salesforce.com from a “buy” rating to a “hold” rating in a research report on Tuesday, May 1st. Sanford C. Bernstein raised salesforce.com from an “underperform” rating to a “market perform” rating in a research report on Thursday, May 3rd. Credit Suisse Group upped their price target on salesforce.com from $135.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, May 4th. JMP Securities upped their price target on salesforce.com from $126.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Tuesday, May 8th. Finally, Bank of America reaffirmed a “buy” rating and set a $161.00 price target on shares of salesforce.com in a research report on Monday, May 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, forty-six have given a buy rating and one has given a strong buy rating to the stock. salesforce.com has an average rating of “Buy” and an average target price of $135.23.
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.
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