Grassi Investment Management Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Grassi Investment Management lowered its holdings in Salesforce, Inc. (NYSE:CRM – Get Rating) by 0.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,183 shares of the CRM provider’s stock after selling 225 shares during the period. Grassi Investment Management’s holdings in Salesforce were worth $4,532,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in Salesforce by 1.4% in the third quarter. Vanguard Group Inc. now owns 80,449,523 shares of the CRM provider’s stock worth $11,571,860,000 after purchasing an additional 1,103,556 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Salesforce by 40.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 46,707,038 shares of the CRM provider’s stock worth $7,708,529,000 after purchasing an additional 13,483,854 shares during the last quarter. State Street Corp boosted its position in Salesforce by 1.3% in the third quarter. State Street Corp now owns 44,825,733 shares of the CRM provider’s stock worth $6,447,733,000 after purchasing an additional 585,881 shares during the last quarter. Jennison Associates LLC boosted its position in Salesforce by 1.6% in the third quarter. Jennison Associates LLC now owns 13,688,506 shares of the CRM provider’s stock worth $1,968,955,000 after purchasing an additional 210,376 shares during the last quarter. Finally, Polen Capital Management LLC boosted its position in Salesforce by 12.5% in the third quarter. Polen Capital Management LLC now owns 11,057,687 shares of the CRM provider’s stock worth $1,590,538,000 after purchasing an additional 1,228,763 shares during the last quarter. Hedge funds and other institutional investors own 75.83% of the company’s stock.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 7,500 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $188.18, for a total value of $1,411,350.00. Following the completion of the sale, the insider now owns 96,795 shares in the company, valued at approximately $18,214,883.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Salesforce news, insider Parker Harris sold 7,500 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $188.18, for a total value of $1,411,350.00. Following the completion of the sale, the insider now owns 96,795 shares in the company, valued at approximately $18,214,883.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Sundeep G. Reddy sold 186 shares of the stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total value of $28,939.74. Following the completion of the sale, the chief accounting officer now owns 1,273 shares of the company’s stock, valued at approximately $198,066.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,268 shares of company stock worth $6,641,547. 3.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Salesforce from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, March 2nd. Cowen cut Salesforce from an “outperform” rating to a “market perform” rating in a research report on Friday, January 20th. Canaccord Genuity Group upped their price target on Salesforce from $180.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, March 2nd. Raymond James upped their price target on Salesforce from $200.00 to $240.00 and gave the company a “strong-buy” rating in a research report on Thursday, March 2nd. Finally, Loop Capital boosted their price objective on Salesforce from $150.00 to $190.00 and gave the company a “hold” rating in a research note on Thursday, March 2nd. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $211.24.

Salesforce Trading Down 1.3 %

Shares of CRM stock opened at $184.85 on Friday. The stock has a market capitalization of $184.85 billion, a PE ratio of 880.28, a P/E/G ratio of 2.24 and a beta of 1.21. Salesforce, Inc. has a 1-year low of $126.34 and a 1-year high of $222.15. The business has a 50-day moving average of $166.43 and a 200 day moving average of $153.85. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.02 and a quick ratio of 1.02.

Salesforce (NYSE:CRM – Get Rating) last issued its earnings results on Wednesday, March 1st. The CRM provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.32. The company had revenue of $8.38 billion during the quarter, compared to analysts’ expectations of $7.99 billion. Salesforce had a return on equity of 4.48% and a net margin of 0.66%. Salesforce’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 EPS. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 4.88 earnings per share for the current year.

Salesforce declared that its Board of Directors has initiated a stock repurchase program on Wednesday, March 1st that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the CRM provider to buy up to 10.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Salesforce Profile

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.