Triangle Securities Wealth Management Has $1.39 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Triangle Securities Wealth Management trimmed its position in Salesforce, Inc. (NYSE:CRM – Get Rating) by 4.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,499 shares of the CRM provider’s stock after selling 504 shares during the period. Triangle Securities Wealth Management’s holdings in Salesforce were worth $1,392,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in Salesforce by 506.1% during the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock worth $29,000 after buying an additional 167 shares during the period. GHP Investment Advisors Inc. raised its holdings in Salesforce by 113.4% during the 3rd quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after buying an additional 110 shares during the period. MinichMacGregor Wealth Management LLC acquired a new stake in Salesforce during the 4th quarter worth approximately $31,000. EWG Elevate Inc. acquired a new stake in Salesforce during the 4th quarter worth approximately $34,000. Finally, TimeScale Financial Inc. raised its holdings in Salesforce by 576.9% during the 3rd quarter. TimeScale Financial Inc. now owns 264 shares of the CRM provider’s stock worth $38,000 after buying an additional 225 shares during the period. 75.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Bret Steven Taylor sold 1,034 shares of the business’s stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $128.55, for a total transaction of $132,920.70. Following the sale, the chief executive officer now directly owns 901,195 shares in the company, valued at $115,848,617.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Bret Steven Taylor sold 1,034 shares of the business’s stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $128.55, for a total transaction of $132,920.70. Following the sale, the chief executive officer now directly owns 901,195 shares in the company, valued at $115,848,617.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Brian Millham sold 976 shares of the business’s stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $128.55, for a total value of $125,464.80. Following the sale, the chief operating officer now owns 7,967 shares in the company, valued at $1,024,157.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,268 shares of company stock valued at $6,641,547. 3.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CRM has been the topic of several research analyst reports. Stifel Nicolaus dropped their target price on shares of Salesforce from $200.00 to $185.00 in a report on Monday, November 28th. Northland Securities lifted their price objective on shares of Salesforce from $150.00 to $181.00 and gave the company a “market perform” rating in a report on Thursday, March 2nd. Barclays lifted their price objective on shares of Salesforce from $195.00 to $225.00 and gave the company an “overweight” rating in a report on Thursday, March 2nd. Evercore ISI lifted their price objective on shares of Salesforce from $200.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, March 2nd. Finally, JMP Securities reiterated a “market perform” rating and issued a $250.00 price objective on shares of Salesforce in a report on Thursday, March 2nd. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $211.24.

Salesforce Stock Performance

Shares of CRM traded down $2.45 during midday trading on Friday, reaching $184.85. 10,493,254 shares of the stock were exchanged, compared to its average volume of 9,626,618. The company has a market cap of $184.85 billion, a P/E ratio of 880.28, a PEG ratio of 2.24 and a beta of 1.21. The stock’s 50 day simple moving average is $166.43 and its 200 day simple moving average is $153.85. Salesforce, Inc. has a twelve month low of $126.34 and a twelve month high of $222.15. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.16.

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

Salesforce announced that its Board of Directors has approved a stock buyback plan on Wednesday, March 1st that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the CRM provider to purchase up to 10.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is 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.