SeaBridge Investment Advisors LLC Purchases Shares of 5,338 Salesforce, Inc. (NYSE:CRM)

SeaBridge Investment Advisors LLC acquired a new stake in shares of Salesforce, Inc. (NYSE:CRMGet Rating) in the first quarter, HoldingsChannel.com reports. The fund acquired 5,338 shares of the CRM provider’s stock, valued at approximately $1,133,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Lebenthal Global Advisors LLC bought a new stake in Salesforce in the 4th quarter worth about $399,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Salesforce by 11.4% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 170,612 shares of the CRM provider’s stock valued at $36,224,000 after acquiring an additional 17,441 shares during the last quarter. Addison Capital Co lifted its holdings in shares of Salesforce by 37.4% in the 1st quarter. Addison Capital Co now owns 2,905 shares of the CRM provider’s stock worth $617,000 after buying an additional 790 shares during the period. Peterson Wealth Services lifted its holdings in shares of Salesforce by 16.9% in the 1st quarter. Peterson Wealth Services now owns 8,846 shares of the CRM provider’s stock worth $1,878,000 after buying an additional 1,279 shares during the period. Finally, Gotham Asset Management LLC lifted its stake in shares of Salesforce by 125.9% during the 4th quarter. Gotham Asset Management LLC now owns 33,236 shares of the CRM provider’s stock worth $8,446,000 after purchasing an additional 18,524 shares during the last quarter. Hedge funds and other institutional investors own 77.75% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Raymond James cut their price objective on Salesforce from $300.00 to $250.00 in a report on Wednesday, June 1st. Robert W. Baird lowered their price target on Salesforce from $300.00 to $260.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 1st. Jefferies Financial Group lowered their price target on Salesforce from $330.00 to $260.00 in a research report on Monday, May 23rd. KeyCorp decreased their target price on Salesforce from $281.00 to $223.00 and set an “overweight” rating on the stock in a research report on Monday, April 25th. Finally, Morgan Stanley cut their target price on Salesforce from $360.00 to $291.00 in a research note on Monday, May 16th. Four investment analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $270.51.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $189.53, for a total transaction of $435,919.00. Following the transaction, the chief executive officer now owns 27,761,368 shares in the company, valued at approximately $5,261,612,077.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Salesforce news, insider Parker Harris sold 568 shares of the stock in a transaction on Monday, July 25th. The stock was sold at an average price of $177.87, for a total value of $101,030.16. Following the completion of the sale, the insider now owns 93,650 shares in the company, valued at approximately $16,657,525.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $189.53, for a total transaction of $435,919.00. Following the completion of the sale, the chief executive officer now directly owns 27,761,368 shares of the company’s stock, valued at approximately $5,261,612,077.04. The disclosure for this sale can be found here. Insiders sold 80,049 shares of company stock valued at $13,746,419 in the last 90 days. Insiders own 3.60% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM traded down $2.26 during mid-day trading on Friday, hitting $189.01. The company had a trading volume of 74,609 shares, compared to its average volume of 4,710,289. The company has a market capitalization of $188.06 billion, a price-to-earnings ratio of 185.70, a P/E/G ratio of 5.20 and a beta of 1.08. Salesforce, Inc. has a 1 year low of $154.55 and a 1 year high of $311.75. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average price is $174.61 and its 200-day moving average price is $189.44.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings results on Tuesday, May 31st. The CRM provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.07. Salesforce had a return on equity of 3.92% and a net margin of 3.59%. The firm had revenue of $7.41 billion during the quarter, compared to analyst estimates of $7.38 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company’s revenue was up 24.3% compared to the same quarter last year. On average, sell-side analysts forecast that Salesforce, Inc. will post 2.18 earnings per share for the current year.

Salesforce Company Profile

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Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include 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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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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