SP Asset Management LLC Sells 732 Shares of Salesforce, Inc. (NYSE:CRM)

SP Asset Management LLC lowered its position in Salesforce, Inc. (NYSE:CRM) by 2.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 24,865 shares of the CRM provider’s stock after selling 732 shares during the quarter. SP Asset Management LLC’s holdings in Salesforce were worth $8,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Infrastructure Capital Advisors LLC purchased a new position in Salesforce during the third quarter valued at $27,000. Arlington Trust Co LLC grew its position in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new stake in shares of Salesforce in the fourth quarter worth about $30,000. Asset Planning Inc purchased a new stake in shares of Salesforce in the fourth quarter worth about $31,000. Finally, Collier Financial bought a new position in Salesforce during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $292.05 on Thursday. The stock has a market capitalization of $279.49 billion, a P/E ratio of 48.03, a PEG ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm has a fifty day simple moving average of $325.91 and a two-hundred day simple moving average of $308.21. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the prior year, the business posted $1.62 earnings per share. Salesforce’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Robin L. Washington purchased 1,695 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $294.61 per share, with a total value of $499,363.95. Following the completion of the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $12,799,331.45. This trade represents a 4.06 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total value of $1,872,521.00. Following the completion of the sale, the chief financial officer now owns 46,750 shares in the company, valued at approximately $14,071,750. This represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,108,793 shares of company stock valued at $383,156,227 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CRM has been the subject of a number of recent research reports. Robert W. Baird dropped their price objective on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. UBS Group boosted their price objective on Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. BMO Capital Markets lowered their price objective on Salesforce from $375.00 to $367.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Macquarie cut their target price on Salesforce from $370.00 to $320.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, Jefferies Financial Group raised their price target on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-two have given a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $365.32.

Salesforce 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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.