Simplicity Wealth LLC Reduces Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Simplicity Wealth LLC lowered its position in Salesforce, Inc. (NYSE:CRM) by 49.8% in the fourth quarter, HoldingsChannel reports. The firm owned 1,542 shares of the CRM provider’s stock after selling 1,527 shares during the period. Simplicity Wealth LLC’s holdings in Salesforce were worth $515,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after purchasing an additional 864,193 shares during the period. Geode Capital Management LLC boosted its stake in Salesforce by 1.3% during the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after buying an additional 257,501 shares during the period. Fisher Asset Management LLC boosted its stake in Salesforce by 1.4% during the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after buying an additional 177,321 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Salesforce by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,066,354 shares of the CRM provider’s stock worth $2,028,164,000 after buying an additional 153,500 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in Salesforce by 1.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock worth $1,632,599,000 after buying an additional 57,825 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, Director Robin L. Washington acquired 1,695 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the transaction, the director now directly owns 43,445 shares in the company, valued at approximately $12,799,331.45. This represents a 4.06 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,108,793 shares of company stock worth $383,156,227. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of CRM opened at $272.38 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market cap of $261.76 billion, a PE ratio of 44.80, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company’s 50 day simple moving average is $322.41 and its 200-day simple moving average is $308.93. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CRM shares. Wells Fargo & Company lowered their target price on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Morgan Stanley increased their target price on shares of Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Jefferies Financial Group increased their target price on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price for the company in a research note on Friday, December 13th. Finally, BMO Capital Markets lowered their price objective on shares of Salesforce from $375.00 to $367.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $365.62.

Salesforce Company 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.