Choate Investment Advisors Has $1.79 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Choate Investment Advisors boosted its position in shares of Salesforce, Inc. (NYSE:CRM) by 28.8% in the fourth quarter, Holdings Channel reports. The firm owned 5,342 shares of the CRM provider’s stock after purchasing an additional 1,193 shares during the period. Choate Investment Advisors’ holdings in Salesforce were worth $1,786,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Nvest Financial LLC increased its position in shares of Salesforce by 1.1% in the fourth quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock worth $938,000 after purchasing an additional 31 shares during the last quarter. OMC Financial Services LTD increased its position in shares of Salesforce by 0.3% in the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after purchasing an additional 31 shares during the last quarter. Capital Advisors Ltd. LLC boosted its stake in Salesforce by 4.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after buying an additional 31 shares in the last quarter. Sachetta LLC boosted its stake in Salesforce by 0.3% in the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after buying an additional 32 shares in the last quarter. Finally, Prossimo Advisors LLC boosted its stake in Salesforce by 1.0% in the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after buying an additional 32 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRM has been the subject of several research reports. Morgan Stanley upped their target price on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Loop Capital cut their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Truist Financial reaffirmed a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Finally, Oppenheimer dropped their price objective on Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $365.62.

Salesforce Price Performance

NYSE CRM opened at $279.76 on Monday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The stock has a 50-day moving average of $318.03 and a 200 day moving average of $309.36. The company has a market capitalization of $268.85 billion, a price-to-earnings ratio of 46.01, a PEG ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Buying and Selling

In other Salesforce news, Director G Mason Morfit sold 722,300 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total value of $249,995,253.00. Following the transaction, the director now directly owns 3,192,009 shares of the company’s stock, valued at approximately $1,104,786,234.99. This trade represents a 18.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robin L. Washington bought 1,695 shares of the company’s stock in a transaction on Friday, February 28th. The stock was purchased at an average cost of $294.61 per share, for a total transaction of $499,363.95. Following the completion of the transaction, the director now directly owns 43,445 shares of the company’s stock, valued at approximately $12,799,331.45. The trade was a 4.06 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is owned by corporate insiders.

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.