Procyon Private Wealth Partners LLC trimmed its stake in shares of salesforce.com, inc. (NYSE:CRM) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,361 shares of the CRM provider’s stock after selling 49 shares during the quarter. Procyon Private Wealth Partners LLC’s holdings in salesforce.com were worth $1,454,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRM. Amundi acquired a new position in salesforce.com during the 2nd quarter worth $1,100,891,000. Akre Capital Management LLC acquired a new position in salesforce.com during the 2nd quarter worth $683,956,000. Morgan Stanley grew its stake in salesforce.com by 20.2% during the 2nd quarter. Morgan Stanley now owns 16,563,897 shares of the CRM provider’s stock worth $4,046,065,000 after purchasing an additional 2,787,393 shares in the last quarter. Point72 Asset Management L.P. grew its stake in salesforce.com by 338.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 2,087,923 shares of the CRM provider’s stock worth $510,017,000 after purchasing an additional 1,612,123 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in salesforce.com by 297.4% during the 2nd quarter. Renaissance Technologies LLC now owns 1,035,181 shares of the CRM provider’s stock worth $252,864,000 after purchasing an additional 774,700 shares in the last quarter. 73.41% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Srinivas Tallapragada sold 24,975 shares of the company’s stock in a transaction that occurred on Monday, August 30th. The stock was sold at an average price of $265.61, for a total value of $6,633,609.75. Following the sale, the insider now owns 38,946 shares in the company, valued at approximately $10,344,447.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Marc Benioff sold 68,008 shares of the company’s stock in a transaction that occurred on Wednesday, November 3rd. The stock was sold at an average price of $301.74, for a total value of $20,520,733.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 737,826 shares of company stock worth $205,921,946. Insiders own 4.10% of the company’s stock.
salesforce.com (NYSE:CRM) last released its earnings results on Tuesday, August 24th. The CRM provider reported $1.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.56. salesforce.com had a return on equity of 7.15% and a net margin of 9.99%. The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $6.25 billion. During the same quarter in the previous year, the firm posted $1.44 EPS. The firm’s quarterly revenue was up 23.1% on a year-over-year basis. Equities analysts forecast that salesforce.com, inc. will post 2.15 earnings per share for the current fiscal year.
Several research firms recently commented on CRM. UBS Group boosted their target price on salesforce.com from $300.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, September 24th. JPMorgan Chase & Co. set a $316.00 price target on salesforce.com and gave the stock an “overweight” rating in a report on Friday, September 24th. Piper Sandler raised salesforce.com from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $280.00 to $365.00 in a report on Friday, September 24th. Bank of America lifted their price target on salesforce.com from $330.00 to $360.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Roth Capital lifted their price target on salesforce.com from $200.00 to $242.00 and gave the stock a “neutral” rating in a report on Thursday, August 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, salesforce.com currently has a consensus rating of “Buy” and an average target price of $320.59.
salesforce.com, 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.
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