Salesforce, Inc. (NYSE:CRM) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC cut its holdings in Salesforce, Inc. (NYSE:CRMGet Rating) by 0.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 37,728 shares of the CRM provider’s stock after selling 79 shares during the period. Highland Capital Management LLC’s holdings in Salesforce were worth $6,227,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Adviser Investments LLC boosted its holdings in shares of Salesforce by 24.7% in the 2nd quarter. Adviser Investments LLC now owns 2,779 shares of the CRM provider’s stock valued at $459,000 after buying an additional 550 shares during the period. Highland Private Wealth Management lifted its position in Salesforce by 5.3% in the 2nd quarter. Highland Private Wealth Management now owns 3,455 shares of the CRM provider’s stock valued at $570,000 after purchasing an additional 175 shares during the last quarter. YHB Investment Advisors Inc. lifted its position in Salesforce by 19.5% in the 2nd quarter. YHB Investment Advisors Inc. now owns 7,431 shares of the CRM provider’s stock valued at $1,226,000 after purchasing an additional 1,213 shares during the last quarter. Vista Wealth Management Group LLC lifted its position in Salesforce by 15.1% in the 2nd quarter. Vista Wealth Management Group LLC now owns 2,885 shares of the CRM provider’s stock valued at $472,000 after purchasing an additional 379 shares during the last quarter. Finally, RB Capital Management LLC lifted its position in Salesforce by 1.7% in the 2nd quarter. RB Capital Management LLC now owns 22,509 shares of the CRM provider’s stock valued at $3,715,000 after purchasing an additional 368 shares during the last quarter. 77.02% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on CRM shares. Canaccord Genuity Group dropped their price target on shares of Salesforce from $260.00 to $215.00 and set a “buy” rating on the stock in a research report on Thursday, August 25th. Canaccord Genuity Group dropped their price target on shares of Salesforce from $260.00 to $215.00 in a research report on Thursday, August 25th. William Blair restated an “outperform” rating on shares of Salesforce in a research report on Wednesday, June 1st. Oppenheimer restated a “buy” rating and set a $240.00 price target on shares of Salesforce in a research report on Thursday. Finally, Wells Fargo & Company dropped their price target on shares of Salesforce from $235.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, August 25th. Five equities research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $242.71.

Salesforce Stock Up 1.6 %

NYSE CRM traded up $2.32 during trading on Thursday, reaching $149.95. The company’s stock had a trading volume of 406,816 shares, compared to its average volume of 8,018,641. The business has a 50-day moving average price of $172.06 and a 200-day moving average price of $179.01. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.16. Salesforce, Inc. has a 1-year low of $147.51 and a 1-year high of $311.75. The stock has a market capitalization of $149.95 billion, a PE ratio of 278.20, a PEG ratio of 4.07 and a beta of 1.12.

Salesforce (NYSE:CRMGet Rating) last issued its quarterly earnings data on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.15. Salesforce had a net margin of 1.83% and a return on equity of 3.32%. The business had revenue of $7.72 billion during the quarter, compared to analysts’ expectations of $7.70 billion. During the same period in the previous year, the company earned $0.87 earnings per share. Salesforce’s revenue for the quarter was up 21.8% on a year-over-year basis. On average, research analysts forecast that Salesforce, Inc. will post 2.2 earnings per share for the current fiscal year.

Salesforce announced that its Board of Directors has initiated a stock buyback plan on Wednesday, August 24th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the CRM provider to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Salesforce

In other news, CFO Amy E. Weaver sold 516 shares of the business’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $177.86, for a total value of $91,775.76. Following the completion of the sale, the chief financial officer now directly owns 30,486 shares in the company, valued at $5,422,239.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction on Wednesday, June 29th. The shares were sold at an average price of $170.50, for a total transaction of $392,150.00. Following the completion of the transaction, the chief executive officer now directly owns 28,061,368 shares in the company, valued at approximately $4,784,463,244. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Amy E. Weaver sold 516 shares of the company’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $177.86, for a total transaction of $91,775.76. Following the transaction, the chief financial officer now owns 30,486 shares of the company’s stock, valued at $5,422,239.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,946 shares of company stock worth $11,992,250. 3.60% of the stock is owned by insiders.

About Salesforce

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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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