Webster Bank N. A. Cuts Position in Salesforce, Inc. (NYSE:CRM)

Webster Bank N. A. trimmed its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,428 shares of the CRM provider’s stock after selling 692 shares during the period. Webster Bank N. A.’s holdings in Salesforce were worth $5,583,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CRM. NewSquare Capital LLC increased its stake in Salesforce by 132.8% in the first quarter. NewSquare Capital LLC now owns 149 shares of the CRM provider’s stock valued at $30,000 after purchasing an additional 85 shares during the last quarter. GHP Investment Advisors Inc. increased its stake in Salesforce by 30.4% in the fourth quarter. GHP Investment Advisors Inc. now owns 270 shares of the CRM provider’s stock valued at $36,000 after purchasing an additional 63 shares during the last quarter. Live Oak Investment Partners purchased a new position in Salesforce in the fourth quarter valued at approximately $36,000. Delta Asset Management LLC TN purchased a new position in Salesforce in the fourth quarter valued at approximately $39,000. Finally, HBC Financial Services PLLC increased its stake in Salesforce by 350.0% in the second quarter. HBC Financial Services PLLC now owns 225 shares of the CRM provider’s stock valued at $39,000 after purchasing an additional 175 shares during the last quarter. 77.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Salesforce

In other Salesforce news, COO Brian Millham sold 1,746 shares of the firm’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $209.63, for a total value of $366,013.98. Following the completion of the sale, the chief operating officer now owns 3,340 shares in the company, valued at approximately $700,164.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Sundeep G. Reddy sold 164 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $225.05, for a total transaction of $36,908.20. Following the completion of the sale, the chief accounting officer now directly owns 2,230 shares of the company’s stock, valued at approximately $501,861.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 1,746 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $209.63, for a total value of $366,013.98. Following the sale, the chief operating officer now directly owns 3,340 shares of the company’s stock, valued at $700,164.20. The disclosure for this sale can be found here. Insiders have sold 633,071 shares of company stock valued at $138,539,253 over the last three months. Company insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on CRM. Morgan Stanley lowered shares of Salesforce from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $251.00 to $278.00 in a research note on Monday, July 31st. Sanford C. Bernstein increased their price objective on Salesforce from $145.00 to $153.00 in a report on Thursday, June 1st. HSBC assumed coverage on Salesforce in a report on Friday. They issued a “buy” rating and a $267.00 price objective for the company. Northland Securities increased their price objective on Salesforce from $210.00 to $220.00 and gave the company a “market perform” rating in a report on Friday, September 1st. Finally, JMP Securities reissued a “market outperform” rating and issued a $275.00 price objective on shares of Salesforce in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $240.59.

Salesforce Stock Performance

CRM stock traded up $0.05 during trading on Tuesday, reaching $215.05. 1,977,035 shares of the company’s stock were exchanged, compared to its average volume of 6,993,276. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. The firm has a market cap of $209.24 billion, a PE ratio of 135.23, a P/E/G ratio of 1.62 and a beta of 1.19. The company’s fifty day moving average price is $218.24 and its 200-day moving average price is $206.68. Salesforce, Inc. has a 1-year low of $126.34 and a 1-year high of $238.22.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.22. The business had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.53 billion. Salesforce had a return on equity of 7.67% and a net margin of 4.77%. The company’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, research analysts expect that Salesforce, Inc. will post 5.86 EPS for the current fiscal year.

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 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.