PNC Financial Services Group Inc. Boosts Stake in Salesforce, Inc. (NYSE:CRM)

PNC Financial Services Group Inc. boosted its position in Salesforce, Inc. (NYSE:CRM) by 6.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 252,426 shares of the CRM provider’s stock after buying an additional 14,359 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Salesforce were worth $84,394,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. RKL Wealth Management LLC bought a new position in shares of Salesforce during the 4th quarter valued at about $232,000. Oak Hill Wealth Advisors LLC boosted its stake in shares of Salesforce by 197.0% during the 4th quarter. Oak Hill Wealth Advisors LLC now owns 962 shares of the CRM provider’s stock valued at $322,000 after buying an additional 1,954 shares during the period. Bradyco Inc. purchased a new position in Salesforce in the fourth quarter valued at about $1,302,000. Edgestream Partners L.P. acquired a new stake in Salesforce in the fourth quarter valued at approximately $1,476,000. Finally, Jackson Creek Investment Advisors LLC raised its holdings in shares of Salesforce by 3.1% during the 4th quarter. Jackson Creek Investment Advisors LLC now owns 2,828 shares of the CRM provider’s stock valued at $945,000 after purchasing an additional 84 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now directly owns 7,057 shares in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Marc Benioff sold 317,105 shares of Salesforce stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the sale, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,108,793 shares of company stock valued at $383,156,227 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Trading Down 1.2 %

Shares of NYSE:CRM opened at $282.74 on Friday. The stock has a market cap of $270.58 billion, a PE ratio of 46.50, a P/E/G ratio of 2.58 and a beta of 1.35. The business has a 50 day moving average of $323.68 and a 200-day moving average of $308.50. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00.

Analysts Set New Price Targets

A number of research firms recently issued reports on CRM. JMP Securities reiterated a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Royal Bank of Canada raised their target price on Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Wedbush reiterated an “outperform” rating and issued a $425.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. Citigroup reissued a “cautious” rating on shares of Salesforce in a report on Thursday, February 27th. Finally, Guggenheim restated a “sell” rating and set a $247.00 target price on shares of Salesforce in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce has a consensus 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.