Gallacher Capital Management LLC Trims Stock Position in Salesforce, Inc. (NYSE:CRM)

Gallacher Capital Management LLC cut its stake in Salesforce, Inc. (NYSE:CRM) by 8.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,199 shares of the CRM provider’s stock after selling 109 shares during the quarter. Gallacher Capital Management LLC’s holdings in Salesforce were worth $401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Foundations Investment Advisors LLC lifted its position in Salesforce by 15.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after acquiring an additional 4,752 shares during the last quarter. Nabity Jensen Investment Management Inc acquired a new position in Salesforce in the third quarter valued at $1,215,000. Athena Investment Management acquired a new position in Salesforce in the fourth quarter valued at $236,000. Aljian Capital Management LLC increased its stake in Salesforce by 16.1% in the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after purchasing an additional 1,834 shares during the period. Finally, Highland Capital Management LLC acquired a new position in Salesforce in the fourth quarter valued at $4,321,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRM. JMP Securities restated a “market outperform” rating and issued a $450.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. Bank of America dropped their price objective on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Guggenheim reiterated a “sell” rating and set a $247.00 price target on shares of Salesforce in a research note on Thursday, February 27th. KeyCorp upgraded shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target on the stock in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average target price of $365.62.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $301.00, for a total value of $1,872,521.00. Following the transaction, the chief financial officer now owns 46,750 shares in the company, valued at $14,071,750. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Benioff sold 317,105 shares of Salesforce stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is owned by insiders.

Salesforce Stock Up 3.0 %

CRM stock opened at $279.76 on Friday. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The company’s 50 day simple moving average is $318.03 and its 200-day simple moving average is $309.01. The firm has a market capitalization of $268.85 billion, a PE ratio of 46.01, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

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.