Cedar Wealth Management LLC Sells 1,529 Shares of Salesforce, Inc. (NYSE:CRM)

Cedar Wealth Management LLC lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 89.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 187 shares of the CRM provider’s stock after selling 1,529 shares during the quarter. Cedar Wealth Management LLC’s holdings in Salesforce were worth $63,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its position in Salesforce by 1.8% during the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after purchasing an additional 864,193 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after buying an additional 257,501 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Salesforce by 1.4% during the fourth quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock valued at $4,163,703,000 after buying an additional 177,321 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Salesforce by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,066,354 shares of the CRM provider’s stock valued at $2,028,164,000 after acquiring an additional 153,500 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in Salesforce by 52.7% in the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after acquiring an additional 1,530,572 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

Salesforce stock opened at $281.56 on Friday. The company has a market cap of $270.58 billion, a price-to-earnings ratio of 46.31, a PEG ratio of 2.58 and a beta of 1.35. The firm’s fifty day moving average is $313.51 and its 200 day moving average is $309.92. 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 52-week low of $212.00 and a 52-week high of $369.00.

Analysts Set New Price Targets

CRM has been the topic of several recent analyst reports. Citigroup reaffirmed a “buy” rating on shares of Salesforce in a research report on Wednesday. Oppenheimer decreased their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. Stifel Nicolaus dropped their target price on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Macquarie reaffirmed a “neutral” rating and issued a $320.00 target price on shares of Salesforce in a research report on Thursday. Finally, Scotiabank lowered their price target on Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have given a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus target price of $362.74.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the transaction, the chief financial officer now owns 46,750 shares in the company, valued at $12,967,047.50. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,256 shares of company stock valued at $19,692,357 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

About Salesforce

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.