Commonwealth Equity Services LLC Boosts Stake in Salesforce, Inc. (NYSE:CRM)

Commonwealth Equity Services LLC lifted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 320,815 shares of the CRM provider’s stock after buying an additional 2,917 shares during the period. Commonwealth Equity Services LLC’s holdings in Salesforce were worth $107,258,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. State Street Corp boosted its holdings in shares of 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 acquiring an additional 864,193 shares during the last quarter. Geode Capital Management LLC boosted its holdings in 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 purchasing an additional 257,501 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock worth $4,163,703,000 after buying an additional 177,321 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Salesforce by 2.6% during the 4th 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 purchasing an additional 153,500 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Salesforce by 1.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock valued at $1,632,599,000 after buying an additional 57,825 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRM has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price target on shares of Salesforce from $340.00 to $380.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. BMO Capital Markets lowered their target price on Salesforce from $375.00 to $367.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Northland Securities restated an “outperform” rating and issued a $440.00 price target (up previously from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and set a $400.00 price objective (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, Oppenheimer reduced their price objective on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have assigned 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.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $365.62.

Salesforce Price Performance

CRM opened at $270.94 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average of $319.09 and a 200 day moving average of $308.60. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The stock has a market cap of $260.37 billion, a P/E ratio of 44.56, a PEG ratio of 2.58 and a beta of 1.35.

Insider Activity

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

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 artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.