Investment House LLC Cuts Stake in Salesforce, Inc. (NYSE:CRM)

Investment House LLC reduced its stake in Salesforce, Inc. (NYSE:CRM) by 0.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 39,104 shares of the CRM provider’s stock after selling 210 shares during the quarter. Investment House LLC’s holdings in Salesforce were worth $13,074,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRM. Harvest Fund Management Co. Ltd raised its stake in Salesforce by 408.8% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 45,462 shares of the CRM provider’s stock valued at $15,207,000 after acquiring an additional 36,526 shares during the period. Wulff Hansen & CO. raised its stake in Salesforce by 3.5% in the 4th quarter. Wulff Hansen & CO. now owns 1,035 shares of the CRM provider’s stock valued at $346,000 after acquiring an additional 35 shares during the period. Bestgate Wealth Advisors LLC bought a new stake in Salesforce in the 4th quarter valued at about $441,000. West Tower Group LLC bought a new stake in Salesforce in the 4th quarter valued at about $435,000. Finally, VSM Wealth Advisory LLC bought a new stake in Salesforce in the 4th quarter valued at about $45,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Stock Performance

NYSE:CRM opened at $278.98 on Wednesday. The firm has a market cap of $268.10 billion, a PE ratio of 45.88, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50 day moving average price of $316.13 and a 200-day moving average price of $309.71.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRM. Robert W. Baird lowered their price objective on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Oppenheimer lowered their price objective on Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target on the stock in a research report on Friday, December 13th. Guggenheim reiterated a “sell” rating and set a $247.00 price target on shares of Salesforce in a research report on Thursday, February 27th. Finally, Northland Securities reiterated an “outperform” rating and set a $440.00 price target (up from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $364.14.

Insider Activity

In related news, COO Brian Millham sold 16,487 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $340.68, for a total transaction of $5,616,791.16. Following the completion of the transaction, the chief operating officer now owns 1,662 shares in the company, valued at $566,210.16. This represents a 90.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Mason Morfit sold 15,353 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $340.55, for a total value of $5,228,464.15. Following the transaction, the director now owns 2,898,509 shares of the company’s stock, valued at approximately $987,087,239.95. This represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,609 shares of company stock valued at $24,920,821. 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.