Atlantic Union Bankshares Corp Increases Stock Position in Salesforce, Inc. (NYSE:CRM)

Atlantic Union Bankshares Corp lifted its holdings in Salesforce, Inc. (NYSE:CRM) by 2.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 27,358 shares of the CRM provider’s stock after purchasing an additional 723 shares during the period. Atlantic Union Bankshares Corp’s holdings in Salesforce were worth $9,146,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Rialto Wealth Management LLC purchased a new stake in shares of Salesforce in the 4th quarter worth approximately $293,000. Hamilton Capital Partners LLC purchased a new stake in Salesforce during the fourth quarter valued at approximately $7,528,000. Lifeworks Advisors LLC lifted its position in Salesforce by 26.8% during the fourth quarter. Lifeworks Advisors LLC now owns 1,055 shares of the CRM provider’s stock valued at $353,000 after acquiring an additional 223 shares during the last quarter. HM Payson & Co. lifted its position in Salesforce by 12.8% during the fourth quarter. HM Payson & Co. now owns 4,638 shares of the CRM provider’s stock valued at $1,551,000 after acquiring an additional 526 shares during the last quarter. Finally, Arjuna Capital purchased a new stake in Salesforce during the fourth quarter valued at approximately $1,570,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling

In related news, Director G Mason Morfit sold 722,300 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the sale, the director now directly owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. This trade represents a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the sale, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This represents a 2.54 % 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 worth $383,156,227. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CRM. Canaccord Genuity Group decreased their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Redburn Atlantic began coverage on shares of Salesforce in a research note on Wednesday, February 19th. They set a “buy” rating on the stock. Needham & Company LLC restated a “buy” rating and set a $400.00 price target on shares of Salesforce in a research note on Thursday, February 27th. JPMorgan Chase & Co. upped their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company cut their price target on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $365.62.

Salesforce Stock Performance

NYSE:CRM opened at $282.74 on Friday. The company’s 50-day moving average price is $323.68 and its 200-day moving average price is $308.18. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market cap of $270.58 billion, a P/E ratio of 46.50, a P/E/G ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same quarter in the previous year, the business posted $1.62 earnings per share. Salesforce’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

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.