1,988 Shares in Salesforce, Inc. (NYSE:CRM) Purchased by Prosperity Wealth Management Inc.

Prosperity Wealth Management Inc. acquired a new position in Salesforce, Inc. (NYSE:CRM) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,988 shares of the CRM provider’s stock, valued at approximately $665,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. State Street Corp lifted its position in shares of Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after buying an additional 864,193 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Salesforce by 1.3% during the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after buying an additional 257,501 shares during the last quarter. Fisher Asset Management LLC increased 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 acquiring an additional 177,321 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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, Massachusetts Financial Services Co. MA increased its holdings in shares of 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 acquiring an additional 57,825 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Parker Harris sold 942 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the transaction, the insider now owns 120,333 shares in the company, valued at $40,886,746.74. The trade was a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,108,793 shares of company stock worth $383,156,227. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of several recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $400.00 price objective on shares of Salesforce in a report on Thursday, February 27th. Morgan Stanley upped their price objective on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price objective on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. BMO Capital Markets cut their price objective on shares of Salesforce from $375.00 to $367.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Finally, Scotiabank cut their price target on shares of Salesforce from $440.00 to $400.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $365.62.

Salesforce Trading Up 1.6 %

Shares of CRM stock opened at $277.40 on Wednesday. The stock’s fifty day moving average is $321.27 and its two-hundred day moving average is $309.03. 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 firm has a market capitalization of $266.58 billion, a P/E ratio of 45.63, a PEG 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.

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.