Bowen Hanes & Co. Inc. Takes Position in Salesforce, Inc. (NYSE:CRM)

Bowen Hanes & Co. Inc. acquired a new position in shares of Salesforce, Inc. (NYSE:CRM) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 114,380 shares of the CRM provider’s stock, valued at approximately $38,241,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRM. Arlington Trust Co LLC boosted its stake in shares of Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new stake in Salesforce during the fourth quarter valued at $30,000. Asset Planning Inc acquired a new stake in Salesforce during the 4th quarter worth about $31,000. Collier Financial bought a new position in shares of Salesforce in the 4th quarter worth about $32,000. Finally, Infrastructure Capital Advisors LLC acquired a new position in shares of Salesforce in the 3rd quarter valued at about $27,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Up 2.8 %

Shares of NYSE:CRM opened at $284.88 on Thursday. The company has a market capitalization of $273.77 billion, a PE ratio of 46.85, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The business has a fifty day moving average price of $320.28 and a two-hundred day moving average price of $308.86.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRM shares. Oppenheimer decreased their target price on Salesforce from $415.00 to $380.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Macquarie dropped their target price on shares of Salesforce from $370.00 to $320.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Truist Financial restated a “buy” rating and issued a $400.00 price target (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Finally, DA Davidson decreased their price target on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average target price of $365.62.

Insider Activity at Salesforce

In other news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at $14,071,750. This represents a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is owned by company 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.