Modern Wealth Management LLC Raises Holdings in Salesforce, Inc. (NYSE:CRM)

Modern Wealth Management LLC boosted its stake in Salesforce, Inc. (NYSE:CRM) by 65.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,232 shares of the CRM provider’s stock after buying an additional 883 shares during the quarter. Modern Wealth Management LLC’s holdings in Salesforce were worth $730,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of CRM. Foundations Investment Advisors LLC increased its position in Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock worth $12,194,000 after purchasing an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc acquired a new position in shares of Salesforce in the third quarter valued at approximately $1,215,000. Athena Investment Management purchased a new position in shares of Salesforce during the fourth quarter valued at approximately $236,000. Highland Capital Management LLC acquired a new stake in Salesforce during the fourth quarter worth approximately $4,321,000. Finally, Geode Capital Management LLC grew its stake in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after acquiring an additional 257,501 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Down 2.7 %

Shares of Salesforce stock opened at $280.93 on Thursday. 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 50-day moving average price of $311.35 and a 200 day moving average price of $310.74. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a market cap of $269.97 billion, a P/E ratio of 46.21, a P/E/G ratio of 2.58 and a beta of 1.35.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CRM shares. Morgan Stanley raised their price objective on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Redburn Atlantic started coverage on Salesforce in a report on Wednesday, February 19th. They issued a “buy” rating for the company. Bank of America cut their price objective on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Citigroup reaffirmed a “buy” rating on shares of Salesforce in a research report on Wednesday, March 19th. Finally, The Goldman Sachs Group lifted their price target on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $362.74.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 897 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 $298,055.16. Following the completion of the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at $15,534,090. The trade was a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Brian Millham sold 3,937 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $284.58, for a total transaction of $1,120,391.46. Following the sale, the chief executive officer now directly owns 5,518 shares in the company, valued at $1,570,312.44. This trade represents a 41.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,875 shares of company stock worth $13,580,649. 3.20% of the stock is currently owned by 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.