Turner Investments LLC Decreases Stake in Salesforce.com Inc (CRM)
Turner Investments LLC decreased its stake in Salesforce.com Inc (NYSE:CRM) by 17.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,300 shares of the CRM provider’s stock after selling 910 shares during the period. Turner Investments LLC’s holdings in Salesforce.com were worth $355,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. First Personal Financial Services increased its position in shares of Salesforce.com by 7.5% in the first quarter. First Personal Financial Services now owns 1,611 shares of the CRM provider’s stock valued at $133,000 after buying an additional 112 shares during the last quarter. Dubuque Bank & Trust Co. increased its position in shares of Salesforce.com by 387.1% in the first quarter. Dubuque Bank & Trust Co. now owns 1,622 shares of the CRM provider’s stock valued at $134,000 after buying an additional 1,289 shares during the last quarter. Acrospire Investment Management LLC increased its position in shares of Salesforce.com by 35.7% in the first quarter. Acrospire Investment Management LLC now owns 1,900 shares of the CRM provider’s stock valued at $157,000 after buying an additional 500 shares during the last quarter. Hemenway Trust Co LLC purchased a new position in shares of Salesforce.com during the fourth quarter valued at approximately $137,000. Finally, Pinnacle Bank purchased a new position in shares of Salesforce.com during the first quarter valued at approximately $181,000. 85.67% of the stock is currently owned by hedge funds and other institutional investors.
Salesforce.com Inc (NYSE CRM) traded down 0.31% on Friday, reaching $86.00. The company’s stock had a trading volume of 8,004,954 shares. Salesforce.com Inc has a 12-month low of $66.43 and a 12-month high of $91.99. The company has a market capitalization of $61.25 billion, a price-to-earnings ratio of 455.03 and a beta of 1.24. The firm has a 50-day moving average of $88.47 and a 200 day moving average of $81.01.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Thursday, May 18th. The CRM provider reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.02. The business had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Salesforce.com had a return on equity of 1.80% and a net margin of 1.49%. The business’s revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. On average, equities research analysts anticipate that Salesforce.com Inc will post $1.30 EPS for the current fiscal year.
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CRM has been the topic of several analyst reports. Vetr downgraded shares of Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $93.31 target price on the stock. in a research note on Wednesday, March 1st. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating and issued a $100.00 target price (up from $95.00) on shares of Salesforce.com in a research note on Friday, May 19th. Zacks Investment Research downgraded shares of Salesforce.com from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $107.00 target price on shares of Salesforce.com in a research note on Wednesday, March 8th. Finally, William Blair reaffirmed an “outperform” rating on shares of Salesforce.com in a research note on Wednesday, February 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty-eight have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $96.78.
In other news, Chairman Marc Benioff sold 10,000 shares of Salesforce.com stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $85.73, for a total value of $857,300.00. Following the sale, the chairman now directly owns 34,195,300 shares of the company’s stock, valued at $2,931,563,069. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Burke F. Norton sold 379,189 shares of Salesforce.com stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $91.37, for a total value of $34,646,498.93. Following the completion of the sale, the executive vice president now directly owns 82,843 shares in the company, valued at $7,569,364.91. The disclosure for this sale can be found here. Insiders sold 1,578,176 shares of company stock valued at $137,994,329 over the last 90 days. Company insiders own 6.70% of the company’s stock.
Salesforce.com Company Profile
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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