UMB Bank n.a. lessened its holdings in Salesforce, Inc. (NYSE:CRM – Get Rating) by 0.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,836 shares of the CRM provider's stock after selling 452 shares during the quarter. UMB Bank n.a.'s holdings in Salesforce were worth $25,885,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Oak Harvest Investment Services raised its position in Salesforce by 1.1% in the second quarter. Oak Harvest Investment Services now owns 32,360 shares of the CRM provider's stock worth $5,341,000 after acquiring an additional 339 shares in the last quarter. Legacy Wealth Asset Management LLC grew its stake in Salesforce by 40.3% during the 2nd quarter. Legacy Wealth Asset Management LLC now owns 2,383 shares of the CRM provider's stock valued at $393,000 after acquiring an additional 685 shares in the last quarter. HB Wealth Management LLC grew its stake in Salesforce by 41.2% during the 2nd quarter. HB Wealth Management LLC now owns 9,760 shares of the CRM provider's stock valued at $1,611,000 after acquiring an additional 2,847 shares in the last quarter. Lebenthal Global Advisors LLC bought a new stake in shares of Salesforce in the 4th quarter valued at approximately $399,000. Finally, Atria Wealth Solutions Inc. bought a new stake in shares of Salesforce in the 1st quarter valued at approximately $8,302,000. Institutional investors and hedge funds own 77.02% of the company's stock.
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In other news, CEO Marc Benioff sold 2,300 shares of the company's stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $148.91, for a total transaction of $342,493.00. Following the transaction, the chief executive officer now directly owns 27,761,368 shares of the company's stock, valued at $4,133,945,308.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $148.91, for a total value of $342,493.00. Following the completion of the sale, the chief executive officer now directly owns 27,761,368 shares of the company's stock, valued at approximately $4,133,945,308.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Parker Harris sold 568 shares of the stock in a transaction on Monday, July 25th. The shares were sold at an average price of $177.87, for a total value of $101,030.16. Following the completion of the sale, the insider now directly owns 93,650 shares of the company's stock, valued at $16,657,525.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,158 shares of company stock worth $12,587,336. Corporate insiders own 3.60% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on CRM. Canaccord Genuity Group reduced their target price on Salesforce from $260.00 to $215.00 and set a "buy" rating for the company in a report on Thursday, August 25th. Cowen cut their target price on Salesforce from $225.00 to $210.00 and set an "outperform" rating for the company in a research note on Thursday, August 25th. Wedbush dropped their target price on shares of Salesforce from $225.00 to $215.00 and set an "outperform" rating for the company in a research report on Thursday, August 25th. Credit Suisse Group dropped their target price on shares of Salesforce from $315.00 to $250.00 and set an "outperform" rating for the company in a research report on Thursday, August 25th. Finally, Robert W. Baird decreased their price objective on shares of Salesforce from $260.00 to $230.00 and set an "outperform" rating on the stock in a report on Thursday, August 25th. Five equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $236.84.Salesforce Stock Performance
NYSE:CRM opened at $146.81 on Friday. The stock has a market cap of $146.81 billion, a P/E ratio of 271.87, a price-to-earnings-growth ratio of 4.08 and a beta of 1.12. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.16. The stock's 50-day moving average is $169.09 and its 200-day moving average is $176.98. Salesforce, Inc. has a 1-year low of $144.79 and a 1-year high of $311.75.
Salesforce (NYSE:CRM – Get Rating) last released its quarterly earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.15. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The company had revenue of $7.72 billion for the quarter, compared to analysts' expectations of $7.70 billion. During the same period in the previous year, the business posted $0.87 earnings per share. The business's quarterly revenue was up 21.8% compared to the same quarter last year. Equities research analysts anticipate that Salesforce, Inc. will post 2.2 earnings per share for the current year.
Salesforce announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 24th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the CRM provider to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.
About Salesforce
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Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.
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