Atlantic Union Bankshares Corp decreased its position in Salesforce, Inc. (NYSE:CRM – Get Rating) by 0.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,778 shares of the CRM provider's stock after selling 96 shares during the quarter. Atlantic Union Bankshares Corp's holdings in Salesforce were worth $3,925,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Oak Harvest Investment Services grew its position in shares of Salesforce by 1.1% in the second quarter. Oak Harvest Investment Services now owns 32,360 shares of the CRM provider's stock valued at $5,341,000 after purchasing an additional 339 shares during the last quarter. Legacy Wealth Asset Management LLC grew its position in Salesforce by 40.3% during the second quarter. Legacy Wealth Asset Management LLC now owns 2,383 shares of the CRM provider's stock worth $393,000 after buying an additional 685 shares in the last quarter. HB Wealth Management LLC grew its position in Salesforce by 41.2% during the second quarter. HB Wealth Management LLC now owns 9,760 shares of the CRM provider's stock worth $1,611,000 after buying an additional 2,847 shares in the last quarter. Lebenthal Global Advisors LLC acquired a new stake in Salesforce during the fourth quarter worth approximately $399,000. Finally, Atria Wealth Solutions Inc. acquired a new stake in Salesforce during the first quarter worth approximately $8,302,000. Institutional investors and hedge funds own 77.02% of the company's stock.
Get Salesforce alerts:Salesforce Trading Down 0.3 %
NYSE:CRM traded down $0.38 during trading hours on Friday, hitting $146.43. 144,268 shares of the company were exchanged, compared to its average volume of 6,891,053. The stock has a market capitalization of $146.43 billion, a price-to-earnings ratio of 270.67, 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. Salesforce, Inc. has a one year low of $144.79 and a one year high of $311.75. The company has a fifty day simple moving average of $169.09 and a 200 day simple moving average of $176.98.
Salesforce (NYSE:CRM – Get Rating) last issued its quarterly earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.15. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The firm had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.70 billion. During the same period last year, the business posted $0.87 EPS. The business's revenue was up 21.8% compared to the same quarter last year. Sell-side analysts expect that Salesforce, Inc. will post 2.2 EPS for the current fiscal year.Salesforce announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 24th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the CRM provider to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on CRM shares. Loop Capital reduced their price target on Salesforce from $225.00 to $175.00 and set a "hold" rating on the stock in a research report on Thursday, June 2nd. Stifel Nicolaus reduced their price target on Salesforce to $200.00 in a research report on Thursday, August 25th. UBS Group reduced their price target on Salesforce from $190.00 to $180.00 and set a "neutral" rating on the stock in a research report on Thursday, August 25th. Mizuho reduced their price target on Salesforce from $245.00 to $235.00 and set a "buy" rating on the stock in a research report on Thursday, August 25th. Finally, Robert W. Baird cut their target price on Salesforce from $260.00 to $230.00 and set an "outperform" rating for the company in a research note on Thursday, August 25th. Five research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $236.84.
Insiders Place Their Bets
In other Salesforce news, CFO Amy E. Weaver sold 516 shares of the stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $177.86, for a total transaction of $91,775.76. Following the completion of the sale, the chief financial officer now directly owns 30,486 shares in the company, valued at approximately $5,422,239.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 516 shares of the stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $177.86, for a total transaction of $91,775.76. Following the completion of the sale, the chief financial officer now directly owns 30,486 shares in the company, valued at approximately $5,422,239.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 568 shares of the firm's stock in a transaction dated 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 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 ninety days, insiders sold 74,158 shares of company stock worth $12,587,336. Company insiders own 3.60% of the company's stock.
Salesforce Company Profile
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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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