Utah Retirement Systems lowered its holdings in salesforce.com, inc. (NYSE:CRM) by 4.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 168,521 shares of the CRM provider’s stock after selling 7,400 shares during the quarter. Utah Retirement Systems’ holdings in salesforce.com were worth $35,704,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CRM. Norges Bank acquired a new stake in salesforce.com in the 4th quarter valued at approximately $2,202,604,000. Polen Capital Management LLC grew its holdings in salesforce.com by 31.0% in the 1st quarter. Polen Capital Management LLC now owns 9,228,555 shares of the CRM provider’s stock valued at $1,955,254,000 after buying an additional 2,186,033 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of salesforce.com by 134.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,472,998 shares of the CRM provider’s stock worth $735,824,000 after purchasing an additional 1,993,259 shares in the last quarter. FIL Ltd grew its holdings in shares of salesforce.com by 204.5% during the 1st quarter. FIL Ltd now owns 2,745,611 shares of the CRM provider’s stock worth $581,712,000 after purchasing an additional 1,843,937 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of salesforce.com by 13.8% during the 4th quarter. Morgan Stanley now owns 13,886,700 shares of the CRM provider’s stock worth $3,090,207,000 after purchasing an additional 1,680,084 shares in the last quarter. 75.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CRM stock traded up $2.96 on Thursday, reaching $245.07. 162,673 shares of the stock were exchanged, compared to its average volume of 5,821,215. The company has a market capitalization of $226.93 billion, a PE ratio of 50.65, a PEG ratio of 8.14 and a beta of 1.09. salesforce.com, inc. has a one year low of $184.38 and a one year high of $284.50. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.06. The firm’s 50 day moving average price is $237.35.
CRM has been the topic of several recent research reports. Wolfe Research initiated coverage on salesforce.com in a report on Wednesday, April 28th. They set an “outperform” rating and a $270.00 price objective on the stock. JPMorgan Chase & Co. set a $250.00 price objective on salesforce.com and gave the stock a “buy” rating in a report on Friday, May 28th. Redburn Partners initiated coverage on salesforce.com in a report on Monday, June 28th. They set a “buy” rating and a $320.00 price objective on the stock. They noted that the move was a valuation call. Mizuho lifted their price objective on salesforce.com from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, May 28th. Finally, Evercore ISI lifted their price objective on salesforce.com from $290.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, June 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $277.31.
In related news, insider Parker Harris sold 4,300 shares of salesforce.com stock in a transaction on Tuesday, July 20th. The stock was sold at an average price of $240.56, for a total transaction of $1,034,408.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Joe Allanson sold 313 shares of salesforce.com stock in a transaction on Wednesday, June 23rd. The stock was sold at an average price of $242.40, for a total value of $75,871.20. Following the sale, the chief accounting officer now directly owns 31,398 shares of the company’s stock, valued at $7,610,875.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 371,858 shares of company stock valued at $89,627,182. 4.10% of the stock is owned by insiders.
salesforce.com, inc. engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.
Featured Story: Analyst Ratings Trading
Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for salesforce.com, inc. (NYSE:CRM).
Receive News & Ratings for salesforce.com Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for salesforce.com and related companies with MarketBeat.com's FREE daily email newsletter.