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

Destination Wealth Management lifted its stake in Salesforce, Inc. (NYSE:CRM) by 39.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,237 shares of the CRM provider’s stock after buying an additional 351 shares during the quarter. Destination Wealth Management’s holdings in Salesforce were worth $414,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Nvest Financial LLC raised its holdings in Salesforce by 1.1% in the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock worth $938,000 after purchasing an additional 31 shares during the period. OMC Financial Services LTD raised its holdings in Salesforce by 0.3% in the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after purchasing an additional 31 shares during the period. Capital Advisors Ltd. LLC raised its holdings in Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after purchasing an additional 31 shares during the period. Sachetta LLC raised its holdings in Salesforce by 0.3% in the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after purchasing an additional 32 shares during the period. Finally, Prossimo Advisors LLC raised its holdings in Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after purchasing an additional 32 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRM. Citigroup reaffirmed a “cautious” rating on shares of Salesforce in a report on Thursday, February 27th. The Goldman Sachs Group increased their target price on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Canaccord Genuity Group reduced their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Finally, Northland Securities reissued an “outperform” rating and set a $440.00 target price (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $365.62.

Salesforce Trading Down 1.2 %

CRM opened at $282.74 on Friday. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The business has a fifty day simple moving average of $323.68 and a 200-day simple moving average of $308.18. The firm has a market cap of $270.58 billion, a P/E ratio of 46.50, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the prior year, the business earned $1.62 earnings per share. The company’s quarterly revenue was up 8.3% on a year-over-year basis. On average, equities analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Insider Transactions at Salesforce

In other news, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the transaction, the chief financial officer now directly owns 46,750 shares in the company, valued at $14,071,750. This trade represents a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Marc Benioff sold 317,105 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,108,793 shares of company stock worth $383,156,227 over the last ninety days. Company insiders own 3.20% of the company’s stock.

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.