Riverbend Wealth Management LLC Makes New $969,000 Investment in Salesforce, Inc. (NYSE:CRM)

Riverbend Wealth Management LLC bought a new position in Salesforce, Inc. (NYSE:CRM) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,892 shares of the CRM provider’s stock, valued at approximately $969,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Infrastructure Capital Advisors LLC bought a new stake in Salesforce during the 3rd quarter valued at $27,000. Arlington Trust Co LLC grew its position in shares of Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new stake in shares of Salesforce during the 4th quarter valued at $30,000. Asset Planning Inc purchased a new stake in Salesforce during the 4th quarter worth about $31,000. Finally, Collier Financial bought a new position in Salesforce in the 4th quarter worth about $32,000. Institutional investors own 80.43% of the company’s stock.

Insider Activity

In other news, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were 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. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,108,793 shares of company stock worth $383,156,227 in the last three months. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE CRM opened at $272.38 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The stock has a market cap of $261.76 billion, a price-to-earnings ratio of 44.80, a PEG ratio of 2.58 and a beta of 1.35. The company’s 50 day moving average is $322.41 and its two-hundred day moving average is $308.93.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Scotiabank decreased their price target on Salesforce from $440.00 to $400.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group decreased their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Northland Securities reissued an “outperform” rating and issued a $440.00 price target (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Stifel Nicolaus decreased their price target on shares of Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Finally, DA Davidson dropped their price objective on Salesforce from $300.00 to $275.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $365.62.

Salesforce Company 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.