Wellington Shields Capital Management LLC Trims Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Wellington Shields Capital Management LLC lowered its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,588 shares of the CRM provider’s stock after selling 123 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Salesforce were worth $3,874,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. May Barnhard Investments LLC purchased a new stake in shares of Salesforce during the fourth quarter valued at $310,000. Atala Financial Inc bought a new stake in Salesforce during the 4th quarter valued at about $1,947,000. LBP AM SA grew its stake in Salesforce by 43.2% in the 4th quarter. LBP AM SA now owns 230,287 shares of the CRM provider’s stock worth $76,992,000 after acquiring an additional 69,498 shares in the last quarter. Impact Capital Partners LLC purchased a new position in shares of Salesforce during the fourth quarter worth approximately $694,000. Finally, Commonwealth Equity Services LLC raised its stake in shares of Salesforce by 0.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 320,815 shares of the CRM provider’s stock valued at $107,258,000 after acquiring an additional 2,917 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Oppenheimer reduced their price objective on Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Citigroup restated a “cautious” rating on shares of Salesforce in a research note on Thursday, February 27th. Jefferies Financial Group upped their price objective on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Scotiabank cut their target price on shares of Salesforce from $440.00 to $400.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 27th. Finally, TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and boosted their price target for the company from $380.00 to $400.00 in a report on Friday, January 17th. Two 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $365.62.

Salesforce Stock Down 4.8 %

CRM stock opened at $270.94 on Friday. The company has a market capitalization of $260.37 billion, a P/E ratio of 44.56, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The firm’s fifty day simple moving average is $319.09 and its 200-day simple moving average is $308.60. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Insider Buying and Selling at Salesforce

In related news, Director Robin L. Washington purchased 1,695 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $294.61 per share, with a total value of $499,363.95. Following the completion of the acquisition, the director now owns 43,445 shares of the company’s stock, valued at $12,799,331.45. The trade was a 4.06 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is owned by insiders.

About Salesforce

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.