Traynor Capital Management Inc. Has $390,000 Position in Salesforce, Inc. (NYSE:CRM)

Traynor Capital Management Inc. grew its position in shares of Salesforce, Inc. (NYSE:CRM) by 7.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,294 shares of the CRM provider’s stock after acquiring an additional 94 shares during the quarter. Traynor Capital Management Inc.’s holdings in Salesforce were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Lloyd Advisory Services LLC. boosted its holdings in shares of Salesforce by 544.4% in the 1st quarter. Lloyd Advisory Services LLC. now owns 6,160 shares of the CRM provider’s stock worth $1,855,000 after buying an additional 5,204 shares during the last quarter. Global Trust Asset Management LLC raised its stake in Salesforce by 40.5% in the 1st quarter. Global Trust Asset Management LLC now owns 2,670 shares of the CRM provider’s stock valued at $804,000 after acquiring an additional 770 shares during the period. CHICAGO TRUST Co NA raised its stake in Salesforce by 4.9% in the 1st quarter. CHICAGO TRUST Co NA now owns 5,632 shares of the CRM provider’s stock valued at $1,696,000 after acquiring an additional 261 shares during the period. Northwest Investment Counselors LLC bought a new stake in Salesforce in the 1st quarter valued at about $109,000. Finally, Steph & Co. raised its stake in Salesforce by 127.3% in the 1st quarter. Steph & Co. now owns 150 shares of the CRM provider’s stock valued at $45,000 after acquiring an additional 84 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 1,678 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $406,612.96. Following the sale, the chief operating officer now directly owns 1,662 shares of the company’s stock, valued at $402,735.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $216.66, for a total value of $3,249,900.00. Following the completion of the sale, the chief executive officer now directly owns 12,407,327 shares of the company’s stock, valued at $2,688,171,467.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Brian Millham sold 1,678 shares of Salesforce stock in a transaction on Monday, June 24th. The shares were sold at an average price of $242.32, for a total value of $406,612.96. Following the completion of the sale, the chief operating officer now directly owns 1,662 shares of the company’s stock, valued at $402,735.84. The disclosure for this sale can be found here. Insiders have sold a total of 556,787 shares of company stock valued at $154,295,433 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of Salesforce stock opened at $239.84 on Tuesday. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average is $261.81 and its two-hundred day moving average is $276.63. The company has a market capitalization of $232.40 billion, a PE ratio of 43.14, a price-to-earnings-growth ratio of 2.15 and a beta of 1.26.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.06. The company had revenue of $9.13 billion during the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business posted $1.15 earnings per share. As a group, analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CRM. Piper Sandler lowered their price objective on Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Wells Fargo & Company decreased their price target on Salesforce from $300.00 to $250.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 30th. Oppenheimer decreased their price target on Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. JMP Securities reissued a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a report on Monday, April 15th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

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.