G&S Capital LLC Reduces Position in Salesforce, Inc. (NYSE:CRM)

G&S Capital LLC lowered its stake in Salesforce, Inc. (NYSE:CRM) by 15.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,406 shares of the CRM provider’s stock after selling 1,389 shares during the period. G&S Capital LLC’s holdings in Salesforce were worth $2,231,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bear Mountain Capital Inc. acquired a new stake in Salesforce during the 4th quarter worth about $26,000. Signature Resources Capital Management LLC purchased a new stake in Salesforce in the fourth quarter valued at approximately $26,000. Kathleen S. Wright Associates Inc. acquired a new position in Salesforce in the 4th quarter worth approximately $31,000. Pacifica Partners Inc. raised its position in Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Finally, BKM Wealth Management LLC purchased a new position in Salesforce during the 4th quarter worth approximately $34,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CRM shares. Stifel Nicolaus cut their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. KeyCorp started coverage on Salesforce in a research report on Thursday, March 21st. They set a “sector weight” rating on the stock. BMO Capital Markets decreased their price objective on Salesforce from $335.00 to $265.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. JPMorgan Chase & Co. dropped their target price on Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Finally, Wells Fargo & Company reduced their price target on Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

Insider Activity at Salesforce

In other Salesforce news, insider Srinivas Tallapragada sold 942 shares of Salesforce stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the transaction, the insider now directly owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, insider Srinivas Tallapragada sold 942 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of the sale, the insider now owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares in the company, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 541,787 shares of company stock valued at $149,773,683. 3.20% of the stock is owned by company insiders.

Salesforce Trading Up 0.6 %

CRM opened at $243.10 on Thursday. The firm has a market capitalization of $235.56 billion, a price-to-earnings ratio of 43.72, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25. The company’s 50 day simple moving average is $261.10 and its two-hundred day simple moving average is $276.56. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. The firm 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 business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 earnings per share. Analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

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.