Able Wealth Management LLC Acquires Shares of 265 Salesforce, Inc. (NYSE:CRM)

Able Wealth Management LLC bought a new stake in Salesforce, Inc. (NYSE:CRM) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 265 shares of the CRM provider’s stock, valued at approximately $70,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRM. Bear Mountain Capital Inc. purchased a new position in shares of Salesforce in the fourth quarter valued at $26,000. Signature Resources Capital Management LLC purchased a new position in Salesforce in the 4th quarter valued at about $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Salesforce during the fourth quarter worth about $31,000. Pacifica Partners Inc. lifted its stake in shares of Salesforce by 333.3% in the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Finally, BKM Wealth Management LLC purchased a new position in Salesforce in the fourth quarter valued at about $34,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRM. Barclays reduced their target price on Salesforce from $355.00 to $305.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Oppenheimer reduced their price target on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. TD Cowen lowered their price objective on Salesforce from $330.00 to $285.00 and set a “hold” rating for the company in a report on Thursday, May 30th. StockNews.com downgraded Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. Finally, Jefferies Financial Group lowered their price target on Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $305.46, for a total transaction of $287,743.32. Following the transaction, the chief financial officer now directly owns 39,416 shares in the company, valued at $12,040,011.36. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Craig Conway sold 6,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total transaction of $1,437,840.00. Following the completion of the sale, the director now owns 6,855 shares in the company, valued at approximately $1,642,732.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Amy E. Weaver sold 942 shares of Salesforce stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the transaction, the chief financial officer now directly owns 39,416 shares in the company, valued at $12,040,011.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 634,670 shares of company stock worth $178,310,008. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Up 1.2 %

NYSE CRM opened at $231.89 on Friday. The company has a market capitalization of $224.70 billion, a PE ratio of 41.71, a price-to-earnings-growth ratio of 2.01 and a beta of 1.25. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm’s fifty day simple moving average is $268.79 and its 200-day simple moving average is $276.58.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company’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. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share 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.