MONECO Advisors LLC Has $633,000 Stock Position in Salesforce, Inc. (NYSE:CRM)

MONECO Advisors LLC increased its position in shares of Salesforce, Inc. (NYSE:CRM) by 43.7% in the fourth quarter, HoldingsChannel reports. The firm owned 2,404 shares of the CRM provider’s stock after purchasing an additional 731 shares during the period. MONECO Advisors LLC’s holdings in Salesforce were worth $633,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CRM. Norges Bank acquired a new stake in Salesforce in the 4th quarter valued at about $2,762,331,000. Capital International Investors increased its position in Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after acquiring an additional 5,935,973 shares in the last quarter. Cerity Partners LLC increased its position in Salesforce by 1,254.7% in the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after acquiring an additional 3,226,512 shares in the last quarter. Coatue Management LLC acquired a new stake in Salesforce in the 4th quarter valued at about $564,188,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Salesforce by 110.3% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,394,912 shares of the CRM provider’s stock valued at $893,336,000 after acquiring an additional 1,780,421 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRM. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. JPMorgan Chase & Co. reduced their target price on shares of Salesforce from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Truist Financial reaffirmed a “buy” rating and issued a $300.00 target price (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Bank of America raised their target price on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, Wedbush reduced their target price on shares of Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 29th. One investment 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 issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $292.79.

Insider Transactions at Salesforce

In other news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $287,743.32. Following the sale, the chief financial officer now owns 39,416 shares of the company’s stock, valued at $12,040,011.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.46, for a total transaction of $287,743.32. Following the sale, the chief financial officer now directly owns 39,416 shares of the company’s stock, valued at $12,040,011.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total transaction of $673,120.00. Following the sale, the insider now directly owns 115,762 shares in the company, valued at $27,829,184.80. The disclosure for this sale can be found here. Insiders have sold a total of 615,470 shares of company stock valued at $172,557,838 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

Salesforce Stock Performance

Shares of CRM stock opened at $230.49 on Tuesday. The company’s fifty day simple moving average is $267.36 and its 200-day simple moving average is $277.12. 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 firm has a market cap of $223.34 billion, a PE ratio of 41.46, a P/E/G ratio of 2.04 and a beta of 1.26. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The business 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 firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.15 earnings per share. Equities research 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.