Park Avenue Securities LLC Has $8.43 Million Stake in Salesforce, Inc. (NYSE:CRM)

Park Avenue Securities LLC boosted its stake in Salesforce, Inc. (NYSE:CRM) by 30.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,994 shares of the CRM provider’s stock after buying an additional 6,492 shares during the quarter. Park Avenue Securities LLC’s holdings in Salesforce were worth $8,431,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several research firms recently issued reports on CRM. Wedbush decreased their price target on Salesforce from $325.00 to $315.00 and set an “outperform” rating on the stock in a report on Wednesday, May 29th. 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 report on Thursday, May 30th. Piper Sandler decreased their price target on Salesforce from $300.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. Mizuho cut their target price on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Finally, Evercore ISI cut their target price on Salesforce from $330.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider R David Schmaier sold 3,910 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $274.77, for a total value of $1,074,350.70. Following the transaction, the insider now directly owns 19,463 shares in the company, valued at $5,347,848.51. The disclosure for this sale can be found here. Insiders have sold 575,989 shares of company stock valued at $160,340,775 in the last ninety days. 3.20% of the stock is owned by company insiders.

Salesforce Trading Up 1.3 %

NYSE CRM opened at $245.01 on Friday. The business’s 50-day moving average price is $262.47 and its two-hundred day moving average price is $276.32. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The firm has a market capitalization of $237.41 billion, a PE ratio of 44.07, a price-to-earnings-growth ratio of 2.12 and a beta of 1.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

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. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same quarter in the previous year, the company posted $1.15 EPS. The business’s revenue was up 10.7% on a year-over-year basis. On average, analysts expect that Salesforce, Inc. will post 7.47 EPS for the current year.

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.