HHR Asset Management LLC Reduces Holdings in Salesforce, Inc. (NYSE:CRM)

HHR Asset Management LLC lessened its holdings in Salesforce, Inc. (NYSE:CRMGet Rating) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 125,312 shares of the CRM provider’s stock after selling 10,076 shares during the quarter. Salesforce accounts for approximately 4.8% of HHR Asset Management LLC’s holdings, making the stock its 5th largest holding. HHR Asset Management LLC’s holdings in Salesforce were worth $26,607,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Norges Bank acquired a new stake in shares of Salesforce in the fourth quarter worth approximately $2,689,030,000. Jennison Associates LLC lifted its stake in shares of Salesforce by 42.2% in the 4th quarter. Jennison Associates LLC now owns 13,808,917 shares of the CRM provider’s stock valued at $3,509,260,000 after purchasing an additional 4,096,666 shares during the last quarter. State Street Corp lifted its stake in shares of Salesforce by 3.3% in the 4th quarter. State Street Corp now owns 44,253,857 shares of the CRM provider’s stock valued at $11,246,233,000 after purchasing an additional 1,417,895 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Salesforce in the 4th quarter valued at $217,805,000. Finally, Hhlr Advisors LTD. raised its holdings in shares of Salesforce by 53.9% in the 4th quarter. Hhlr Advisors LTD. now owns 1,929,876 shares of the CRM provider’s stock valued at $490,439,000 after buying an additional 675,700 shares during the period. 77.75% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently issued reports on the company. Royal Bank of Canada set a $325.00 price objective on Salesforce in a research report on Wednesday, March 2nd. Credit Suisse Group decreased their target price on Salesforce from $375.00 to $315.00 and set an “outperform” rating for the company in a research report on Wednesday, June 1st. Jefferies Financial Group cut their target price on Salesforce from $330.00 to $260.00 in a research note on Monday, May 23rd. Deutsche Bank Aktiengesellschaft dropped their price objective on Salesforce from $300.00 to $260.00 in a research note on Wednesday, June 1st. Finally, JPMorgan Chase & Co. dropped their price objective on Salesforce from $316.00 to $275.00 in a research note on Wednesday, June 1st. Four equities research analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $272.50.

In related news, insider Parker Harris sold 1,712 shares of Salesforce stock in a transaction on Monday, April 18th. The shares were sold at an average price of $188.16, for a total value of $322,129.92. Following the transaction, the insider now directly owns 91,586 shares of the company’s stock, valued at $17,232,821.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction on Friday, May 20th. The shares were sold at an average price of $157.52, for a total transaction of $362,296.00. Following the completion of the sale, the chief executive officer now owns 28,926,000 shares in the company, valued at approximately $4,556,423,520. The disclosure for this sale can be found here. Insiders have sold 108,840 shares of company stock valued at $20,113,549 in the last quarter. Company insiders own 4.10% of the company’s stock.

CRM opened at $167.45 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.16. The company’s fifty day moving average price is $172.00 and its two-hundred day moving average price is $205.29. Salesforce, Inc. has a 1-year low of $154.55 and a 1-year high of $311.75. The company has a market cap of $166.61 billion, a price-to-earnings ratio of 162.57, a PEG ratio of 4.57 and a beta of 1.16.

Salesforce (NYSE:CRMGet Rating) last announced its earnings results on Tuesday, May 31st. The CRM provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.94 by $0.04. Salesforce had a net margin of 3.59% and a return on equity of 3.92%. The company had revenue of $7.41 billion during the quarter, compared to the consensus estimate of $7.38 billion. During the same quarter in the prior year, the company posted $0.74 earnings per share. The firm’s revenue for the quarter was up 24.3% on a year-over-year basis. As a group, equities analysts forecast that Salesforce, Inc. will post 2.18 earnings per share for the current fiscal year.

About Salesforce (Get Rating)

Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

Further Reading

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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