Shikiar Asset Management Inc. Increases Position in Salesforce, Inc. (NYSE:CRM)

Shikiar Asset Management Inc. grew its holdings in Salesforce, Inc. (NYSE:CRMGet Rating) by 12.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 26,765 shares of the CRM provider’s stock after buying an additional 3,020 shares during the quarter. Salesforce comprises about 1.6% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 19th largest holding. Shikiar Asset Management Inc.’s holdings in Salesforce were worth $5,683,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CRM. Norges Bank acquired a new position in shares of Salesforce in the fourth quarter worth $2,689,030,000. Jennison Associates LLC grew its stake in shares of Salesforce by 42.2% in the fourth quarter. Jennison Associates LLC now owns 13,808,917 shares of the CRM provider’s stock worth $3,509,260,000 after acquiring an additional 4,096,666 shares in the last quarter. State Street Corp grew its stake in shares of Salesforce by 3.3% in the fourth quarter. State Street Corp now owns 44,253,857 shares of the CRM provider’s stock worth $11,246,233,000 after acquiring an additional 1,417,895 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Salesforce in the fourth quarter worth $217,805,000. Finally, Hhlr Advisors LTD. grew its stake in shares of Salesforce by 53.9% in the fourth quarter. Hhlr Advisors LTD. now owns 1,929,876 shares of the CRM provider’s stock worth $490,439,000 after acquiring an additional 675,700 shares in the last quarter. Institutional investors and hedge funds own 77.75% of the company’s stock.

Several equities analysts have commented on the stock. Canaccord Genuity Group dropped their price target on shares of Salesforce from $315.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, March 2nd. Oppenheimer reiterated a “buy” rating and set a $205.00 target price on shares of Salesforce in a research note on Friday, June 17th. Raymond James lowered their target price on shares of Salesforce from $300.00 to $250.00 in a research note on Wednesday, June 1st. Stifel Nicolaus lowered their target price on shares of Salesforce from $300.00 to $250.00 in a research note on Wednesday, June 1st. Finally, Piper Sandler lowered their target price on shares of Salesforce from $330.00 to $250.00 and set an “overweight” rating for the company in a research note on Wednesday, June 1st. Four equities research analysts have rated the stock with a hold rating, thirty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $272.50.

In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the company’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $167.52, for a total transaction of $385,296.00. Following the transaction, the chief executive officer now directly owns 28,761,368 shares in the company, valued at $4,818,104,367.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Srinivas Tallapragada sold 20,000 shares of the company’s stock in a transaction dated Thursday, April 7th. The stock was sold at an average price of $200.00, for a total transaction of $4,000,000.00. Following the transaction, the insider now owns 44,879 shares in the company, valued at $8,975,800. The disclosure for this sale can be found here. Insiders have sold 108,840 shares of company stock valued at $20,113,549 over the last three months. 4.10% of the stock is currently owned by corporate insiders.

NYSE CRM opened at $167.45 on Thursday. The stock has a market capitalization of $166.61 billion, a P/E ratio of 162.57, a P/E/G ratio of 4.57 and a beta of 1.16. Salesforce, Inc. has a 52-week low of $154.55 and a 52-week high of $311.75. The firm has a 50-day moving average price of $172.00 and a 200 day moving average price of $205.29. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.16.

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

Salesforce Company Profile (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.

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Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce, Inc. (NYSE:CRMGet Rating).

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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