Financial Counselors Inc. lowered its position in shares of Salesforce.com Inc (NYSE:CRM) by 8.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 78,516 shares of the CRM provider’s stock after selling 6,828 shares during the period. Financial Counselors Inc.’s holdings in Salesforce.com were worth $6,799,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Synovus Financial Corp grew its position in Salesforce.com by 10.7% during the 2nd quarter. Synovus Financial Corp now owns 22,247 shares of the CRM provider’s stock worth $1,927,000 after acquiring an additional 2,144 shares during the last quarter. Prudential Financial Inc. grew its position in Salesforce.com by 1.4% during the 2nd quarter. Prudential Financial Inc. now owns 911,249 shares of the CRM provider’s stock worth $78,914,000 after acquiring an additional 12,516 shares during the last quarter. Gilbert & Cook Inc. bought a new stake in Salesforce.com during the 2nd quarter worth $251,000. Rosenblum Silverman Sutton S F Inc. CA grew its position in Salesforce.com by 15.6% during the 2nd quarter. Rosenblum Silverman Sutton S F Inc. CA now owns 60,612 shares of the CRM provider’s stock worth $5,249,000 after acquiring an additional 8,181 shares during the last quarter. Finally, KBC Group NV grew its position in Salesforce.com by 16.9% during the 1st quarter. KBC Group NV now owns 521,167 shares of the CRM provider’s stock worth $42,991,000 after acquiring an additional 75,430 shares during the last quarter. Institutional investors and hedge funds own 86.98% of the company’s stock.
In other Salesforce.com news, insider Keith Block sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 29th. The shares were sold at an average price of $86.77, for a total value of $867,700.00. Following the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $867,700. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Marc Benioff sold 20,000 shares of the company’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $86.81, for a total transaction of $1,736,200.00. Following the completion of the transaction, the chairman now owns 34,195,300 shares in the company, valued at $2,968,493,993. The disclosure for this sale can be found here. Insiders have sold a total of 677,159 shares of company stock worth $61,111,134 over the last quarter. 6.70% of the stock is currently owned by insiders.
Salesforce.com Inc (CRM) traded down 0.70% during mid-day trading on Friday, hitting $94.63. The company had a trading volume of 6,081,706 shares. Salesforce.com Inc has a 1-year low of $66.43 and a 1-year high of $98.22. The stock’s market capitalization is $68.01 billion. The stock has a 50 day moving average price of $92.86 and a 200-day moving average price of $88.04.
Salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.09 by $0.24. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.52 billion. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The firm’s revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 EPS. On average, analysts forecast that Salesforce.com Inc will post $1.32 earnings per share for the current year.
CRM has been the topic of a number of analyst reports. Vetr lowered Salesforce.com from a “buy” rating to a “hold” rating and set a $93.21 price target on the stock. in a research report on Tuesday, August 15th. Northland Securities set a $105.00 price target on Salesforce.com and gave the company a “buy” rating in a research report on Saturday, June 24th. Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 price target on shares of Salesforce.com in a research report on Wednesday, August 23rd. BTIG Research reiterated a “buy” rating and issued a $100.00 price target on shares of Salesforce.com in a research report on Wednesday, August 23rd. Finally, Jefferies Group LLC set a $84.00 price objective on Salesforce.com and gave the company a “hold” rating in a research note on Wednesday, August 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and forty-seven have assigned a buy rating to the stock. Salesforce.com presently has a consensus rating of “Buy” and an average target price of $102.28.
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Salesforce.com Company Profile
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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