GFG Capital LLC grew its stake in Salesforce, Inc. (NYSE:CRM - Get Rating) by 29.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,307 shares of the CRM provider's stock after buying an additional 1,425 shares during the period. GFG Capital LLC's holdings in Salesforce were worth $907,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Mach 1 Financial Group LLC bought a new position in Salesforce in the third quarter worth approximately $71,000. Woodmont Investment Counsel LLC increased its position in shares of Salesforce by 89.9% during the third quarter. Woodmont Investment Counsel LLC now owns 11,613 shares of the CRM provider's stock valued at $1,670,000 after acquiring an additional 5,497 shares during the last quarter. Zullo Investment Group Inc. increased its position in shares of Salesforce by 79.0% during the third quarter. Zullo Investment Group Inc. now owns 1,473 shares of the CRM provider's stock valued at $212,000 after acquiring an additional 650 shares during the last quarter. Proem Advisors LLC purchased a new stake in Salesforce in the third quarter worth $2,517,000. Finally, Meridian Management Co. increased its position in Salesforce by 2.7% in the third quarter. Meridian Management Co. now owns 23,219 shares of the CRM provider's stock worth $3,340,000 after buying an additional 609 shares during the last quarter. Institutional investors and hedge funds own 75.83% of the company's stock.
Insider Transactions at Salesforce
In other Salesforce news, CEO Marc Benioff sold 725 shares of the business's stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $165.11, for a total value of $119,704.75. Following the transaction, the chief executive officer now directly owns 27,753,609 shares in the company, valued at approximately $4,582,398,381.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Salesforce news, CEO Marc Benioff sold 725 shares of the business's stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $165.11, for a total value of $119,704.75. Following the transaction, the chief executive officer now directly owns 27,753,609 shares in the company, valued at approximately $4,582,398,381.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Brian Millham sold 271 shares of the company's stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total transaction of $42,164.89. Following the completion of the transaction, the chief operating officer now owns 8,351 shares in the company, valued at $1,299,332.09. The disclosure for this sale can be found here. Insiders sold 153,680 shares of company stock valued at $23,265,353 over the last 90 days. Corporate insiders own 3.60% of the company's stock.
Salesforce Stock Performance
Shares of NYSE:CRM traded up $4.50 on Thursday, hitting $176.32. 6,187,167 shares of the company were exchanged, compared to its average volume of 9,863,394. The firm has a market capitalization of $176.32 billion, a P/E ratio of 627.21, a price-to-earnings-growth ratio of 4.21 and a beta of 1.19. The stock's 50 day moving average price is $142.97 and its 200 day moving average price is $155.57. Salesforce, Inc. has a 1-year low of $126.34 and a 1-year high of $222.19. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.16.
Salesforce (NYSE:CRM - Get Rating) last released its quarterly earnings data on Wednesday, November 30th. The CRM provider reported $0.73 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.15. Salesforce had a net margin of 0.92% and a return on equity of 3.21%. The company had revenue of $7.84 billion during the quarter, compared to analysts' expectations of $7.83 billion. During the same quarter in the previous year, the company earned $0.78 earnings per share. The firm's revenue for the quarter was up 14.2% on a year-over-year basis. Sell-side analysts predict that Salesforce, Inc. will post 2.38 EPS for the current year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on CRM shares. KeyCorp reduced their price target on Salesforce from $210.00 to $200.00 and set an "overweight" rating for the company in a research report on Tuesday, November 29th. Oppenheimer dropped their price objective on Salesforce from $200.00 to $185.00 and set an "outperform" rating for the company in a research note on Thursday, December 1st. Piper Sandler dropped their price target on Salesforce from $175.00 to $171.00 and set an "overweight" rating for the company in a research note on Monday, January 9th. Loop Capital dropped their price target on Salesforce from $150.00 to $140.00 in a research note on Thursday, January 5th. Finally, Evercore ISI dropped their price target on Salesforce from $225.00 to $200.00 in a research note on Monday, November 28th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $190.03.
Salesforce Profile
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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.
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