Financial Gravity Asset Management Inc. Sells 2,254 Shares of Salesforce, Inc. (NYSE:CRM)

Financial Gravity Asset Management Inc. lowered its position in Salesforce, Inc. (NYSE:CRMGet Rating) by 66.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,160 shares of the CRM provider’s stock after selling 2,254 shares during the quarter. Financial Gravity Asset Management Inc.’s holdings in Salesforce were worth $167,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Mutual Advisors LLC boosted its stake in shares of Salesforce by 16.6% in the third quarter. Mutual Advisors LLC now owns 9,924 shares of the CRM provider’s stock worth $1,428,000 after acquiring an additional 1,410 shares during the period. CIBC Asset Management Inc grew its holdings in Salesforce by 60.1% during the 3rd quarter. CIBC Asset Management Inc now owns 258,159 shares of the CRM provider’s stock valued at $37,134,000 after buying an additional 96,950 shares in the last quarter. Sheaff Brock Investment Advisors LLC raised its position in shares of Salesforce by 4.3% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 7,187 shares of the CRM provider’s stock valued at $1,034,000 after buying an additional 295 shares during the last quarter. ACG Wealth lifted its holdings in shares of Salesforce by 7.6% in the third quarter. ACG Wealth now owns 23,698 shares of the CRM provider’s stock worth $3,409,000 after buying an additional 1,684 shares in the last quarter. Finally, Motco boosted its position in shares of Salesforce by 5.9% during the third quarter. Motco now owns 42,834 shares of the CRM provider’s stock worth $6,161,000 after acquiring an additional 2,386 shares during the last quarter. Hedge funds and other institutional investors own 75.83% of the company’s stock.

Analysts Set New Price Targets

CRM has been the topic of a number of research reports. Atlantic Securities downgraded shares of Salesforce from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $200.00 to $140.00 in a report on Friday, January 13th. UBS Group reduced their target price on Salesforce from $180.00 to $162.00 and set a “neutral” rating on the stock in a report on Thursday, December 1st. BMO Capital Markets decreased their price objective on Salesforce from $180.00 to $172.00 in a report on Thursday, December 1st. Cowen downgraded Salesforce from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Macquarie restated an “outperform” rating and issued a $210.00 price target on shares of Salesforce in a research report on Wednesday, November 2nd. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.81.

Salesforce Trading Up 3.1 %

CRM opened at $155.87 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.16. The stock’s fifty day moving average is $141.29 and its two-hundred day moving average is $155.70. The company has a market capitalization of $155.87 billion, a P/E ratio of 556.68, a PEG ratio of 3.79 and a beta of 1.15. Salesforce, Inc. has a 52 week low of $126.34 and a 52 week high of $234.49.

Salesforce (NYSE:CRMGet Rating) last posted its quarterly earnings results on Wednesday, November 30th. The CRM provider reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.15. The business had revenue of $7.84 billion for the quarter, compared to the consensus estimate of $7.83 billion. Salesforce had a return on equity of 3.21% and a net margin of 0.92%. The business’s revenue was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.78 EPS. Analysts forecast that Salesforce, Inc. will post 2.38 earnings per share for the current year.

Insider Activity

In other Salesforce news, insider Parker Harris sold 47,096 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $163.16, for a total value of $7,684,183.36. Following the completion of the sale, the insider now directly owns 95,155 shares in the company, valued at $15,525,489.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CAO Sundeep G. Reddy sold 186 shares of Salesforce stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $155.59, for a total value of $28,939.74. Following the completion of the sale, the chief accounting officer now directly owns 1,273 shares in the company, valued at approximately $198,066.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Parker Harris sold 47,096 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $163.16, for a total transaction of $7,684,183.36. Following the sale, the insider now directly owns 95,155 shares in the company, valued at approximately $15,525,489.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 166,164 shares of company stock worth $25,221,512. Corporate insiders own 3.60% of the company’s stock.

About Salesforce

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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

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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