TCW Group Inc. trimmed its position in salesforce.com, inc. (NYSE:CRM) by 9.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,650,865 shares of the CRM provider’s stock after selling 163,437 shares during the quarter. salesforce.com makes up approximately 2.5% of TCW Group Inc.’s holdings, making the stock its 6th largest position. TCW Group Inc.’s holdings in salesforce.com were worth $261,448,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Granite Investment Partners LLC grew its stake in salesforce.com by 4.3% during the 1st quarter. Granite Investment Partners LLC now owns 115,016 shares of the CRM provider’s stock worth $18,215,000 after buying an additional 4,719 shares during the last quarter. Hancock Whitney Corp grew its stake in salesforce.com by 16.1% during the 1st quarter. Hancock Whitney Corp now owns 124,380 shares of the CRM provider’s stock worth $19,698,000 after buying an additional 17,220 shares during the last quarter. Marvin & Palmer Associates Inc. acquired a new position in salesforce.com during the 1st quarter worth $5,245,000. Hoylecohen LLC boosted its position in salesforce.com by 24.9% during the 1st quarter. Hoylecohen LLC now owns 10,169 shares of the CRM provider’s stock worth $1,610,000 after acquiring an additional 2,030 shares during the period. Finally, Neuberger Berman Group LLC boosted its position in salesforce.com by 161.3% during the 1st quarter. Neuberger Berman Group LLC now owns 627,186 shares of the CRM provider’s stock worth $99,328,000 after acquiring an additional 387,145 shares during the period. Institutional investors and hedge funds own 82.14% of the company’s stock.
In related news, CEO Keith Block sold 5,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $163.25, for a total transaction of $816,250.00. Following the completion of the sale, the chief executive officer now owns 29,089 shares in the company, valued at approximately $4,748,779.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Marc Benioff sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $161.51, for a total value of $1,615,100.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 426,279 shares of company stock valued at $67,663,581. 5.50% of the stock is currently owned by company insiders.
A number of brokerages have issued reports on CRM. ValuEngine lowered salesforce.com from a “buy” rating to a “hold” rating in a research report on Wednesday. SunTrust Banks boosted their price target on salesforce.com to $189.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays reiterated a “buy” rating and set a $182.00 price target on shares of salesforce.com in a research report on Tuesday. Sanford C. Bernstein reiterated a “neutral” rating and set a $169.00 price target on shares of salesforce.com in a research report on Tuesday. Finally, Royal Bank of Canada set a $183.00 price target on salesforce.com and gave the stock a “buy” rating in a research report on Tuesday. 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’s stock. The company presently has a consensus rating of “Buy” and an average target price of $180.03.
Shares of NYSE CRM opened at $151.34 on Friday. salesforce.com, inc. has a 12 month low of $113.60 and a 12 month high of $167.56. The firm has a market cap of $117.39 billion, a PE ratio of 104.37, a P/E/G ratio of 5.21 and a beta of 1.39. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.96 and a quick ratio of 0.96.
salesforce.com (NYSE:CRM) last announced its earnings results on Tuesday, June 4th. The CRM provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.61 by $0.32. salesforce.com had a return on equity of 8.18% and a net margin of 8.26%. The business had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same period in the prior year, the business posted $0.74 earnings per share. salesforce.com’s revenue was up 24.3% compared to the same quarter last year. On average, research analysts anticipate that salesforce.com, inc. will post 1.34 earnings per share for the current fiscal year.
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salesforce.com Company Profile
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.
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