Cambridge Financial Group Inc. reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 4.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,989 shares of the CRM provider’s stock after selling 1,375 shares during the quarter. Salesforce accounts for about 3.0% of Cambridge Financial Group Inc.’s holdings, making the stock its 21st biggest position. Cambridge Financial Group Inc.’s holdings in Salesforce were worth $6,580,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Qube Research & Technologies Ltd raised its position in Salesforce by 21.6% in the fourth quarter. Qube Research & Technologies Ltd now owns 96,505 shares of the CRM provider’s stock worth $24,525,000 after acquiring an additional 17,130 shares during the period. Emerald Advisers LLC bought a new stake in shares of Salesforce in the fourth quarter valued at approximately $85,000. RFG Advisory LLC grew its stake in Salesforce by 23.5% during the fourth quarter. RFG Advisory LLC now owns 1,349 shares of the CRM provider’s stock valued at $343,000 after acquiring an additional 257 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in Salesforce by 10.1% during the fourth quarter. Pinnacle Associates Ltd. now owns 14,993 shares of the CRM provider’s stock valued at $3,810,000 after acquiring an additional 1,378 shares in the last quarter. Finally, SlateStone Wealth LLC grew its stake in Salesforce by 7.8% during the fourth quarter. SlateStone Wealth LLC now owns 1,046 shares of the CRM provider’s stock valued at $266,000 after acquiring an additional 76 shares in the last quarter. 77.75% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on CRM shares. Citigroup boosted their price objective on shares of Salesforce to $192.00 in a report on Friday, June 3rd. BMO Capital Markets reduced their target price on shares of Salesforce from $260.00 to $225.00 in a research report on Wednesday, June 1st. Loop Capital reduced their target price on shares of Salesforce from $225.00 to $175.00 and set a “hold” rating on the stock in a research report on Thursday, June 2nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Salesforce from $300.00 to $260.00 in a research report on Wednesday, June 1st. Finally, Cowen reduced their target price on shares of Salesforce from $285.00 to $225.00 in a research report on Monday, May 23rd. Four analysts have rated the stock with a hold rating, thirty-five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $270.51.
Salesforce Trading Down 0.6 %
Salesforce (NYSE:CRM – Get Rating) last announced its earnings results on Tuesday, May 31st. The CRM provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. Salesforce had a return on equity of 3.92% and a net margin of 3.59%. The company had revenue of $7.41 billion during the quarter, compared to analysts’ expectations of $7.38 billion. During the same period last year, the business posted $0.74 EPS. Salesforce’s revenue for the quarter was up 24.3% on a year-over-year basis. Analysts expect that Salesforce, Inc. will post 2.18 EPS for the current fiscal year.
Insider Activity at Salesforce
In other Salesforce news, CEO Marc Benioff sold 2,300 shares of the stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $157.52, for a total value of $362,296.00. Following the sale, the chief executive officer now owns 28,926,000 shares of the company’s stock, valued at approximately $4,556,423,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Marc Benioff sold 2,300 shares of the business’s stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $157.52, for a total value of $362,296.00. Following the transaction, the chief executive officer now owns 28,926,000 shares of the company’s stock, valued at $4,556,423,520. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Parker Harris sold 568 shares of the company’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $177.87, for a total value of $101,030.16. Following the completion of the sale, the insider now directly owns 93,650 shares in the company, valued at approximately $16,657,525.50. The disclosure for this sale can be found here. Insiders sold 80,049 shares of company stock worth $13,746,419 in the last three months. 3.60% of the stock is owned by company insiders.
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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