Newbridge Financial Services Group Inc. Lowers Stock Position in Salesforce, Inc. (NYSE:CRM)

Newbridge Financial Services Group Inc. decreased its holdings in Salesforce, Inc. (NYSE:CRMGet Rating) by 9.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,625 shares of the CRM provider’s stock after selling 168 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Salesforce were worth $268,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Salesforce during the fourth quarter worth approximately $2,689,030,000. Aaron Wealth Advisors LLC grew its position in Salesforce by 76,897.5% in the 1st quarter. Aaron Wealth Advisors LLC now owns 2,727,250 shares of the CRM provider’s stock valued at $12,845,000 after buying an additional 2,723,708 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Salesforce by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 77,620,937 shares of the CRM provider’s stock worth $16,480,478,000 after purchasing an additional 1,458,042 shares in the last quarter. State Street Corp boosted its position in shares of Salesforce by 3.3% during the 4th quarter. State Street Corp now owns 44,253,857 shares of the CRM provider’s stock worth $11,246,233,000 after purchasing an additional 1,417,895 shares in the last quarter. Finally, Select Equity Group L.P. purchased a new stake in shares of Salesforce during the 1st quarter worth $184,619,000. Institutional investors and hedge funds own 77.02% of the company’s stock.

Salesforce Stock Performance

Shares of CRM traded down $4.34 during trading hours on Friday, reaching $145.81. 448,286 shares of the company’s stock traded hands, compared to its average volume of 7,754,920. The firm has a market capitalization of $145.81 billion, a price-to-earnings ratio of 270.80, a P/E/G ratio of 4.01 and a beta of 1.12. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.06 and a quick ratio of 1.06. Salesforce, Inc. has a twelve month low of $147.51 and a twelve month high of $311.75. The business’s fifty day simple moving average is $171.85 and its two-hundred day simple moving average is $178.69.

Salesforce (NYSE:CRMGet Rating) last announced its earnings results on Wednesday, August 24th. The CRM provider reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.15. Salesforce had a return on equity of 3.32% and a net margin of 1.83%. The business had revenue of $7.72 billion during the quarter, compared to analysts’ expectations of $7.70 billion. During the same quarter last year, the business posted $0.87 earnings per share. The company’s quarterly revenue was up 21.8% on a year-over-year basis. Analysts predict that Salesforce, Inc. will post 2.2 earnings per share for the current year.

Salesforce declared that its board has authorized a stock buyback plan on Wednesday, August 24th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the CRM provider to reacquire up to 6.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Salesforce

In related news, CEO Marc Benioff sold 2,300 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $150.29, for a total transaction of $345,667.00. Following the completion of the transaction, the chief executive officer now owns 27,761,368 shares of the company’s stock, valued at $4,172,255,996.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Bret Steven Taylor sold 619 shares of Salesforce stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $177.87, for a total value of $110,101.53. Following the transaction, the chief executive officer now owns 932,807 shares of the company’s stock, valued at approximately $165,918,381.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Benioff sold 2,300 shares of Salesforce stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $150.29, for a total value of $345,667.00. Following the completion of the transaction, the chief executive officer now directly owns 27,761,368 shares in the company, valued at approximately $4,172,255,996.72. The disclosure for this sale can be found here. Insiders sold 71,246 shares of company stock valued at $12,337,917 over the last 90 days. 3.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRM shares. Canaccord Genuity Group decreased their price objective on shares of Salesforce from $260.00 to $215.00 and set a “buy” rating on the stock in a research report on Thursday, August 25th. Credit Suisse Group dropped their price objective on shares of Salesforce from $315.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, August 25th. BMO Capital Markets dropped their target price on shares of Salesforce from $207.00 to $190.00 in a research report on Thursday. Wolfe Research dropped their target price on shares of Salesforce from $200.00 to $180.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Cowen dropped their target price on shares of Salesforce from $225.00 to $210.00 and set an “outperform” rating for the company in a research report on Thursday, August 25th. Five analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average target price of $242.12.

Salesforce Profile

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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.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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