ProVise Management Group LLC Decreases Stock Position in Salesforce, Inc. (NYSE:CRM)

ProVise Management Group LLC lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 5.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 5,165 shares of the CRM provider’s stock after selling 313 shares during the period. ProVise Management Group LLC’s holdings in Salesforce were worth $1,727,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Nvest Financial LLC raised its holdings in Salesforce by 1.1% during the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after buying an additional 31 shares during the period. OMC Financial Services LTD increased its stake in Salesforce by 0.3% in the fourth quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock worth $3,808,000 after purchasing an additional 31 shares during the period. Capital Advisors Ltd. LLC increased its stake in Salesforce by 4.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock worth $263,000 after purchasing an additional 31 shares during the period. Sachetta LLC increased its stake in Salesforce by 0.3% in the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after purchasing an additional 32 shares during the period. Finally, Prossimo Advisors LLC increased its stake in Salesforce by 1.0% in the fourth quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock worth $1,125,000 after purchasing an additional 32 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

Shares of CRM stock opened at $278.98 on Wednesday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a market capitalization of $268.10 billion, a price-to-earnings ratio of 45.88, a PEG ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50-day simple moving average is $316.13 and its 200-day simple moving average is $309.71.

Insider Buying and Selling

In other news, Director Robin L. Washington bought 1,695 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $294.61 per share, with a total value of $499,363.95. Following the completion of the acquisition, the director now directly owns 43,445 shares of the company’s stock, valued at $12,799,331.45. This trade represents a 4.06 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $277.37, for a total value of $1,725,518.77. Following the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at $12,967,047.50. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,609 shares of company stock valued at $24,920,821 over the last quarter. 3.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on CRM. Northland Securities reiterated an “outperform” rating and issued a $440.00 target price (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. UBS Group increased their target price on Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Stifel Nicolaus reduced their target price on Salesforce from $425.00 to $375.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Guggenheim reiterated a “sell” rating and issued a $247.00 target price on shares of Salesforce in a research note on Thursday, February 27th. Finally, Citigroup reiterated a “cautious” rating on shares of Salesforce in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $364.14.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.