Salesforce, Inc. (NYSE:CRM) Stock Position Lowered by Curbstone Financial Management Corp

Curbstone Financial Management Corp decreased its stake in Salesforce, Inc. (NYSE:CRM) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,666 shares of the CRM provider’s stock after selling 50 shares during the quarter. Curbstone Financial Management Corp’s holdings in Salesforce were worth $1,104,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Foster Group Inc. purchased a new stake in Salesforce in the 1st quarter worth approximately $296,000. Rise Advisors LLC increased its stake in shares of Salesforce by 137.2% during the 1st quarter. Rise Advisors LLC now owns 854 shares of the CRM provider’s stock worth $257,000 after purchasing an additional 494 shares during the last quarter. Neville Rodie & Shaw Inc. increased its stake in shares of Salesforce by 8.2% during the 1st quarter. Neville Rodie & Shaw Inc. now owns 51,871 shares of the CRM provider’s stock worth $15,623,000 after purchasing an additional 3,927 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in shares of Salesforce by 11.8% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 1,311 shares of the CRM provider’s stock worth $395,000 after purchasing an additional 138 shares during the last quarter. Finally, Emprise Bank acquired a new position in shares of Salesforce during the 1st quarter worth $1,532,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

CRM stock traded up $9.83 during trading on Thursday, hitting $241.64. 7,283,597 shares of the stock traded hands, compared to its average volume of 6,771,537. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The stock has a market cap of $234.15 billion, a price-to-earnings ratio of 42.90, a P/E/G ratio of 2.03 and a beta of 1.25. The company has a 50 day simple moving average of $264.60 and a 200 day simple moving average of $276.60. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same period last year, the firm posted $1.15 EPS. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Insider Buying and Selling at Salesforce

In related news, Director G Mason Morfit acquired 428,000 shares of the stock in a transaction on Monday, June 3rd. The stock was purchased at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the transaction, the director now owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The acquisition was disclosed in a filing with the SEC, which is available through this link. In other Salesforce news, Director G Mason Morfit purchased 428,000 shares of the stock in a transaction dated Monday, June 3rd. The stock was bought at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the transaction, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 2,425 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the transaction, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 600,470 shares of company stock worth $167,913,238. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. DA Davidson dropped their price target on shares of Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. StockNews.com lowered shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. TD Cowen dropped their price target on shares of Salesforce from $330.00 to $285.00 and set a “hold” rating on the stock in a research note on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and issued a $345.00 target price on shares of Salesforce in a research note on Thursday, May 30th. Finally, Truist Financial reiterated a “buy” rating and issued a $300.00 target price (down from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

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.