Essex Investment Management Co. LLC Trims Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Essex Investment Management Co. LLC decreased its position in Salesforce, Inc. (NYSE:CRM) by 2.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,000 shares of the CRM provider’s stock after selling 452 shares during the period. Salesforce makes up about 1.3% of Essex Investment Management Co. LLC’s portfolio, making the stock its 11th biggest holding. Essex Investment Management Co. LLC’s holdings in Salesforce were worth $7,355,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRM. Infrastructure Capital Advisors LLC purchased a new position in shares of Salesforce during the 3rd quarter valued at about $27,000. Arlington Trust Co LLC raised its stake in shares of Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after buying an additional 40 shares during the last quarter. Compass Financial Services Inc purchased a new position in shares of Salesforce during the 4th quarter valued at about $30,000. Asset Planning Inc acquired a new stake in shares of Salesforce during the 4th quarter valued at about $31,000. Finally, Collier Financial acquired a new stake in shares of Salesforce during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CRM shares. JMP Securities restated a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Canaccord Genuity Group dropped their target price on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. The Goldman Sachs Group raised their target price on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Robert W. Baird dropped their target price on Salesforce from $430.00 to $400.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, Redburn Atlantic assumed coverage on Salesforce in a research report on Wednesday, February 19th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $365.62.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total value of $2,133,803.00. Following the transaction, the chief financial officer now directly owns 53,861 shares in the company, valued at approximately $18,474,323. The trade was a 10.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Performance

NYSE:CRM opened at $282.74 on Friday. The firm has a market capitalization of $270.58 billion, a PE ratio of 46.50, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The business’s fifty day moving average price is $323.68 and its 200 day moving average price is $308.50. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00.

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.