Envestnet Portfolio Solutions Inc. Boosts Position in Salesforce, Inc. (NYSE:CRM)

Envestnet Portfolio Solutions Inc. grew its holdings in Salesforce, Inc. (NYSE:CRM) by 11.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 62,837 shares of the CRM provider’s stock after acquiring an additional 6,404 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Salesforce were worth $21,008,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. United Bank raised its position in Salesforce by 1.1% during the third quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after acquiring an additional 76 shares in the last quarter. Accredited Investors Inc. increased its holdings in shares of Salesforce by 74.2% during the 3rd quarter. Accredited Investors Inc. now owns 1,618 shares of the CRM provider’s stock valued at $443,000 after purchasing an additional 689 shares in the last quarter. GoalVest Advisory LLC lifted its stake in shares of Salesforce by 7.2% in the 3rd quarter. GoalVest Advisory LLC now owns 951 shares of the CRM provider’s stock valued at $260,000 after purchasing an additional 64 shares during the period. Atlanta Consulting Group Advisors LLC boosted its holdings in Salesforce by 111.6% during the third quarter. Atlanta Consulting Group Advisors LLC now owns 5,748 shares of the CRM provider’s stock worth $1,573,000 after buying an additional 3,032 shares in the last quarter. Finally, Concord Asset Management LLC VA grew its position in Salesforce by 17.4% during the third quarter. Concord Asset Management LLC VA now owns 6,894 shares of the CRM provider’s stock valued at $1,887,000 after buying an additional 1,024 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Up 3.0 %

Shares of NYSE:CRM opened at $279.76 on Monday. The business has a 50-day moving average price of $318.03 and a 200 day moving average price of $309.36. The company has a market capitalization of $268.85 billion, a price-to-earnings ratio of 46.01, a PEG ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Insider Buying and Selling

In other news, insider Parker Harris sold 942 shares of Salesforce stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the sale, the insider now directly owns 120,333 shares of the company’s stock, valued at approximately $40,886,746.74. The trade was a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director G Mason Morfit sold 722,300 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total value of $249,995,253.00. Following the transaction, the director now directly owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. The trade was a 18.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,108,793 shares of company stock valued at $383,156,227. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of several recent analyst reports. Oppenheimer lowered their target price on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Citigroup reiterated a “cautious” rating on shares of Salesforce in a research report on Thursday, February 27th. Loop Capital cut their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. JPMorgan Chase & Co. increased their target price on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Erste Group Bank raised shares of Salesforce from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $365.62.

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.