Carret Asset Management LLC Reduces Position in Salesforce, Inc. (NYSE:CRM)

Carret Asset Management LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 2.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,951 shares of the CRM provider’s stock after selling 60 shares during the period. Carret Asset Management LLC’s holdings in Salesforce were worth $987,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Arlington Trust Co LLC boosted its position in shares of Salesforce by 85.1% during the fourth 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 bought a new position in Salesforce in the fourth quarter valued at about $30,000. Asset Planning Inc bought a new position in Salesforce in the fourth quarter valued at about $31,000. Collier Financial bought a new position in Salesforce in the fourth quarter valued at about $32,000. Finally, Infrastructure Capital Advisors LLC bought a new position in Salesforce in the third quarter valued at about $27,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Salesforce

In other news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total value of $1,872,521.00. Following the completion of the transaction, the chief financial officer now owns 46,750 shares in the company, valued at approximately $14,071,750. The trade was a 11.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robin L. Washington purchased 1,695 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $294.61 per share, with a total value of $499,363.95. Following the completion of the purchase, the director now directly owns 43,445 shares in the company, valued at $12,799,331.45. The trade was a 4.06 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is currently owned by company insiders.

Salesforce Stock Performance

NYSE CRM opened at $279.76 on Friday. The stock has a market capitalization of $268.85 billion, a PE ratio of 46.01, a P/E/G ratio of 2.58 and a beta of 1.35. The business has a 50 day simple moving average of $318.03 and a two-hundred day simple moving average of $308.70. 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 1-year low of $212.00 and a 1-year high of $369.00.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRM shares. Wells Fargo & Company lowered their target price on Salesforce from $345.00 to $310.00 and set an “equal weight” rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada raised their price objective on Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Bank of America decreased their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. BMO Capital Markets decreased their price objective on Salesforce from $375.00 to $367.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Finally, Macquarie decreased their price objective on Salesforce from $370.00 to $320.00 and set a “neutral” rating on the stock 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 issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $365.62.

Salesforce Profile

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.