Triangle Securities Wealth Management Sells 504 Shares of Salesforce, Inc. (NYSE:CRM)

Triangle Securities Wealth Management trimmed its holdings in shares of Salesforce, Inc. (NYSE:CRM – Get Rating) by 4.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 10,499 shares of the CRM provider’s stock after selling 504 shares during the quarter. Triangle Securities Wealth Management’s holdings in Salesforce were worth $1,392,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in shares of Salesforce by 506.1% during the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock worth $29,000 after buying an additional 167 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of Salesforce by 113.4% during the third quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after purchasing an additional 110 shares during the period. MinichMacGregor Wealth Management LLC acquired a new position in shares of Salesforce during the fourth quarter worth approximately $31,000. EWG Elevate Inc. acquired a new position in shares of Salesforce during the fourth quarter worth approximately $34,000. Finally, TimeScale Financial Inc. raised its position in shares of Salesforce by 576.9% during the third quarter. TimeScale Financial Inc. now owns 264 shares of the CRM provider’s stock worth $38,000 after purchasing an additional 225 shares during the period. 75.83% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Salesforce news, CEO Bret Steven Taylor sold 1,034 shares of the firm’s stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $128.55, for a total value of $132,920.70. Following the completion of the transaction, the chief executive officer now owns 901,195 shares in the company, valued at approximately $115,848,617.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Salesforce news, CEO Bret Steven Taylor sold 1,034 shares of the firm’s stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $128.55, for a total value of $132,920.70. Following the completion of the transaction, the chief executive officer now owns 901,195 shares in the company, valued at approximately $115,848,617.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Brian Millham sold 976 shares of the firm’s stock in a transaction dated Friday, December 23rd. The stock was sold at an average price of $128.55, for a total value of $125,464.80. Following the completion of the transaction, the chief operating officer now owns 7,967 shares of the company’s stock, valued at approximately $1,024,157.85. The disclosure for this sale can be found here. Insiders sold a total of 39,268 shares of company stock worth $6,641,547 in the last quarter. 3.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Cowen lowered Salesforce from an “outperform” rating to a “market perform” rating in a research report on Friday, January 20th. Mizuho upped their target price on Salesforce from $200.00 to $225.00 and gave the stock a “buy” rating in a research report on Thursday, March 2nd. JMP Securities reissued a “market perform” rating and issued a $250.00 price target on shares of Salesforce in a research report on Thursday, March 2nd. KeyCorp lowered their price target on Salesforce from $210.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, November 29th. Finally, Sanford C. Bernstein lowered Salesforce from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $134.00 to $119.00 in a research report on Wednesday, January 11th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $211.24.

Salesforce Stock Performance

Shares of CRM stock traded down $2.45 on Friday, hitting $184.85. 10,493,254 shares of the stock were exchanged, compared to its average volume of 9,626,618. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $184.85 billion, a PE ratio of 880.28, a P/E/G ratio of 2.24 and a beta of 1.21. Salesforce, Inc. has a one year low of $126.34 and a one year high of $222.15. The firm’s 50 day moving average is $166.43 and its two-hundred day moving average is $153.85.

Salesforce (NYSE:CRM – Get Rating) last issued its earnings results on Wednesday, March 1st. The CRM provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.36 by $0.32. Salesforce had a return on equity of 4.48% and a net margin of 0.66%. The business had revenue of $8.38 billion during the quarter, compared to the consensus estimate of $7.99 billion. During the same quarter last year, the company earned $0.24 EPS. The firm’s revenue was up 14.4% compared to the same quarter last year. Sell-side analysts expect that Salesforce, Inc. will post 4.88 earnings per share for the current fiscal year.

Salesforce announced that its board has authorized a stock repurchase plan on Wednesday, March 1st that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the CRM provider to reacquire up to 10.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

About Salesforce

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Salesforce, Inc engages in the design and development of cloud-based enterprise software for customer relationship management. Its solutions include sales force automation, customer service and support, marketing automation, digital commerce, community management, collaboration, industry-specific solutions, and salesforce platform.