FNY Investment Advisers LLC Increases Position in Salesforce, Inc. (NYSE:CRM)

FNY Investment Advisers LLC grew its stake in Salesforce, Inc. (NYSE:CRM – Get Rating) by 1,900.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 500 shares of the CRM provider’s stock after acquiring an additional 475 shares during the quarter. FNY Investment Advisers LLC’s holdings in Salesforce were worth $66,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV increased its holdings in shares of Salesforce by 506.1% in the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 167 shares during the period. GHP Investment Advisors Inc. increased its holdings in shares of Salesforce by 113.4% in the 3rd quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock valued at $30,000 after acquiring an additional 110 shares during the period. MinichMacGregor Wealth Management LLC purchased a new position in shares of Salesforce in the 4th quarter valued at $31,000. TimeScale Financial Inc. grew its stake in Salesforce by 576.9% during the 3rd quarter. TimeScale Financial Inc. now owns 264 shares of the CRM provider’s stock worth $38,000 after buying an additional 225 shares during the last quarter. Finally, Ameliora Wealth Management Ltd. purchased a new position in Salesforce during the 3rd quarter worth $38,000. 75.83% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Price Performance

NYSE:CRM opened at $184.85 on Friday. Salesforce, Inc. has a 12 month low of $126.34 and a 12 month high of $222.15. The stock has a 50 day moving average of $166.43 and a two-hundred day moving average of $153.85. 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 cap of $184.85 billion, a P/E ratio of 880.28, a price-to-earnings-growth ratio of 2.24 and a beta of 1.21.

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

Salesforce declared that its board has approved a share repurchase program on Wednesday, March 1st that permits the company to buyback $20.00 billion in outstanding shares. This buyback authorization permits the CRM provider to purchase up to 10.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 186 shares of the company’s stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total value of $28,939.74. Following the completion of the sale, the chief accounting officer now directly owns 1,273 shares in the company, valued at $198,066.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Sundeep G. Reddy sold 186 shares of the stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total value of $28,939.74. Following the completion of the transaction, the chief accounting officer now directly owns 1,273 shares in the company, valued at $198,066.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 438 shares of the stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $155.59, for a total value of $68,148.42. Following the completion of the transaction, the insider now owns 51,819 shares of the company’s stock, valued at $8,062,518.21. The disclosure for this sale can be found here. Insiders sold 39,268 shares of company stock worth $6,641,547 over the last ninety days. Corporate insiders own 3.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CRM. Bank of America boosted their target price on Salesforce from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, March 2nd. BMO Capital Markets boosted their target price on Salesforce from $185.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, March 2nd. Stifel Nicolaus dropped their target price on Salesforce from $200.00 to $185.00 in a research note on Monday, November 28th. Evercore ISI boosted their target price on Salesforce from $200.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, March 2nd. Finally, Truist Financial boosted their target price on Salesforce from $210.00 to $250.00 in a research note on Thursday, March 2nd. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $211.24.

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.