Palestra Capital Management LLC Has $148.93 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Palestra Capital Management LLC increased its holdings in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 45.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 734,446 shares of the CRM provider’s stock after buying an additional 230,178 shares during the quarter. Salesforce accounts for about 7.9% of Palestra Capital Management LLC’s holdings, making the stock its biggest holding. Palestra Capital Management LLC owned approximately 0.08% of Salesforce worth $148,931,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Union Savings Bank acquired a new stake in Salesforce during the second quarter worth approximately $27,000. Peoples Bank KS bought a new position in Salesforce during the 3rd quarter valued at approximately $39,000. Quarry LP purchased a new stake in shares of Salesforce in the 2nd quarter worth approximately $41,000. Emerald Advisers LLC purchased a new stake in Salesforce during the 3rd quarter valued at $41,000. Finally, Pacific Center for Financial Services purchased a new stake in Salesforce during the 1st quarter valued at $41,000. 77.52% of the stock is currently owned by institutional investors.

Insider Transactions at Salesforce

In other news, CFO Amy E. Weaver sold 94,980 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $250.00, for a total value of $23,745,000.00. Following the completion of the sale, the chief financial officer now owns 37,048 shares in the company, valued at approximately $9,262,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the sale, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amy E. Weaver sold 94,980 shares of Salesforce stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $250.00, for a total value of $23,745,000.00. Following the completion of the sale, the chief financial officer now owns 37,048 shares of the company’s stock, valued at $9,262,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,395,796 shares of company stock worth $376,848,269. Company insiders own 3.70% of the company’s stock.

Salesforce Trading Up 0.1 %

Shares of NYSE CRM traded up $0.27 during midday trading on Wednesday, reaching $299.77. The stock had a trading volume of 10,906,748 shares, compared to its average volume of 5,198,487. The firm has a market cap of $290.18 billion, a price-to-earnings ratio of 113.88, a price-to-earnings-growth ratio of 1.93 and a beta of 1.28. Salesforce, Inc. has a twelve month low of $162.98 and a twelve month high of $303.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50 day moving average price is $276.88 and its 200 day moving average price is $238.84.

Salesforce (NYSE:CRMGet Free Report) last issued its quarterly earnings results on Wednesday, November 29th. The CRM provider reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The firm had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.71 billion. Salesforce had a net margin of 7.63% and a return on equity of 9.19%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 EPS. As a group, sell-side analysts expect that Salesforce, Inc. will post 6.02 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Stifel Nicolaus increased their price target on Salesforce from $300.00 to $330.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Piper Sandler reaffirmed a “neutral” rating and set a $285.00 price target on shares of Salesforce in a research report on Wednesday. KeyCorp lowered their target price on shares of Salesforce from $272.00 to $268.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 22nd. Raymond James increased their target price on shares of Salesforce from $280.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 30th. Finally, UBS Group increased their target price on shares of Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Nine equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $272.09.

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Salesforce Company Profile

(Free Report)

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 relationship intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer service and support at scale.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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