CV Advisors LLC Acquires Shares of 1,000 Salesforce, Inc. (NYSE:CRM)

CV Advisors LLC bought a new position in shares of Salesforce, Inc. (NYSE:CRM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,000 shares of the CRM provider’s stock, valued at approximately $211,000. Salesforce comprises approximately 0.2% of CV Advisors LLC’s investment portfolio, making the stock its 19th largest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlas Brown Inc. grew its holdings in Salesforce by 0.7% in the second quarter. Atlas Brown Inc. now owns 6,237 shares of the CRM provider’s stock valued at $1,318,000 after purchasing an additional 44 shares during the period. Country Club Bank GFN lifted its stake in shares of Salesforce by 0.9% in the 2nd quarter. Country Club Bank GFN now owns 5,778 shares of the CRM provider’s stock valued at $1,216,000 after purchasing an additional 50 shares in the last quarter. Summit X LLC grew its holdings in shares of Salesforce by 4.8% during the 2nd quarter. Summit X LLC now owns 1,084 shares of the CRM provider’s stock worth $229,000 after purchasing an additional 50 shares during the period. Western Pacific Wealth Management LP increased its position in Salesforce by 1.2% during the 1st quarter. Western Pacific Wealth Management LP now owns 4,545 shares of the CRM provider’s stock worth $908,000 after purchasing an additional 53 shares in the last quarter. Finally, Hyperion Partners LLC raised its holdings in Salesforce by 3.3% in the second quarter. Hyperion Partners LLC now owns 1,661 shares of the CRM provider’s stock valued at $351,000 after buying an additional 53 shares during the period. 77.52% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 164 shares of Salesforce stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $200.97, for a total value of $32,959.08. Following the completion of the sale, the chief accounting officer now directly owns 2,576 shares in the company, valued at $517,698.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Amy E. Weaver sold 16,277 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $225.73, for a total value of $3,674,207.21. Following the transaction, the chief financial officer now directly owns 35,611 shares of the company’s stock, valued at approximately $8,038,471.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 164 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $200.97, for a total value of $32,959.08. Following the sale, the chief accounting officer now directly owns 2,576 shares of the company’s stock, valued at approximately $517,698.72. The disclosure for this sale can be found here. Insiders sold 671,788 shares of company stock valued at $141,136,481 in the last three months. Corporate insiders own 3.70% of the company’s stock.

Salesforce Trading Up 1.2 %

Salesforce stock traded up $2.57 during midday trading on Monday, reaching $223.79. The stock had a trading volume of 1,231,493 shares, compared to its average volume of 6,421,873. Salesforce, Inc. has a twelve month low of $126.34 and a twelve month high of $238.22. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $217.75 billion, a price-to-earnings ratio of 139.13, a PEG ratio of 1.66 and a beta of 1.18. The firm’s fifty day simple moving average is $208.52 and its two-hundred day simple moving average is $211.92.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 30th. The CRM provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.22. Salesforce had a net margin of 4.77% and a return on equity of 7.67%. The firm had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the prior year, the business earned $0.52 EPS. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities analysts anticipate that Salesforce, Inc. will post 5.86 EPS for the current fiscal year.

Analysts Set New Price Targets

CRM has been the subject of a number of analyst reports. Piper Sandler cut Salesforce from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $268.00 to $232.00 in a report on Monday, October 23rd. Bank of America raised their price target on shares of Salesforce from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, August 31st. The Goldman Sachs Group lowered shares of Salesforce from a “conviction-buy” rating to a “buy” rating in a report on Monday, October 2nd. UBS Group raised their target price on Salesforce from $220.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 31st. Finally, Jefferies Financial Group increased their price target on Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $241.28.

Salesforce Company 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 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.