Pier 88 Investment Partners LLC cut its position in Salesforce.com Inc (NYSE:CRM) by 31.7% during the second quarter, Holdings Channel reports. The fund owned 3,149 shares of the CRM provider’s stock after selling 1,459 shares during the period. Pier 88 Investment Partners LLC’s holdings in Salesforce.com were worth $273,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Intrust Bank NA boosted its position in shares of Salesforce.com by 0.4% in the first quarter. Intrust Bank NA now owns 8,862 shares of the CRM provider’s stock worth $731,000 after buying an additional 36 shares during the period. King Luther Capital Management Corp boosted its position in shares of Salesforce.com by 1.3% in the first quarter. King Luther Capital Management Corp now owns 3,233 shares of the CRM provider’s stock worth $267,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC boosted its position in shares of Salesforce.com by 0.3% in the first quarter. Wellington Shields Capital Management LLC now owns 15,350 shares of the CRM provider’s stock worth $1,266,000 after buying an additional 50 shares during the period. Boltwood Capital Management boosted its position in shares of Salesforce.com by 0.4% in the second quarter. Boltwood Capital Management now owns 13,655 shares of the CRM provider’s stock worth $1,182,000 after buying an additional 60 shares during the period. Finally, Guardian Life Insurance Co. of America boosted its position in shares of Salesforce.com by 3.4% in the first quarter. Guardian Life Insurance Co. of America now owns 2,529 shares of the CRM provider’s stock worth $209,000 after buying an additional 83 shares during the period. 85.62% of the stock is currently owned by institutional investors and hedge funds.
Salesforce.com Inc (NYSE CRM) traded down 0.79% during midday trading on Monday, hitting $89.29. The company had a trading volume of 2,485,583 shares. Salesforce.com Inc has a 52-week low of $66.43 and a 52-week high of $91.99. The stock’s 50-day moving average price is $88.71 and its 200-day moving average price is $82.11. The stock has a market cap of $63.59 billion, a PE ratio of 472.43 and a beta of 1.28.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Thursday, May 18th. The CRM provider reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. Salesforce.com had a net margin of 1.49% and a return on equity of 1.80%. Salesforce.com’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 earnings per share. On average, equities research analysts expect that Salesforce.com Inc will post $1.30 EPS for the current fiscal year.
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CRM has been the subject of a number of recent research reports. Zacks Investment Research upgraded Salesforce.com from a “sell” rating to a “buy” rating and set a $97.00 target price for the company in a report on Tuesday, May 9th. BMO Capital Markets reiterated a “buy” rating and issued a $92.00 target price on shares of Salesforce.com in a report on Wednesday, March 22nd. Vetr cut Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $91.96 price objective for the company. in a report on Monday, April 3rd. Benchmark Co. boosted their price objective on Salesforce.com from $100.00 to $110.00 and gave the company a “buy” rating in a report on Monday, May 15th. Finally, Drexel Hamilton restated a “buy” rating and set a $100.00 price objective on shares of Salesforce.com in a report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and forty-one have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $97.41.
In other news, Director Susan Wojcicki bought 1,100 shares of the stock in a transaction on Monday, June 5th. The stock was purchased at an average price of $90.89 per share, with a total value of $99,979.00. Following the completion of the purchase, the director now owns 30,517 shares of the company’s stock, valued at $2,773,690.13. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Burke F. Norton sold 379,189 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $91.37, for a total transaction of $34,646,498.93. Following the completion of the sale, the executive vice president now directly owns 82,843 shares of the company’s stock, valued at approximately $7,569,364.91. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,389,961 shares of company stock valued at $124,011,690. 6.70% of the stock is currently owned by insiders.
Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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