First Bank & Trust lessened its stake in salesforce.com, inc. (NYSE:CRM) by 66.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 130 shares of the CRM provider’s stock after selling 259 shares during the period. First Bank & Trust’s holdings in salesforce.com were worth $32,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the stock. Duncker Streett & Co. Inc. boosted its position in shares of salesforce.com by 35.8% during the 2nd quarter. Duncker Streett & Co. Inc. now owns 163 shares of the CRM provider’s stock valued at $40,000 after purchasing an additional 43 shares in the last quarter. Bank of Marin boosted its position in shares of salesforce.com by 0.4% during the 2nd quarter. Bank of Marin now owns 12,000 shares of the CRM provider’s stock valued at $2,931,000 after purchasing an additional 43 shares in the last quarter. Hills Bank & Trust Co boosted its position in shares of salesforce.com by 0.3% during the 2nd quarter. Hills Bank & Trust Co now owns 14,884 shares of the CRM provider’s stock valued at $3,636,000 after purchasing an additional 47 shares in the last quarter. Sage Rhino Capital LLC boosted its position in shares of salesforce.com by 1.2% during the 2nd quarter. Sage Rhino Capital LLC now owns 4,018 shares of the CRM provider’s stock valued at $981,000 after purchasing an additional 48 shares in the last quarter. Finally, Naples Global Advisors LLC boosted its position in shares of salesforce.com by 4.1% during the 1st quarter. Naples Global Advisors LLC now owns 1,265 shares of the CRM provider’s stock valued at $268,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 77.33% of the company’s stock.
In related news, CEO Marc Benioff sold 20,000 shares of salesforce.com stock in a transaction on Monday, September 13th. The stock was sold at an average price of $253.59, for a total transaction of $5,071,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Parker Harris sold 4,300 shares of salesforce.com stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $265.45, for a total value of $1,141,435.00. Following the sale, the insider now directly owns 87,173 shares of the company’s stock, valued at approximately $23,140,072.85. The disclosure for this sale can be found here. Insiders sold 776,356 shares of company stock valued at $194,260,597 over the last ninety days. Corporate insiders own 4.10% of the company’s stock.
salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Tuesday, August 24th. The CRM provider reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.56. salesforce.com had a return on equity of 7.15% and a net margin of 9.99%. The firm had revenue of $6.34 billion during the quarter, compared to analyst estimates of $6.25 billion. During the same period last year, the company earned $1.44 earnings per share. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. Sell-side analysts expect that salesforce.com, inc. will post 2.09 earnings per share for the current fiscal year.
Several research analysts have issued reports on the company. Oppenheimer increased their price target on salesforce.com from $265.00 to $290.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. BMO Capital Markets increased their price target on salesforce.com from $280.00 to $310.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. Morgan Stanley increased their price target on salesforce.com from $285.00 to $305.00 and gave the stock an “overweight” rating in a report on Thursday, August 26th. Robert W. Baird reiterated a “buy” rating and issued a $295.00 price target on shares of salesforce.com in a report on Sunday, August 22nd. Finally, Redburn Partners initiated coverage on salesforce.com in a research note on Monday, June 28th. They issued a “buy” rating and a $320.00 price objective for the company. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirty-one have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, salesforce.com currently has an average rating of “Buy” and a consensus target price of $298.33.
salesforce.com, 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.
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