Tower Bridge Advisors Buys Shares of 933 salesforce.com, inc. (NYSE:CRM)

Tower Bridge Advisors bought a new stake in shares of salesforce.com, inc. (NYSE:CRM) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 933 shares of the CRM provider’s stock, valued at approximately $228,000.

A number of other hedge funds also recently bought and sold shares of CRM. Polen Capital Management LLC grew its holdings in salesforce.com by 31.0% during the 1st quarter. Polen Capital Management LLC now owns 9,228,555 shares of the CRM provider’s stock valued at $1,955,254,000 after buying an additional 2,186,033 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of salesforce.com by 134.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,472,998 shares of the CRM provider’s stock worth $735,824,000 after purchasing an additional 1,993,259 shares in the last quarter. FIL Ltd grew its holdings in shares of salesforce.com by 204.5% during the first quarter. FIL Ltd now owns 2,745,611 shares of the CRM provider’s stock worth $581,712,000 after purchasing an additional 1,843,937 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of salesforce.com by 13.3% during the first quarter. Nuveen Asset Management LLC now owns 13,065,311 shares of the CRM provider’s stock worth $2,768,147,000 after purchasing an additional 1,537,635 shares in the last quarter. Finally, Vulcan Value Partners LLC grew its holdings in shares of salesforce.com by 35.6% during the first quarter. Vulcan Value Partners LLC now owns 4,222,384 shares of the CRM provider’s stock worth $894,597,000 after purchasing an additional 1,107,432 shares in the last quarter. 77.33% of the stock is owned by institutional investors and hedge funds.

Several brokerages have recently commented on CRM. Cowen boosted their price objective on salesforce.com from $290.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 26th. JMP Securities boosted their price objective on salesforce.com from $282.00 to $320.00 and gave the stock a “market outperform” rating in a report on Wednesday, August 18th. Stifel Nicolaus boosted their price objective on salesforce.com from $295.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, August 26th. Truist boosted their price objective on salesforce.com from $287.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, August 26th. Finally, Sanford C. Bernstein boosted their price objective on salesforce.com from $266.00 to $290.00 and gave the stock a “market perform” rating in a report on Thursday, August 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, salesforce.com presently has an average rating of “Buy” and a consensus target price of $298.33.

Shares of CRM stock opened at $254.37 on Wednesday. The stock has a market cap of $249.03 billion, a price-to-earnings ratio of 102.16, a PEG ratio of 7.35 and a beta of 1.09. The business’s fifty day moving average is $251.35 and its 200 day moving average is $235.19. salesforce.com, inc. has a twelve month low of $201.51 and a twelve month high of $275.22. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.19.

salesforce.com (NYSE:CRM) last issued its quarterly earnings results on Tuesday, August 24th. The CRM provider reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.56. The company had revenue of $6.34 billion for the quarter, compared to analysts’ expectations of $6.25 billion. salesforce.com had a return on equity of 7.15% and a net margin of 9.99%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.44 earnings per share. Equities research analysts expect that salesforce.com, inc. will post 2.09 earnings per share for the current fiscal year.

In other news, CAO Joe Allanson sold 313 shares of the stock in a transaction on Wednesday, June 23rd. The stock was sold at an average price of $242.40, for a total value of $75,871.20. Following the sale, the chief accounting officer now directly owns 31,398 shares of the company’s stock, valued at $7,610,875.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 819 shares of the stock in a transaction on Wednesday, June 23rd. The stock was sold at an average price of $242.40, for a total value of $198,525.60. Following the completion of the sale, the chief financial officer now directly owns 31,266 shares in the company, valued at $7,578,878.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 776,356 shares of company stock worth $194,260,597. 4.10% of the stock is owned by insiders.

About salesforce.com

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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Institutional Ownership by Quarter for salesforce.com (NYSE:CRM)

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