Granite Investment Partners LLC reduced its position in shares of Salesforce.com Inc (NYSE:CRM) by 8.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 92,913 shares of the CRM provider’s stock after selling 8,602 shares during the period. Granite Investment Partners LLC’s holdings in Salesforce.com were worth $8,046,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Salesforce.com by 4.7% in the first quarter. Vanguard Group Inc. now owns 43,880,907 shares of the CRM provider’s stock worth $3,619,736,000 after buying an additional 1,956,427 shares during the last quarter. Janus Capital Management LLC boosted its position in Salesforce.com by 21.6% in the first quarter. Janus Capital Management LLC now owns 10,755,181 shares of the CRM provider’s stock worth $927,363,000 after buying an additional 1,910,921 shares during the last quarter. Baillie Gifford & Co. boosted its position in Salesforce.com by 1.0% in the first quarter. Baillie Gifford & Co. now owns 6,989,546 shares of the CRM provider’s stock worth $576,567,000 after buying an additional 70,214 shares during the last quarter. Geode Capital Management LLC boosted its position in Salesforce.com by 11.2% in the first quarter. Geode Capital Management LLC now owns 5,793,802 shares of the CRM provider’s stock worth $477,183,000 after buying an additional 583,131 shares during the last quarter. Finally, Sustainable Growth Advisers LP boosted its position in Salesforce.com by 4.8% in the first quarter. Sustainable Growth Advisers LP now owns 2,934,443 shares of the CRM provider’s stock worth $242,062,000 after buying an additional 133,866 shares during the last quarter. Institutional investors own 85.87% of the company’s stock.
Salesforce.com Inc (CRM) opened at 87.63 on Friday. The stock’s 50 day moving average price is $89.19 and its 200-day moving average price is $85.57. The company has a market cap of $62.41 billion, a PE ratio of 463.65 and a beta of 1.29. Salesforce.com Inc has a 1-year low of $66.43 and a 1-year high of $92.13.
Salesforce.com (NYSE:CRM) last announced its quarterly earnings results on Thursday, May 18th. The CRM provider reported $0.28 earnings per share (EPS) 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%. The business’s revenue was up 24.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 EPS. On average, analysts forecast that Salesforce.com Inc will post $1.30 earnings per share for the current year.
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CRM has been the subject of a number of research analyst reports. Oppenheimer Holdings, Inc. restated a “hold” rating and issued a $100.00 target price (up previously from $95.00) on shares of Salesforce.com in a research note on Friday, May 19th. Zacks Investment Research cut Salesforce.com from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th. SunTrust Banks, Inc. initiated coverage on Salesforce.com in a research note on Monday, June 26th. They issued a “buy” rating and a $110.00 target price for the company. Vetr cut Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $97.77 target price for the company. in a research note on Tuesday, July 11th. Finally, ValuEngine upgraded Salesforce.com from a “sell” rating to a “hold” rating in a research note on Saturday, June 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirty-nine have given a buy rating to the stock. Salesforce.com has a consensus rating of “Buy” and an average price target of $97.31.
In related news, insider Amy E. Weaver sold 1,400 shares of Salesforce.com stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $90.12, for a total value of $126,168.00. Following the completion of the sale, the insider now owns 17,913 shares in the company, valued at approximately $1,614,319.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan Wojcicki bought 1,100 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was bought at an average price of $90.89 per share, with a total value of $99,979.00. Following the acquisition, the director now directly owns 30,517 shares in the company, valued at approximately $2,773,690.13. The disclosure for this purchase can be found here. Insiders have sold a total of 1,396,066 shares of company stock valued at $125,528,615 in the last 90 days. Insiders own 6.70% of the company’s stock.
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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