Deltec Asset Management LLC reduced its position in Salesforce.com Inc (NYSE:CRM) by 49.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,500 shares of the CRM provider’s stock after selling 32,500 shares during the period. Deltec Asset Management LLC’s holdings in Salesforce.com were worth $3,130,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRM. Dimensional Fund Advisors LP increased its stake in Salesforce.com by 3.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 707,362 shares of the CRM provider’s stock valued at $58,350,000 after purchasing an additional 21,297 shares in the last quarter. National Asset Management Inc. increased its stake in Salesforce.com by 4.4% in the 1st quarter. National Asset Management Inc. now owns 4,051 shares of the CRM provider’s stock valued at $335,000 after purchasing an additional 169 shares in the last quarter. Westover Capital Advisors LLC purchased a new position in Salesforce.com in the 1st quarter valued at approximately $224,000. Metropolitan Life Insurance Co. NY increased its stake in Salesforce.com by 0.9% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 347,817 shares of the CRM provider’s stock valued at $28,691,000 after purchasing an additional 3,001 shares in the last quarter. Finally, TPG Group Holdings SBS Advisors Inc. purchased a new position in Salesforce.com in the 1st quarter valued at approximately $2,543,000. 86.06% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently weighed in on CRM. Vetr downgraded Salesforce.com from a “sell” rating to a “strong sell” rating and set a $90.51 price objective for the company. in a research note on Tuesday. Citigroup Inc. raised their price objective on Salesforce.com to $124.00 and gave the company a “buy” rating in a research note on Wednesday. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Salesforce.com in a research note on Wednesday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $84.00 price objective on shares of Salesforce.com in a research note on Sunday. Finally, Guggenheim began coverage on Salesforce.com in a research note on Monday. They issued a “buy” rating and a $125.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and forty-six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $103.43.
In other news, CFO Mark J. Hawkins sold 490 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $93.52, for a total transaction of $45,824.80. Following the sale, the chief financial officer now directly owns 14,886 shares of the company’s stock, valued at $1,392,138.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alexandre Dayon sold 124,331 shares of the stock in a transaction that occurred on Friday, October 20th. The shares were sold at an average price of $99.00, for a total transaction of $12,308,769.00. Following the sale, the insider now directly owns 154,406 shares in the company, valued at $15,286,194. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 534,173 shares of company stock valued at $51,367,596. Company insiders own 6.20% of the company’s stock.
Salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.24. The company had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.52 billion. Salesforce.com had a negative net margin of 0.85% and a positive return on equity of 1.83%. The company’s revenue was up 25.7% on a year-over-year basis. During the same quarter last year, the business posted $0.24 earnings per share.
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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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