Princeton Capital Management LLC Sells 1,425 Shares of salesforce.com, inc. (NYSE:CRM)

Princeton Capital Management LLC lessened its position in salesforce.com, inc. (NYSE:CRM) by 54.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,204 shares of the CRM provider’s stock after selling 1,425 shares during the period. Princeton Capital Management LLC’s holdings in salesforce.com were worth $294,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRM. Roosevelt Investment Group LLC increased its position in salesforce.com by 11.0% in the second quarter. Roosevelt Investment Group LLC now owns 42,770 shares of the CRM provider’s stock worth $10,447,000 after buying an additional 4,233 shares during the last quarter. Prentice Wealth Management LLC lifted its stake in salesforce.com by 165.1% during the second quarter. Prentice Wealth Management LLC now owns 562 shares of the CRM provider’s stock worth $137,000 after purchasing an additional 350 shares during the last quarter. Mackenzie Financial Corp lifted its stake in salesforce.com by 13.7% during the second quarter. Mackenzie Financial Corp now owns 643,635 shares of the CRM provider’s stock worth $157,221,000 after purchasing an additional 77,755 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new stake in salesforce.com during the second quarter worth about $1,289,000. Finally, Nicolet Bankshares Inc. lifted its stake in salesforce.com by 4.7% during the second quarter. Nicolet Bankshares Inc. now owns 7,975 shares of the CRM provider’s stock worth $1,948,000 after purchasing an additional 361 shares during the last quarter. 77.33% of the stock is owned by institutional investors and hedge funds.

CRM has been the subject of several research analyst reports. Credit Suisse Group set a $290.00 price target on salesforce.com in a research note on Wednesday, September 1st. Cowen boosted their price target on salesforce.com from $290.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, August 26th. Citigroup upped their target price on salesforce.com from $250.00 to $280.00 and gave the stock a “neutral” rating in a report on Thursday, August 26th. Royal Bank of Canada set a $310.00 target price on salesforce.com in a report on Wednesday, September 1st. Finally, BMO Capital Markets boosted their price target on salesforce.com from $280.00 to $310.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, thirty-two have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $299.22.

In related news, CFO Amy E. Weaver sold 7,300 shares of the firm’s stock in a transaction dated Wednesday, September 15th. The shares were sold at an average price of $254.54, for a total value of $1,858,142.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc Benioff sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 17th. The shares were sold at an average price of $260.03, for a total transaction of $5,200,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 783,656 shares of company stock worth $196,712,344. 4.10% of the stock is owned by company insiders.

salesforce.com stock traded up $0.68 during mid-day trading on Tuesday, reaching $258.90. 105,904 shares of the company’s stock were exchanged, compared to its average volume of 6,394,759. The company has a market cap of $253.46 billion, a P/E ratio of 104.14, a P/E/G ratio of 7.35 and a beta of 1.09. 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. The company has a fifty day moving average of $252.41 and a 200-day moving average of $236.55.

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

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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