Cedar Wealth Management LLC Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Cedar Wealth Management LLC lowered its holdings in shares of Salesforce, Inc. (NYSE:CRM - Free Report) by 89.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187 shares of the CRM provider's stock after selling 1,529 shares during the period. Cedar Wealth Management LLC's holdings in Salesforce were worth $63,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRM. United Bank boosted its holdings in Salesforce by 1.1% in the third quarter. United Bank now owns 7,303 shares of the CRM provider's stock worth $1,999,000 after acquiring an additional 76 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of Salesforce by 40.1% in the 3rd quarter. Eagle Asset Management Inc. now owns 75,295 shares of the CRM provider's stock worth $20,609,000 after purchasing an additional 21,540 shares during the last quarter. Biltmore Family Office LLC bought a new position in Salesforce in the 3rd quarter worth about $204,000. Allen Capital Group LLC grew its position in Salesforce by 25.1% during the 3rd quarter. Allen Capital Group LLC now owns 1,022 shares of the CRM provider's stock valued at $280,000 after purchasing an additional 205 shares during the last quarter. Finally, Nwam LLC bought a new stake in Salesforce during the 3rd quarter valued at about $1,152,000. Hedge funds and other institutional investors own 80.43% of the company's stock.

Analyst Ratings Changes

CRM has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their target price on Salesforce from $360.00 to $400.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Jefferies Financial Group upped their price target on Salesforce from $400.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. TD Cowen raised Salesforce from a "hold" rating to a "buy" rating and boosted their target price for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. Finally, Macquarie restated a "neutral" rating and set a $320.00 target price on shares of Salesforce in a research note on Thursday, March 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company's stock. Based on data from MarketBeat, Salesforce has a consensus rating of "Moderate Buy" and an average price target of $362.74.

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Insider Buying and Selling

In related news, insider Parker Harris sold 3,273 shares of Salesforce stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $284.58, for a total transaction of $931,430.34. Following the completion of the sale, the insider now owns 125,146 shares in the company, valued at $35,614,048.68. This trade represents a 2.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $329.88, for a total transaction of $2,052,183.48. Following the transaction, the chief financial officer now directly owns 45,861 shares in the company, valued at approximately $15,128,626.68. This trade represents a 11.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,660 shares of company stock valued at $14,194,689 in the last ninety days. 3.20% of the stock is owned by company insiders.

Salesforce Trading Down 2.7 %

CRM stock traded down $7.68 during mid-day trading on Wednesday, reaching $280.93. 5,069,961 shares of the stock traded hands, compared to its average volume of 6,388,326. The business has a 50-day moving average price of $311.35 and a two-hundred day moving average price of $310.74. The stock has a market capitalization of $269.97 billion, a PE ratio of 46.21, a PEG ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00.

About Salesforce

Salesforce, Inc provides Customer Relationship Management (CRM) technology that brings companies and customers together worldwide. The company's service includes sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and artificial intelligence, and deliver quotes, contracts, and invoices; and service that enables companies to deliver trusted and highly personalized customer support at scale.