Vanguard Group Inc. Sells 367,370 Shares of Salesforce, Inc. (NYSE:CRM)

Vanguard Group Inc. cut its holdings in Salesforce, Inc. (NYSE:CRM - Free Report) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,529,686 shares of the CRM provider's stock after selling 367,370 shares during the quarter. Salesforce comprises approximately 0.5% of Vanguard Group Inc.'s holdings, making the stock its 24th largest position. Vanguard Group Inc. owned about 9.04% of Salesforce worth $28,929,470,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Salesforce in the fourth quarter valued at approximately $1,173,564,000. Jennison Associates LLC raised its holdings in Salesforce by 52.7% in the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider's stock worth $1,482,347,000 after acquiring an additional 1,530,572 shares during the period. Swedbank AB lifted its position in Salesforce by 46.7% during the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider's stock worth $1,280,408,000 after acquiring an additional 1,219,254 shares during the last quarter. Proficio Capital Partners LLC lifted its position in Salesforce by 56,872.2% during the 4th quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider's stock worth $311,998,000 after acquiring an additional 931,566 shares during the last quarter. Finally, State Street Corp boosted its holdings in Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider's stock valued at $13,432,855,000 after acquiring an additional 864,193 shares during the period. 80.43% of the stock is owned by institutional investors.

Remove Ads

Insiders Place Their Bets

In related news, CEO Brian Millham sold 3,937 shares of Salesforce stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $1,120,391.46. Following the completion of the sale, the chief executive officer now directly owns 5,518 shares in the company, valued at $1,570,312.44. This trade represents a 41.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $277.37, for a total transaction of $1,725,518.77. Following the transaction, the chief financial officer now owns 46,750 shares in the company, valued at approximately $12,967,047.50. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 45,660 shares of company stock valued at $14,194,689. Insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Guggenheim reiterated a "sell" rating and issued a $247.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Robert W. Baird cut their price target on Salesforce from $430.00 to $400.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Stephens started coverage on Salesforce in a research report on Wednesday, March 19th. They issued an "equal weight" rating and a $311.00 price objective for the company. Canaccord Genuity Group dropped their target price on shares of Salesforce from $415.00 to $400.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Finally, Oppenheimer reduced their price target on shares of Salesforce from $415.00 to $380.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirty-one have assigned a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce currently has an average rating of "Moderate Buy" and a consensus price target of $362.74.

Salesforce Price Performance

Shares of Salesforce stock traded down $7.68 during trading on Wednesday, reaching $280.93. The company's stock had a trading volume of 5,069,961 shares, compared to its average volume of 6,388,326. The stock 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 P/E ratio of 46.21, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00.

Salesforce Company Profile

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.