Paces Ferry Wealth Advisors LLC Trims Stock Position in Salesforce, Inc. (NYSE:CRM)

Paces Ferry Wealth Advisors LLC cut its stake in Salesforce, Inc. (NYSE:CRM) by 4.0% in the fourth quarter, HoldingsChannel reports. The fund owned 4,191 shares of the CRM provider’s stock after selling 173 shares during the period. Paces Ferry Wealth Advisors LLC’s holdings in Salesforce were worth $1,401,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Salesforce in the 4th quarter worth $1,173,564,000. Jennison Associates LLC grew its position in shares of Salesforce by 52.7% in the fourth quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after purchasing an additional 1,530,572 shares during the period. Swedbank AB increased its stake in shares of Salesforce by 46.7% during the fourth quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock worth $1,280,408,000 after purchasing an additional 1,219,254 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of 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 purchasing an additional 931,566 shares during the last quarter. Finally, State Street Corp boosted its holdings in Salesforce by 1.8% in the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after buying an additional 864,193 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CRM. Needham & Company LLC reiterated a “buy” rating and set a $400.00 price target on shares of Salesforce in a research report on Thursday, February 27th. Stephens began coverage on Salesforce in a research report on Wednesday. They issued an “equal weight” rating and a $311.00 price objective for the company. Piper Sandler reiterated an “overweight” rating on shares of Salesforce in a research report on Wednesday. Royal Bank of Canada lifted their price objective on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Oppenheimer cut their target price on shares of Salesforce from $415.00 to $380.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. One equities research 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $362.74.

Insiders Place Their Bets

In other news, insider R David Schmaier sold 1,785 shares of the stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $344.00, for a total transaction of $614,040.00. Following the completion of the transaction, the insider now directly owns 19,116 shares of the company’s stock, valued at approximately $6,575,904. This represents a 8.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,256 shares of company stock worth $19,692,357. 3.20% of the stock is owned by insiders.

Salesforce Trading Up 0.9 %

Shares of CRM stock opened at $281.56 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $313.51 and its two-hundred day moving average is $309.92. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a market capitalization of $270.58 billion, a P/E ratio of 46.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

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.