Condor Capital Management Cuts Stake in Salesforce, Inc. (NYSE:CRM)

Condor Capital Management lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,327 shares of the CRM provider’s stock after selling 416 shares during the period. Condor Capital Management’s holdings in Salesforce were worth $5,459,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CRM. Infrastructure Capital Advisors LLC purchased a new stake in Salesforce during the 3rd quarter valued at about $27,000. Arlington Trust Co LLC grew its stake in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc purchased a new stake in shares of Salesforce in the 4th quarter valued at approximately $30,000. Asset Planning Inc purchased a new stake in shares of Salesforce in the 4th quarter valued at approximately $31,000. Finally, Collier Financial purchased a new stake in shares of Salesforce in the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In related news, COO Brian Millham sold 16,487 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $340.68, for a total value of $5,616,791.16. Following the sale, the chief operating officer now owns 1,662 shares of the company’s stock, valued at $566,210.16. This trade represents a 90.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $343.00, for a total transaction of $2,133,803.00. Following the transaction, the chief financial officer now directly owns 53,861 shares in the company, valued at approximately $18,474,323. The trade was a 10.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,609 shares of company stock valued at $24,920,821 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley increased their price target on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Wells Fargo & Company dropped their price target on shares of Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Scotiabank decreased their price objective on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating on the stock in a report on Monday. Piper Sandler restated an “overweight” rating on shares of Salesforce in a report on Wednesday. Finally, Northland Securities restated an “outperform” rating and issued a $440.00 price objective (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $362.74.

Salesforce Stock Performance

Shares of CRM opened at $279.44 on Thursday. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The company’s 50 day simple moving average is $315.19 and its 200 day simple moving average is $309.50. The company has a market capitalization of $268.54 billion, a price-to-earnings ratio of 45.96, a PEG ratio of 2.58 and a beta of 1.35.

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.