Financial Gravity Asset Management Inc. Reduces Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Financial Gravity Asset Management Inc. cut its position in Salesforce, Inc. (NYSE:CRMGet Rating) by 66.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,160 shares of the CRM provider’s stock after selling 2,254 shares during the quarter. Financial Gravity Asset Management Inc.’s holdings in Salesforce were worth $167,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in Salesforce by 506.1% during the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 200 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 167 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in Salesforce by 113.4% in the 3rd quarter. GHP Investment Advisors Inc. now owns 207 shares of the CRM provider’s stock worth $30,000 after buying an additional 110 shares during the period. TimeScale Financial Inc. grew its stake in Salesforce by 576.9% in the 3rd quarter. TimeScale Financial Inc. now owns 264 shares of the CRM provider’s stock valued at $38,000 after buying an additional 225 shares in the last quarter. HBC Financial Services PLLC raised its holdings in Salesforce by 350.0% during the 2nd quarter. HBC Financial Services PLLC now owns 225 shares of the CRM provider’s stock valued at $39,000 after acquiring an additional 175 shares during the period. Finally, Hoey Investments Inc. purchased a new stake in shares of Salesforce during the second quarter worth $41,000. Hedge funds and other institutional investors own 75.83% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 186 shares of Salesforce stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $155.59, for a total transaction of $28,939.74. Following the sale, the chief accounting officer now owns 1,273 shares of the company’s stock, valued at approximately $198,066.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 924 shares of the stock in a transaction on Friday, December 23rd. The stock was sold at an average price of $128.55, for a total value of $118,780.20. Following the completion of the transaction, the chief financial officer now owns 32,807 shares in the company, valued at $4,217,339.85. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 186 shares of the business’s stock in a transaction on Monday, January 23rd. The shares were sold at an average price of $155.59, for a total transaction of $28,939.74. Following the sale, the chief accounting officer now owns 1,273 shares in the company, valued at approximately $198,066.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 166,164 shares of company stock worth $25,221,512. 3.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CRM shares. Piper Sandler decreased their price objective on Salesforce from $175.00 to $171.00 and set an “overweight” rating on the stock in a research note on Monday, January 9th. Loop Capital cut their price objective on shares of Salesforce from $150.00 to $140.00 in a research report on Thursday, January 5th. Canaccord Genuity Group decreased their target price on shares of Salesforce from $215.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, December 1st. UBS Group cut their price target on shares of Salesforce from $180.00 to $162.00 and set a “neutral” rating for the company in a report on Thursday, December 1st. Finally, Oppenheimer lowered their price objective on Salesforce from $200.00 to $185.00 and set an “outperform” rating on the stock in a research report on Thursday, December 1st. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $189.81.

Salesforce Stock Up 3.1 %

Shares of NYSE:CRM opened at $155.87 on Tuesday. Salesforce, Inc. has a 1 year low of $126.34 and a 1 year high of $234.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s 50-day moving average is $141.29 and its 200 day moving average is $155.70. The company has a market cap of $155.87 billion, a PE ratio of 556.68, a P/E/G ratio of 3.79 and a beta of 1.15.

Salesforce (NYSE:CRMGet Rating) last posted its earnings results on Wednesday, November 30th. The CRM provider reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.15. Salesforce had a return on equity of 3.21% and a net margin of 0.92%. The firm had revenue of $7.84 billion for the quarter, compared to analysts’ expectations of $7.83 billion. During the same period in the previous year, the firm earned $0.78 earnings per share. The business’s revenue was up 14.2% compared to the same quarter last year. Sell-side analysts anticipate that Salesforce, Inc. will post 2.38 EPS for the current year.

Salesforce Profile

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Salesforce, Inc provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company's service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

Further Reading

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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