Salesforce, Inc. (NYSE:CRM) Shares Sold by Meritage Group LP

by · The Markets Daily

Meritage Group LP trimmed its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 35.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,038,493 shares of the CRM provider’s stock after selling 571,359 shares during the quarter. Salesforce accounts for about 5.0% of Meritage Group LP’s holdings, making the stock its 9th largest position. Meritage Group LP owned about 0.11% of Salesforce worth $210,586,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Union Savings Bank purchased a new position in Salesforce during the second quarter worth about $27,000. Peoples Bank KS purchased a new stake in Salesforce in the third quarter valued at approximately $39,000. Quarry LP bought a new stake in Salesforce during the second quarter valued at approximately $41,000. Emerald Advisers LLC purchased a new position in Salesforce in the 3rd quarter worth approximately $41,000. Finally, Pacific Center for Financial Services bought a new position in shares of Salesforce in the 1st quarter worth $41,000. Hedge funds and other institutional investors own 77.52% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CRM shares. Truist Financial reissued a “buy” rating and set a $275.00 price objective on shares of Salesforce in a report on Thursday, November 30th. Needham & Company LLC upped their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, November 30th. Stifel Nicolaus lifted their target price on shares of Salesforce from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday. Bank of America upped their price target on shares of Salesforce from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, November 30th. Finally, Citigroup lifted their price objective on Salesforce from $229.00 to $247.00 and gave the stock a “neutral” rating in a report on Friday, November 24th. Nine analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $269.86.

View Our Latest Stock Analysis on CRM

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the sale, the chief accounting officer now directly owns 2,869 shares in the company, valued at $799,618.99. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Sundeep G. Reddy sold 216 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the sale, the chief accounting officer now owns 2,869 shares in the company, valued at $799,618.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $225.22, for a total transaction of $3,378,300.00. Following the sale, the chief executive officer now directly owns 14,786,166 shares in the company, valued at approximately $3,330,140,306.52. The disclosure for this sale can be found here. Insiders have sold a total of 1,403,322 shares of company stock valued at $376,292,679 over the last ninety days. 3.70% of the stock is owned by company insiders.

Salesforce Price Performance

Shares of NYSE:CRM traded down $0.85 during mid-day trading on Friday, reaching $292.80. The stock had a trading volume of 4,416,764 shares, compared to its average volume of 4,143,836. The business’s 50 day moving average price is $275.45 and its 200 day moving average price is $237.33. Salesforce, Inc. has a 1 year low of $159.65 and a 1 year high of $298.00. The company has a market cap of $283.43 billion, a P/E ratio of 111.33, a price-to-earnings-growth ratio of 1.88 and a beta of 1.28. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, November 29th. The CRM provider reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.06. The business had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.71 billion. Salesforce had a return on equity of 9.19% and a net margin of 7.63%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.73 earnings per share. Research analysts expect that Salesforce, Inc. will post 6.02 EPS for the current fiscal year.

About Salesforce

(Free Report)

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 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.

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