Salesforce, Inc. (NYSE:CRM) Holdings Cut by Prudential Financial Inc.

Prudential Financial Inc. trimmed its stake in shares of Salesforce, Inc. (NYSE:CRM) by 3.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,202,484 shares of the CRM provider’s stock after selling 49,228 shares during the quarter. Salesforce comprises 0.6% of Prudential Financial Inc.’s portfolio, making the stock its 28th largest position. Prudential Financial Inc.’s holdings in Salesforce were worth $402,026,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Infrastructure Capital Advisors LLC bought a new stake in Salesforce in the third quarter valued at $27,000. Arlington Trust Co LLC lifted its position in Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new position in Salesforce in the 4th quarter worth about $30,000. Asset Planning Inc acquired a new stake in shares of Salesforce in the fourth quarter valued at approximately $31,000. Finally, Collier Financial bought a new stake in Salesforce during the 4th quarter valued at $32,000. Institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the firm’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 completion of the transaction, the chief financial officer now owns 46,750 shares in the company, valued at $12,967,047.50. This trade represents a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s 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 represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 42,762 shares of company stock worth $13,733,407. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of Salesforce stock opened at $281.56 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $270.58 billion, a PE ratio of 46.31, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The firm has a fifty day moving average price of $313.51 and a two-hundred day moving average price of $310.36. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRM. Bank of America dropped their price target on shares of Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Canaccord Genuity Group lowered their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Loop Capital cut their price objective on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a report on Thursday, February 27th. BMO Capital Markets reissued an “outperform” rating on shares of Salesforce in a report on Wednesday. Finally, Redburn Atlantic assumed coverage on shares of Salesforce in a research note on Wednesday, February 19th. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and five have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $362.74.

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.