Wellington Shields Capital Management LLC Cuts Stock Position in Salesforce, Inc. (NYSE:CRM)

Wellington Shields Capital Management LLC lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 1.1% in the 4th quarter, Holdings Channel reports. The firm owned 11,588 shares of the CRM provider’s stock after selling 123 shares during the period. Wellington Shields Capital Management LLC’s holdings in Salesforce were worth $3,874,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. United Bank raised its holdings in Salesforce by 1.1% in the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after acquiring an additional 76 shares during the last quarter. Aptus Capital Advisors LLC boosted its stake in Salesforce by 24.0% during the third quarter. Aptus Capital Advisors LLC now owns 8,917 shares of the CRM provider’s stock worth $2,441,000 after buying an additional 1,724 shares during the period. Bell Bank boosted its stake in Salesforce by 2.0% during the third quarter. Bell Bank now owns 8,661 shares of the CRM provider’s stock worth $2,371,000 after buying an additional 173 shares during the period. Plato Investment Management Ltd increased its position in shares of Salesforce by 2.3% during the third quarter. Plato Investment Management Ltd now owns 29,864 shares of the CRM provider’s stock valued at $8,166,000 after acquiring an additional 684 shares during the last quarter. Finally, Fortis Capital Management LLC purchased a new stake in shares of Salesforce in the 3rd quarter valued at approximately $2,952,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Stock Performance

NYSE CRM opened at $270.94 on Friday. The business has a 50 day moving average price of $319.09 and a 200 day moving average price of $308.60. 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 capitalization of $260.37 billion, a P/E ratio of 44.56, a PEG ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00.

Insider Transactions at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the completion of the transaction, the chief financial officer now owns 46,750 shares in the company, valued at approximately $14,071,750. The trade was a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Brian Millham sold 16,487 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $340.68, for a total transaction of $5,616,791.16. Following the completion of the sale, the chief operating officer now owns 1,662 shares in the company, valued at $566,210.16. This represents a 90.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,108,793 shares of company stock valued at $383,156,227 in the last 90 days. 3.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on CRM. Citigroup reaffirmed a “cautious” rating on shares of Salesforce in a research report on Thursday, February 27th. Guggenheim reissued a “sell” rating and issued a $247.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and set a $450.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Macquarie reduced their target price on shares of Salesforce from $370.00 to $320.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Finally, TD Cowen upgraded shares of Salesforce from a “hold” rating to a “buy” rating and boosted their price target for the stock from $380.00 to $400.00 in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $365.62.

Salesforce 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.