1ST Source Bank Cuts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

1ST Source Bank trimmed its position in shares of Salesforce, Inc. (NYSE:CRM) by 0.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,469 shares of the CRM provider’s stock after selling 50 shares during the quarter. 1ST Source Bank’s holdings in Salesforce were worth $1,828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRM. United Bank boosted its holdings in shares of Salesforce by 1.1% in the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock worth $1,999,000 after buying an additional 76 shares during the last quarter. Accredited Investors Inc. boosted its holdings in shares of Salesforce by 74.2% in the 3rd quarter. Accredited Investors Inc. now owns 1,618 shares of the CRM provider’s stock worth $443,000 after buying an additional 689 shares during the last quarter. GoalVest Advisory LLC boosted its holdings in shares of Salesforce by 7.2% in the 3rd quarter. GoalVest Advisory LLC now owns 951 shares of the CRM provider’s stock worth $260,000 after buying an additional 64 shares during the last quarter. Atlanta Consulting Group Advisors LLC boosted its holdings in shares of Salesforce by 111.6% in the 3rd quarter. Atlanta Consulting Group Advisors LLC now owns 5,748 shares of the CRM provider’s stock worth $1,573,000 after buying an additional 3,032 shares during the last quarter. Finally, Concord Asset Management LLC VA boosted its holdings in shares of Salesforce by 17.4% in the 3rd quarter. Concord Asset Management LLC VA now owns 6,894 shares of the CRM provider’s stock worth $1,887,000 after buying an additional 1,024 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of the business’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the transaction, the chief accounting officer now directly owns 7,057 shares in the company, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robin L. Washington acquired 1,695 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average price of $294.61 per share, with a total value of $499,363.95. Following the completion of the purchase, the director now owns 43,445 shares in the company, valued at $12,799,331.45. This trade represents a 4.06 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is owned by company insiders.

Salesforce Price Performance

Shares of NYSE:CRM opened at $279.76 on Monday. The business has a 50-day simple moving average of $318.03 and a two-hundred day simple moving average of $309.36. The firm has a market cap of $268.85 billion, a price-to-earnings ratio of 46.01, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. 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 brokerages recently issued reports on CRM. The Goldman Sachs Group boosted their price objective on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Citigroup restated a “cautious” rating on shares of Salesforce in a research note on Thursday, February 27th. Bank of America lowered their price objective on Salesforce from $440.00 to $400.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. UBS Group boosted their price objective on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Finally, Scotiabank lowered their price objective on Salesforce from $440.00 to $400.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $365.62.

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.