Hughes Financial Services LLC Invests $253,000 in Salesforce, Inc. (NYSE:CRM)

Hughes Financial Services LLC acquired a new position in Salesforce, Inc. (NYSE:CRM) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 757 shares of the CRM provider’s stock, valued at approximately $253,000.

Several other hedge funds have also recently made changes to their positions in CRM. State Street Corp increased its position in Salesforce by 1.8% in the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after buying an additional 864,193 shares in the last quarter. Geode Capital Management LLC increased its position in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after buying an additional 257,501 shares in the last quarter. Fisher Asset Management LLC increased its position in Salesforce by 1.4% in the 4th quarter. Fisher Asset Management LLC now owns 12,453,872 shares of the CRM provider’s stock valued at $4,163,703,000 after buying an additional 177,321 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Salesforce by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,066,354 shares of the CRM provider’s stock valued at $2,028,164,000 after buying an additional 153,500 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in Salesforce by 1.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock valued at $1,632,599,000 after buying an additional 57,825 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Down 4.8 %

CRM opened at $270.94 on Friday. The stock has a market cap of $260.37 billion, a PE ratio of 44.56, a P/E/G ratio of 2.58 and a beta of 1.35. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The business’s fifty day simple moving average is $319.09 and its 200 day simple moving average is $308.60.

Insider Buying and Selling at Salesforce

In other Salesforce news, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the sale, the director now directly owns 3,192,009 shares in the company, valued at $1,104,786,234.99. This represents a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,108,793 shares of company stock worth $383,156,227 over the last three months. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on CRM shares. Piper Sandler decreased their target price on Salesforce from $405.00 to $400.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Robert W. Baird decreased their target price on Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Bank of America cut their price target on Salesforce from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. BMO Capital Markets cut their price target on Salesforce from $375.00 to $367.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Finally, Canaccord Genuity Group cut their price target on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently 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.