CNB Bank Lowers Holdings in salesforce.com, inc. (NYSE:CRM)

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CNB Bank decreased its holdings in salesforce.com, inc. (NYSE:CRM) by 9.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,251 shares of the CRM provider’s stock after selling 225 shares during the quarter. CNB Bank’s holdings in salesforce.com were worth $422,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of CRM. Francisco Partners Management LP purchased a new position in shares of salesforce.com in the fourth quarter valued at approximately $202,747,000. Vigilare Wealth Management purchased a new position in shares of salesforce.com in the fourth quarter valued at approximately $676,000. CSat Investment Advisory L.P. boosted its stake in shares of salesforce.com by 4.9% in the fourth quarter. CSat Investment Advisory L.P. now owns 4,044 shares of the CRM provider’s stock valued at $658,000 after purchasing an additional 189 shares during the period. Meeder Asset Management Inc. boosted its stake in shares of salesforce.com by 13.1% in the fourth quarter. Meeder Asset Management Inc. now owns 2,669 shares of the CRM provider’s stock valued at $434,000 after purchasing an additional 309 shares during the period. Finally, Level Four Advisory Services LLC boosted its stake in shares of salesforce.com by 41.9% in the fourth quarter. Level Four Advisory Services LLC now owns 3,816 shares of the CRM provider’s stock valued at $611,000 after purchasing an additional 1,126 shares during the period. 81.26% of the stock is owned by institutional investors and hedge funds.

Several analysts recently weighed in on the stock. Zacks Investment Research raised shares of salesforce.com from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Tuesday, June 2nd. Jefferies Financial Group raised their target price on shares of salesforce.com from $205.00 to $220.00 and gave the company a “buy” rating in a report on Monday, June 22nd. They noted that the move was a valuation call. Oppenheimer raised their target price on shares of salesforce.com from $165.00 to $195.00 and gave the company an “outperform” rating in a report on Monday, May 18th. Cfra raised their target price on shares of salesforce.com from $222.00 to $225.00 and gave the company a “strong-buy” rating in a report on Monday, June 1st. Finally, Bank of America reaffirmed a “buy” rating and issued a $210.00 target price on shares of salesforce.com in a report on Thursday, May 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirty-nine have assigned a buy rating and two have issued a strong buy rating to the stock. salesforce.com presently has a consensus rating of “Buy” and a consensus target price of $200.21.

In other salesforce.com news, insider Srinivas Tallapragada sold 800 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $155.25, for a total transaction of $124,200.00. Following the sale, the insider now directly owns 40,240 shares in the company, valued at approximately $6,247,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Parker Harris sold 5,000 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $180.04, for a total transaction of $900,200.00. Following the sale, the insider now owns 64,122 shares in the company, valued at $11,544,524.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 605,376 shares of company stock worth $108,362,271. 4.40% of the stock is currently owned by insiders.

NYSE:CRM traded up $1.22 during midday trading on Tuesday, reaching $189.56. The stock had a trading volume of 5,852,647 shares, compared to its average volume of 6,896,259. The firm has a fifty day simple moving average of $183.83 and a two-hundred day simple moving average of $171.53. salesforce.com, inc. has a 12-month low of $115.29 and a 12-month high of $202.82. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.15. The stock has a market cap of $179.19 billion, a P/E ratio of -1,053.11, a P/E/G ratio of 9.82 and a beta of 1.08.

salesforce.com (NYSE:CRM) last posted its quarterly earnings data on Thursday, May 28th. The CRM provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.01. salesforce.com had a negative net margin of 0.92% and a positive return on equity of 2.45%. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the firm posted $0.93 EPS. salesforce.com’s quarterly revenue was up 30.2% on a year-over-year basis. On average, sell-side analysts anticipate that salesforce.com, inc. will post 1.13 earnings per share for the current fiscal year.

About salesforce.com

salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.

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Institutional Ownership by Quarter for salesforce.com (NYSE:CRM)

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