WT Wealth Management Lowers Stock Position in salesforce.com, inc. (NYSE:CRM)

WT Wealth Management lessened its holdings in salesforce.com, inc. (NYSE:CRMGet Rating) by 5.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,853 shares of the CRM provider’s stock after selling 334 shares during the quarter. WT Wealth Management’s holdings in salesforce.com were worth $1,487,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in salesforce.com in the 3rd quarter valued at $6,789,000. Voya Investment Management LLC boosted its position in salesforce.com by 1.0% during the 3rd quarter. Voya Investment Management LLC now owns 372,747 shares of the CRM provider’s stock worth $101,097,000 after purchasing an additional 3,858 shares during the period. Candlestick Capital Management LP boosted its position in salesforce.com by 719.0% during the 3rd quarter. Candlestick Capital Management LP now owns 203,204 shares of the CRM provider’s stock worth $55,113,000 after purchasing an additional 178,392 shares during the period. Veritable L.P. boosted its position in salesforce.com by 2.9% during the 3rd quarter. Veritable L.P. now owns 17,026 shares of the CRM provider’s stock worth $4,618,000 after purchasing an additional 482 shares during the period. Finally, Canvas Wealth Advisors LLC boosted its position in salesforce.com by 8.9% during the 4th quarter. Canvas Wealth Advisors LLC now owns 6,747 shares of the CRM provider’s stock worth $1,715,000 after purchasing an additional 551 shares during the period. 77.16% of the stock is currently owned by institutional investors.

In related news, insider Srinivas Tallapragada sold 20,000 shares of the stock in a transaction on Monday, March 7th. The stock was sold at an average price of $203.57, for a total transaction of $4,071,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 2,300 shares of the stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $202.65, for a total value of $466,095.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 177,348 shares of company stock worth $40,575,852. Insiders own 4.10% of the company’s stock.

NYSE CRM opened at $210.41 on Friday. salesforce.com, inc. has a 12 month low of $184.44 and a 12 month high of $311.75. The stock has a market cap of $208.31 billion, a P/E ratio of 140.27, a P/E/G ratio of 5.58 and a beta of 1.10. The stock’s fifty day moving average price is $213.20 and its 200-day moving average price is $253.52. The company has a current ratio of 1.05, a quick ratio of 1.06 and a debt-to-equity ratio of 0.18.

salesforce.com (NYSE:CRMGet Rating) last released its earnings results on Tuesday, March 1st. The CRM provider reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.12. salesforce.com had a return on equity of 4.76% and a net margin of 5.45%. The firm had revenue of $7.33 billion for the quarter, compared to analysts’ expectations of $7.24 billion. During the same period in the prior year, the firm posted $0.54 earnings per share. The company’s quarterly revenue was up 25.9% on a year-over-year basis. As a group, analysts forecast that salesforce.com, inc. will post 2.1 earnings per share for the current fiscal year.

A number of analysts recently weighed in on CRM shares. Zacks Investment Research cut shares of salesforce.com from a “strong-buy” rating to a “hold” rating and set a $244.00 price target for the company. in a research report on Tuesday, February 1st. Piper Sandler cut their target price on shares of salesforce.com from $365.00 to $330.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 2nd. Wedbush dropped their price objective on shares of salesforce.com from $315.00 to $275.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 2nd. Cowen decreased their price objective on shares of salesforce.com from $325.00 to $285.00 in a report on Monday, February 28th. Finally, Stifel Nicolaus reduced their target price on shares of salesforce.com from $350.00 to $300.00 and set a “buy” rating for the company in a report on Wednesday, March 2nd. Seven equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, salesforce.com currently has a consensus rating of “Buy” and an average target price of $302.23.

About salesforce.com (Get Rating)

salesforce.com, inc. provides customer relationship management technology that brings companies and customers together worldwide. Its Customer 360 platform empowers its customers to work together to deliver connected experiences for their customers. The company’s service offerings include Sales to store data, monitor leads and progress, forecast opportunities, gain insights through analytics and relationship intelligence, and deliver quotes, contracts, and invoices; and Service that enables companies to deliver trusted and highly personalized customer service and support at scale.

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