Raab & Moskowitz Asset Management LLC lowered its stake in salesforce.com, inc. (NYSE:CRM) by 35.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,132 shares of the CRM provider’s stock after selling 3,872 shares during the period. Raab & Moskowitz Asset Management LLC’s holdings in salesforce.com were worth $1,792,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Trustcore Financial Services LLC increased its position in shares of salesforce.com by 116.9% in the third quarter. Trustcore Financial Services LLC now owns 128 shares of the CRM provider’s stock worth $32,000 after purchasing an additional 69 shares during the period. Northwest Investment Counselors LLC bought a new position in salesforce.com in the third quarter valued at about $35,000. Demars Financial Group LLC bought a new position in salesforce.com in the second quarter valued at about $30,000. Newfound Research LLC bought a new position in salesforce.com in the third quarter valued at about $43,000. Finally, Capstone Financial Group Inc. bought a new position in salesforce.com in the third quarter valued at about $50,000. Institutional investors own 74.58% of the company’s stock.
In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $231.65, for a total transaction of $3,474,750.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Brent Hyder sold 16,727 shares of the company’s stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $252.25, for a total value of $4,219,385.75. Following the transaction, the insider now directly owns 16,727 shares in the company, valued at $4,219,385.75. The disclosure for this sale can be found here. Insiders have sold 500,851 shares of company stock worth $125,862,612 over the last ninety days. 4.40% of the stock is owned by insiders.
A number of research analysts have issued reports on the company. Royal Bank of Canada reiterated a “buy” rating and issued a $285.00 target price on shares of salesforce.com in a research report on Wednesday, November 25th. Piper Sandler boosted their price target on salesforce.com from $210.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, August 26th. Sanford C. Bernstein restated a “neutral” rating and set a $234.00 price target on shares of salesforce.com in a report on Thursday. Morgan Stanley cut salesforce.com from an “overweight” rating to an “equal weight” rating and set a $275.00 price target on the stock. in a report on Thursday, November 12th. Finally, Stifel Nicolaus boosted their price target on salesforce.com from $220.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, August 26th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, thirty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $261.17.
CRM traded down $7.07 during trading on Monday, hitting $240.56. The company’s stock had a trading volume of 337,309 shares, compared to its average volume of 6,959,801. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.07. salesforce.com, inc. has a twelve month low of $115.29 and a twelve month high of $284.50. The stock’s fifty day moving average price is $253.05 and its 200-day moving average price is $218.00. The firm has a market capitalization of $224.61 billion, a P/E ratio of 92.85, a PEG ratio of 8.33 and a beta of 1.28.
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management worldwide. 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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