Modus Advisors LLC Grows Position in Salesforce, Inc. (NYSE:CRM)

Modus Advisors LLC boosted its position in Salesforce, Inc. (NYSE:CRM) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,602 shares of the CRM provider’s stock after purchasing an additional 424 shares during the quarter. Modus Advisors LLC’s holdings in Salesforce were worth $3,795,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Kapitalo Investimentos Ltda purchased a new stake in shares of Salesforce during the fourth quarter valued at $51,000. Newbridge Financial Services Group Inc. boosted its position in Salesforce by 25.1% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 3,701 shares of the CRM provider’s stock worth $974,000 after purchasing an additional 743 shares during the last quarter. HighPoint Advisor Group LLC purchased a new position in Salesforce in the fourth quarter worth about $4,856,000. Quadrature Capital Ltd purchased a new position in Salesforce in the fourth quarter worth about $37,128,000. Finally, PNC Financial Services Group Inc. raised its stake in Salesforce by 11.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 201,936 shares of the CRM provider’s stock valued at $53,137,000 after purchasing an additional 20,317 shares during the period. Institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total transaction of $673,120.00. Following the sale, the insider now owns 115,762 shares in the company, valued at $27,829,184.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Craig Conway sold 6,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $239.64, for a total value of $1,437,840.00. Following the completion of the transaction, the director now directly owns 6,855 shares of the company’s stock, valued at $1,642,732.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total value of $673,120.00. Following the completion of the transaction, the insider now directly owns 115,762 shares of the company’s stock, valued at $27,829,184.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 615,470 shares of company stock worth $172,557,838. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Down 0.1 %

Shares of CRM traded down $0.15 during midday trading on Tuesday, hitting $230.33. 4,385,274 shares of the stock were exchanged, compared to its average volume of 6,743,789. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The stock has a fifty day simple moving average of $267.36 and a 200 day simple moving average of $277.12. The firm has a market cap of $223.19 billion, a P/E ratio of 41.44, a P/E/G ratio of 2.04 and a beta of 1.26. 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 (NYSE:CRM) last released its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping the consensus estimate of $2.38 by $0.06. The business had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the business posted $1.15 earnings per share. On average, research analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CRM shares. Truist Financial reaffirmed a “buy” rating and issued a $300.00 price objective (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. DA Davidson reduced their price objective on Salesforce from $300.00 to $230.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $345.00 price objective on shares of Salesforce in a research note on Thursday, May 30th. Mizuho reduced their price objective on Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. Finally, UBS Group reduced their price objective on Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $292.79.

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.