BlackDiamond Wealth Management LLC Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

BlackDiamond Wealth Management LLC lifted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 14.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,346 shares of the CRM provider’s stock after buying an additional 172 shares during the quarter. BlackDiamond Wealth Management LLC’s holdings in Salesforce were worth $450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of CRM. Arlington Trust Co LLC raised its position in Salesforce by 85.1% in the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc purchased a new position in Salesforce in the fourth quarter worth $30,000. Asset Planning Inc purchased a new position in Salesforce in the fourth quarter worth $31,000. Collier Financial acquired a new stake in Salesforce in the fourth quarter valued at $32,000. Finally, Infrastructure Capital Advisors LLC acquired a new stake in Salesforce in the third quarter valued at $27,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $280.83 on Tuesday. The company has a market cap of $269.87 billion, a P/E ratio of 46.19, a PEG ratio of 2.58 and a beta of 1.35. 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, Inc. has a one year low of $212.00 and a one year high of $369.00. The business’s 50-day simple moving average is $317.05 and its 200 day simple moving average is $309.53.

Insider Activity at Salesforce

In other Salesforce news, Director G Mason Morfit sold 722,300 shares of Salesforce stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the sale, the director now directly owns 3,192,009 shares in the company, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 317,105 shares of Salesforce stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the sale, the chief executive officer now owns 12,162,457 shares in the company, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CRM has been the topic of several research reports. KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a report on Friday, December 13th. Guggenheim reissued a “sell” rating and issued a $247.00 target price on shares of Salesforce in a report on Thursday, February 27th. Northland Securities reissued an “outperform” rating and issued a $440.00 target price (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Finally, Citigroup reaffirmed a “cautious” rating on shares of Salesforce in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $364.14.

About Salesforce

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.