Fort Point Capital Partners LLC reduced its position in salesforce.com, inc. (NYSE:CRM) by 7.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 88,307 shares of the CRM provider’s stock after selling 7,107 shares during the quarter. salesforce.com accounts for approximately 6.1% of Fort Point Capital Partners LLC’s holdings, making the stock its 3rd biggest holding. Fort Point Capital Partners LLC’s holdings in salesforce.com were worth $13,985,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Wafra Inc. purchased a new position in shares of salesforce.com during the first quarter worth approximately $4,387,000. SSI Investment Management Inc. bought a new position in shares of salesforce.com during the first quarter valued at approximately $386,000. Granite Investment Partners LLC boosted its stake in shares of salesforce.com by 4.3% during the first quarter. Granite Investment Partners LLC now owns 115,016 shares of the CRM provider’s stock valued at $18,215,000 after purchasing an additional 4,719 shares in the last quarter. Hancock Whitney Corp boosted its stake in shares of salesforce.com by 16.1% during the first quarter. Hancock Whitney Corp now owns 124,380 shares of the CRM provider’s stock valued at $19,698,000 after purchasing an additional 17,220 shares in the last quarter. Finally, Marvin & Palmer Associates Inc. bought a new position in shares of salesforce.com during the first quarter valued at approximately $5,245,000. 81.53% of the stock is currently owned by institutional investors.
CRM traded down $1.01 during trading hours on Friday, hitting $154.58. 3,939,293 shares of the company’s stock were exchanged, compared to its average volume of 7,952,831. The stock’s 50 day moving average price is $153.67. salesforce.com, inc. has a 12-month low of $113.60 and a 12-month high of $167.56. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $119.95 billion, a price-to-earnings ratio of 106.61, a P/E/G ratio of 5.72 and a beta of 1.28.
In other news, CEO Marc Benioff sold 5,000 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $158.07, for a total value of $790,350.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Parker Harris sold 6,331 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $157.36, for a total transaction of $996,246.16. Following the completion of the transaction, the insider now owns 33,883 shares of the company’s stock, valued at approximately $5,331,828.88. The disclosure for this sale can be found here. Insiders sold a total of 380,926 shares of company stock valued at $59,682,251 in the last quarter. Insiders own 5.50% of the company’s stock.
Several equities research analysts have weighed in on CRM shares. Nomura lowered their target price on shares of salesforce.com from $184.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Sanford C. Bernstein reiterated a “neutral” rating and set a $169.00 price objective on shares of salesforce.com in a research note on Tuesday, June 11th. UBS Group reiterated a “buy” rating and set a $190.00 price objective on shares of salesforce.com in a research note on Wednesday, June 5th. OTR Global downgraded shares of salesforce.com to a “positive” rating in a research note on Wednesday, May 15th. Finally, Bank of America reiterated a “buy” rating and set a $200.00 price objective on shares of salesforce.com in a research note on Wednesday, June 5th. Three research analysts have rated the stock with a hold rating, thirty-seven have given a buy rating and one has given a strong buy rating to the company’s stock. salesforce.com currently has an average rating of “Buy” and a consensus price target of $179.97.
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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