Adams Diversified Equity Fund Inc. Sells 19,000 Shares of Salesforce.com Inc (CRM)
Adams Diversified Equity Fund Inc. trimmed its position in shares of Salesforce.com Inc (NYSE:CRM) by 9.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 181,200 shares of the CRM provider’s stock after selling 19,000 shares during the quarter. Adams Diversified Equity Fund Inc.’s holdings in Salesforce.com were worth $16,928,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Westpac Banking Corp boosted its stake in shares of Salesforce.com by 61.5% during the third quarter. Westpac Banking Corp now owns 168,929 shares of the CRM provider’s stock valued at $15,781,000 after purchasing an additional 64,308 shares in the last quarter. Heritage Investors Management Corp acquired a new stake in shares of Salesforce.com during the third quarter valued at about $405,000. Rosenblum Silverman Sutton S F Inc. CA boosted its stake in shares of Salesforce.com by 3.8% during the third quarter. Rosenblum Silverman Sutton S F Inc. CA now owns 62,912 shares of the CRM provider’s stock valued at $5,877,000 after purchasing an additional 2,300 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Salesforce.com during the third quarter valued at about $5,761,000. Finally, Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Salesforce.com by 2.0% during the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 1,763,300 shares of the CRM provider’s stock valued at $164,727,000 after purchasing an additional 33,859 shares in the last quarter. 86.06% of the stock is currently owned by hedge funds and other institutional investors.
Salesforce.com Inc (NYSE:CRM) traded down 0.47% during trading on Wednesday, hitting $101.86. The stock had a trading volume of 1,641,001 shares. The company has a 50-day moving average of $96.32 and a 200 day moving average of $91.17. The firm’s market cap is $73.21 billion. Salesforce.com Inc has a 52-week low of $66.43 and a 52-week high of $103.92.
Salesforce.com (NYSE:CRM) last issued its earnings results on Tuesday, August 22nd. The CRM provider reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.24. Salesforce.com had a positive return on equity of 1.83% and a negative net margin of 0.85%. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.52 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The business’s revenue was up 25.7% compared to the same quarter last year. On average, equities research analysts predict that Salesforce.com Inc will post $1.32 earnings per share for the current fiscal year.
In other Salesforce.com news, insider Alexandre Dayon sold 124,331 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was sold at an average price of $99.00, for a total transaction of $12,308,769.00. Following the sale, the insider now directly owns 154,406 shares of the company’s stock, valued at $15,286,194. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Marc Benioff sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $90.31, for a total value of $2,709,300.00. Following the sale, the chairman now directly owns 34,195,300 shares in the company, valued at $3,088,177,543. The disclosure for this sale can be found here. Insiders sold 534,401 shares of company stock worth $51,388,116 over the last ninety days. Insiders own 6.20% of the company’s stock.
CRM has been the topic of a number of recent research reports. Royal Bank Of Canada reissued a “buy” rating and set a $102.00 price target on shares of Salesforce.com in a research note on Monday, July 31st. Vetr lowered Salesforce.com from a “strong-buy” rating to a “buy” rating and set a $97.77 price target on the stock. in a research note on Tuesday, July 11th. Stifel Nicolaus lifted their price target on Salesforce.com from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Wednesday, August 23rd. KeyCorp reissued a “buy” rating and set a $108.00 price target on shares of Salesforce.com in a research note on Wednesday, August 23rd. Finally, BidaskClub raised Salesforce.com from a “hold” rating to a “buy” rating in a research note on Tuesday, August 22nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and forty-six have assigned a buy rating to the company’s stock. Salesforce.com has a consensus rating of “Buy” and a consensus target price of $103.43.
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Salesforce.com, inc. is a provider of enterprise software, delivered through the cloud, with a focus on customer relationship management (CRM). The Company focuses on cloud, mobile, social, Internet of Things (IoT) and artificial intelligence technologies. The Company’s service offerings are configured and integrated with other platforms and enterprise applications.
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