Cornerstone Advisors LLC Sells 5,200 Shares of Salesforce, Inc. (NYSE:CRM)

Cornerstone Advisors LLC cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 10.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,800 shares of the CRM provider’s stock after selling 5,200 shares during the quarter. Cornerstone Advisors LLC’s holdings in Salesforce were worth $14,309,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CRM. Foundations Investment Advisors LLC increased its position in Salesforce by 15.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after purchasing an additional 4,752 shares during the period. Nabity Jensen Investment Management Inc bought a new stake in shares of Salesforce in the 3rd quarter valued at $1,215,000. Prime Capital Investment Advisors LLC increased its position in shares of Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after buying an additional 6,938 shares during the period. Athena Investment Management bought a new position in Salesforce during the fourth quarter worth $236,000. Finally, Aljian Capital Management LLC raised its stake in Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after buying an additional 1,834 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRM. Morgan Stanley increased their price target on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Loop Capital decreased their target price on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Guggenheim reissued a “sell” rating and issued a $247.00 price target on shares of Salesforce in a research note on Thursday, February 27th. Citigroup restated a “cautious” rating on shares of Salesforce in a report on Thursday, February 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $400.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $365.62.

Insider Activity

In other Salesforce news, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total value of $109,965,671.90. Following the transaction, the chief executive officer now directly owns 12,162,457 shares in the company, valued at $4,217,696,838.46. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total transaction of $2,133,803.00. Following the completion of the transaction, the chief financial officer now owns 53,861 shares of the company’s stock, valued at $18,474,323. The trade was a 10.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,108,793 shares of company stock valued at $383,156,227 in the last ninety days. 3.20% of the stock is currently owned by insiders.

Salesforce Price Performance

Shares of NYSE CRM opened at $272.38 on Tuesday. The stock’s 50 day moving average price is $322.41 and its 200-day moving average price is $308.93. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a market capitalization of $261.76 billion, a PE ratio of 44.80, a PEG ratio of 2.58 and a beta of 1.35.

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.