Cibc World Markets Corp Sells 58,147 Shares of Salesforce, Inc. (NYSE:CRM)

Cibc World Markets Corp cut its stake in Salesforce, Inc. (NYSE:CRM) by 16.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 292,237 shares of the CRM provider’s stock after selling 58,147 shares during the period. Cibc World Markets Corp’s holdings in Salesforce were worth $97,704,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRM. Nvest Financial LLC grew its position in Salesforce by 1.1% in the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after acquiring an additional 31 shares in the last quarter. OMC Financial Services LTD grew its position in Salesforce by 0.3% in the 4th quarter. OMC Financial Services LTD now owns 11,390 shares of the CRM provider’s stock valued at $3,808,000 after acquiring an additional 31 shares in the last quarter. Capital Advisors Ltd. LLC grew its position in Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after acquiring an additional 31 shares in the last quarter. Sachetta LLC grew its position in Salesforce by 0.3% in the 4th quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock valued at $3,684,000 after acquiring an additional 32 shares in the last quarter. Finally, Prossimo Advisors LLC grew its position in Salesforce by 1.0% in the 4th quarter. Prossimo Advisors LLC now owns 3,366 shares of the CRM provider’s stock valued at $1,125,000 after acquiring an additional 32 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Trading Up 3.0 %

NYSE:CRM opened at $279.76 on Monday. The firm has a market cap of $268.85 billion, a P/E ratio of 46.01, a PEG ratio of 2.58 and a beta of 1.35. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $318.03 and its 200-day simple moving average is $309.36. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CRM shares. Scotiabank dropped their target price on Salesforce from $440.00 to $400.00 and set a “sector outperform” rating for the company in a research report on Thursday, February 27th. JMP Securities reaffirmed a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Needham & Company LLC reissued a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research report on Thursday, February 27th. TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. Finally, Canaccord Genuity Group lowered their price objective on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $365.62.

Insider Activity

In related news, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the transaction, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,108,793 shares of company stock valued at $383,156,227. Company insiders own 3.20% of the company’s stock.

Salesforce Company 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.