Prosperity Wealth Management Inc. Makes New $665,000 Investment in Salesforce, Inc. (NYSE:CRM)

Prosperity Wealth Management Inc. bought a new position in Salesforce, Inc. (NYSE:CRM) in the fourth quarter, Holdings Channel reports. The institutional investor bought 1,988 shares of the CRM provider’s stock, valued at approximately $665,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. acquired a new position in Salesforce in the 4th quarter valued at about $1,173,564,000. Jennison Associates LLC grew its position in Salesforce by 52.7% in the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock valued at $1,482,347,000 after acquiring an additional 1,530,572 shares in the last quarter. Swedbank AB grew its position in Salesforce by 46.7% in the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock valued at $1,280,408,000 after acquiring an additional 1,219,254 shares in the last quarter. KBC Group NV boosted its stake in shares of Salesforce by 171.2% in the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after buying an additional 1,032,068 shares during the period. Finally, Proficio Capital Partners LLC boosted its stake in shares of Salesforce by 56,872.2% in the 4th quarter. Proficio Capital Partners LLC now owns 933,204 shares of the CRM provider’s stock valued at $311,998,000 after buying an additional 931,566 shares during the period. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Salesforce

In other news, CFO Amy E. Weaver sold 6,221 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total value of $1,872,521.00. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $14,071,750. This represents a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the sale, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. 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. Insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the subject of several recent research reports. Guggenheim reiterated a “sell” rating and issued a $247.00 price objective on shares of Salesforce in a research note on Thursday, February 27th. Redburn Atlantic initiated coverage on Salesforce in a research note on Wednesday, February 19th. They issued a “buy” rating for the company. Jefferies Financial Group lifted their price objective on Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group decreased their price objective on Salesforce from $415.00 to $400.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Wells Fargo & Company decreased their price objective on Salesforce from $345.00 to $310.00 and set an “equal weight” rating for the company in a research note on Thursday, February 27th. Two equities research 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $365.62.

Salesforce Stock Up 1.6 %

Salesforce stock opened at $277.40 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $266.58 billion, a price-to-earnings ratio of 45.63, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The stock’s fifty day moving average is $321.27 and its two-hundred day moving average is $309.03.

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.