Gallacher Capital Management LLC Lowers Stake in Salesforce, Inc. (NYSE:CRM)

Gallacher Capital Management LLC reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 8.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,199 shares of the CRM provider’s stock after selling 109 shares during the quarter. Gallacher Capital Management LLC’s holdings in Salesforce were worth $401,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. purchased a new position in Salesforce in the 4th quarter valued at about $1,173,564,000. Jennison Associates LLC lifted its stake 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 buying an additional 1,530,572 shares in the last quarter. Swedbank AB lifted its stake 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 buying an additional 1,219,254 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in 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 in the last quarter. Finally, State Street Corp lifted its stake in Salesforce by 1.8% in the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after buying an additional 864,193 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 317,105 shares of Salesforce stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the completion of the sale, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. The trade was a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of Salesforce stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $301.00, for a total transaction of $1,872,521.00. Following the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at approximately $14,071,750. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,108,793 shares of company stock worth $383,156,227 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRM. Northland Securities reaffirmed an “outperform” rating and issued a $440.00 price target (up from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Piper Sandler decreased their target price on shares of Salesforce from $405.00 to $400.00 and set an “overweight” rating on the stock in a research note on Thursday, February 27th. Wedbush reissued an “outperform” rating and issued a $425.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Finally, UBS Group raised their target price on shares of Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $365.62.

Salesforce Stock Performance

NYSE:CRM opened at $279.76 on Friday. The company has a fifty day simple moving average of $318.03 and a two-hundred day simple moving average of $309.01. The company has a market cap of $268.85 billion, a price-to-earnings ratio of 46.01, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. 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 52 week low of $212.00 and a 52 week high of $369.00.

Salesforce 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.