Tocqueville Asset Management L.P. Decreases Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Tocqueville Asset Management L.P. reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 203,216 shares of the CRM provider’s stock after selling 9,386 shares during the quarter. Salesforce makes up about 1.1% of Tocqueville Asset Management L.P.’s holdings, making the stock its 18th biggest holding. Tocqueville Asset Management L.P.’s holdings in Salesforce were worth $67,941,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce in the 3rd quarter worth about $27,000. Arlington Trust Co LLC increased its stake in shares of Salesforce by 85.1% in the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc bought a new position in shares of Salesforce in the 4th quarter worth about $30,000. Asset Planning Inc bought a new position in shares of Salesforce in the 4th quarter worth about $31,000. Finally, Collier Financial bought a new position in shares of Salesforce in the 4th quarter worth about $32,000. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Trading Up 3.0 %

CRM stock opened at $279.76 on Monday. The firm has a fifty day moving average price of $318.03 and a 200 day moving average price of $309.36. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. 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 cap of $268.85 billion, a PE ratio of 46.01, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRM. The Goldman Sachs Group increased their price objective on shares of Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. JMP Securities reissued a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. JPMorgan Chase & Co. increased their price objective on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Wedbush reaffirmed an “outperform” rating and set a $425.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Finally, Piper Sandler dropped their price target on shares of Salesforce from $405.00 to $400.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Two analysts have rated the stock with a sell rating, five have given a hold rating, thirty-one have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $365.62.

Insider Activity at Salesforce

In other Salesforce news, Director G Mason Morfit sold 722,300 shares of Salesforce stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the completion of the transaction, the director now directly owns 3,192,009 shares of the company’s stock, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of Salesforce 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 directly owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. The trade was a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,108,793 shares of company stock valued at $383,156,227. 3.20% of the stock is owned by corporate insiders.

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.