Wesbanco Bank Inc. Cuts Position in Salesforce, Inc. (NYSE:CRM)

Wesbanco Bank Inc. reduced its stake in Salesforce, Inc. (NYSE:CRMFree Report) by 30.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 68,352 shares of the CRM provider’s stock after selling 29,461 shares during the period. Salesforce makes up about 1.0% of Wesbanco Bank Inc.’s investment portfolio, making the stock its 21st biggest holding. Wesbanco Bank Inc.’s holdings in Salesforce were worth $17,986,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bear Mountain Capital Inc. acquired a new stake in shares of Salesforce during the fourth quarter valued at about $26,000. Signature Resources Capital Management LLC bought a new position in Salesforce during the 4th quarter valued at $26,000. Kathleen S. Wright Associates Inc. acquired a new position in Salesforce during the 4th quarter worth $31,000. Pacifica Partners Inc. increased its position in shares of Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Finally, BKM Wealth Management LLC acquired a new stake in shares of Salesforce in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $240.40, for a total value of $673,120.00. Following the sale, the insider now directly owns 115,762 shares in the company, valued at $27,829,184.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Salesforce news, insider Srinivas Tallapragada sold 2,890 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $309.32, for a total value of $893,934.80. Following the transaction, the insider now directly owns 60,416 shares in the company, valued at approximately $18,687,877.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 2,800 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $240.40, for a total transaction of $673,120.00. Following the completion of the transaction, the insider now owns 115,762 shares in the company, valued at $27,829,184.80. The disclosure for this sale can be found here. Insiders have sold a total of 634,670 shares of company stock valued at $178,310,008 over the last quarter. 3.20% of the stock is owned by company insiders.

Salesforce Stock Performance

CRM traded up $2.91 during trading on Friday, hitting $231.94. The stock had a trading volume of 8,234,954 shares, compared to its average volume of 6,725,875. The firm has a market cap of $224.75 billion, a PE ratio of 41.82, a P/E/G ratio of 2.07 and a beta of 1.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a 50 day simple moving average of $270.19 and a 200-day simple moving average of $276.53.

Salesforce (NYSE:CRMGet Free Report) last released its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. The business had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the business earned $1.15 earnings per share. Analysts expect that Salesforce, Inc. will post 7.47 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on CRM. Oppenheimer lowered their price objective on Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Canaccord Genuity Group lowered their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Robert W. Baird reduced their price target on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Sanford C. Bernstein increased their price objective on shares of Salesforce from $231.00 to $234.00 and gave the stock an “underperform” rating in a report on Thursday, May 30th. Finally, Morgan Stanley reduced their target price on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $292.79.

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Salesforce Profile

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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.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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