Today The Essex Investment Management Co. LLC Cuts Position in Salesforce.com Inc (CRM)

Today The Essex Investment Management Co. LLC Cuts Position in Salesforce.com Inc (CRM)

Essex Investment Management Co. LLC cut its stake in shares of Salesforce.com Inc (NYSE:CRM) by 9.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,089 shares of the CRM provider’s stock after selling 3,538 shares during the period. Essex Investment Management Co. LLC’s holdings in Salesforce.com were worth $2,289,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC increased its position in shares of Salesforce.com by 105.5% in the second quarter. Signaturefd LLC now owns 1,350 shares of the CRM provider’s stock valued at $107,000 after buying an additional 693 shares during the last quarter. NEXT Financial Group Inc increased its position in shares of Salesforce.com by 2.3% in the third quarter. NEXT Financial Group Inc now owns 1,754 shares of the CRM provider’s stock valued at $125,000 after buying an additional 39 shares during the last quarter. Mycio Wealth Partners LLC increased its position in shares of Salesforce.com by 2.4% in the second quarter. Mycio Wealth Partners LLC now owns 1,879 shares of the CRM provider’s stock valued at $149,000 after buying an additional 44 shares during the last quarter. Alpha Omega Wealth Management LLC purchased a new position in shares of Salesforce.com during the third quarter valued at $150,000. Finally, Krilogy Financial LLC increased its position in shares of Salesforce.com by 259.4% in the second quarter. Krilogy Financial LLC now owns 2,113 shares of the CRM provider’s stock valued at $168,000 after buying an additional 1,525 shares during the last quarter. 85.99% of the stock is owned by hedge funds and other institutional investors.

Shares of Salesforce.com Inc (NYSE:CRM) opened at 77.11 on Wednesday. Salesforce.com Inc has a one year low of $52.60 and a one year high of $84.48. The firm has a market cap of $53.72 billion, a price-to-earnings ratio of 261.39 and a beta of 1.46. The stock’s 50 day moving average price is $72.27 and its 200 day moving average price is $75.09.

Salesforce.com (NYSE:CRM) last released its earnings results on Thursday, November 17th. The CRM provider reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.03. Salesforce.com had a return on equity of 2.40% and a net margin of 2.60%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.12 billion. During the same quarter in the prior year, the company posted $0.21 earnings per share. Salesforce.com’s revenue was up 25.3% on a year-over-year basis. On average, equities analysts anticipate that Salesforce.com Inc will post $0.98 earnings per share for the current fiscal year.

A number of research analysts have recently commented on the stock. Cowen and Company reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Salesforce.com in a research note on Wednesday, October 12th. DA Davidson dropped their price objective on shares of Salesforce.com from $86.00 to $80.00 and set a “neutral” rating for the company in a research note on Tuesday, October 4th. Wedbush reaffirmed an “outperform” rating and set a $96.00 price objective on shares of Salesforce.com in a research note on Wednesday, October 5th. JMP Securities reaffirmed a “buy” rating and set a $92.00 price objective on shares of Salesforce.com in a research note on Monday, October 10th. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $95.00 price objective on shares of Salesforce.com in a research note on Wednesday, October 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, forty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Salesforce.com has a consensus rating of “Buy” and an average target price of $92.15.

In other news, EVP Burke F. Norton sold 180,000 shares of the stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $74.15, for a total transaction of $13,347,000.00. Following the transaction, the executive vice president now owns 253,923 shares in the company, valued at $18,828,390.45. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Marc Benioff sold 12,500 shares of the stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $75.15, for a total value of $939,375.00. Following the transaction, the chairman now owns 34,846,900 shares in the company, valued at approximately $2,618,744,535. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 4,096 shares of company stock worth $299,862 and sold 1,030,898 shares worth $75,542,645. 6.70% of the stock is owned by corporate insiders.

About Salesforce.com

salesforce.com, inc. is a provider of enterprise cloud computing solutions, with a focus on customer relationship management (CRM). The Company’s Customer Success Platform, including sales force automation, customer service and support, marketing automation, community management, analytics, application development, Internet of Things (IoT) integration and its professional cloud services, provide the next-generation platform of enterprise applications and services.

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