Cambridge Financial Group Inc. increased its holdings in salesforce.com, inc. (NYSE:CRM) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,359 shares of the CRM provider’s stock after purchasing an additional 575 shares during the period. salesforce.com makes up 3.4% of Cambridge Financial Group Inc.’s investment portfolio, making the stock its 16th biggest holding. Cambridge Financial Group Inc.’s holdings in salesforce.com were worth $5,091,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Norges Bank bought a new stake in salesforce.com during the fourth quarter valued at about $1,322,911,000. Fisher Asset Management LLC boosted its holdings in salesforce.com by 49.6% during the first quarter. Fisher Asset Management LLC now owns 10,873,498 shares of the CRM provider’s stock valued at $1,565,566,000 after acquiring an additional 3,606,319 shares during the period. Polen Capital Management LLC bought a new stake in salesforce.com during the fourth quarter valued at about $501,219,000. Private Advisor Group LLC boosted its holdings in salesforce.com by 100.8% during the fourth quarter. Private Advisor Group LLC now owns 22,356 shares of the CRM provider’s stock valued at $3,636,000 after acquiring an additional 2,782,856 shares during the period. Finally, Farallon Capital Management LLC bought a new stake in salesforce.com during the fourth quarter valued at about $280,534,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.
Shares of CRM stock traded up $2.59 during midday trading on Friday, hitting $177.85. 4,963,328 shares of the company were exchanged, compared to its average volume of 6,068,004. The firm has a market capitalization of $157.54 billion, a P/E ratio of 889.29, a PEG ratio of 7.99 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.08 and a current ratio of 1.08. The firm’s 50 day moving average price is $159.26 and its two-hundred day moving average price is $165.63. salesforce.com, inc. has a 52 week low of $115.29 and a 52 week high of $195.72.
CRM has been the subject of a number of recent analyst reports. Monness Crespi & Hardt decreased their price target on shares of salesforce.com from $222.00 to $185.00 and set a “buy” rating for the company in a report on Monday, March 30th. JPMorgan Chase & Co. restated a “buy” rating and set a $200.00 price target on shares of salesforce.com in a report on Wednesday, February 26th. Cowen decreased their price target on shares of salesforce.com from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Monday, May 18th. Royal Bank of Canada cut their price objective on shares of salesforce.com from $230.00 to $210.00 and set an “outperform” rating for the company in a research report on Monday, May 18th. Finally, JMP Securities upped their price objective on shares of salesforce.com from $172.00 to $191.00 and gave the company a “market outperform” rating in a research report on Monday, May 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirty-eight have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $198.69.
In other salesforce.com news, COO Bret Steven Taylor sold 14,118 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $180.11, for a total value of $2,542,792.98. Following the completion of the sale, the chief operating officer now owns 1,074,814 shares of the company’s stock, valued at approximately $193,584,749.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc Benioff sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $176.19, for a total transaction of $1,761,900.00. The disclosure for this sale can be found here. Insiders sold a total of 413,535 shares of company stock valued at $65,708,070 in the last three months. Insiders own 4.40% of the company’s stock.
salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, contracts, and invoices.
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