Parallel Advisors LLC Has $22.38 Million Stake in Salesforce, Inc. (NYSE:CRM)

Parallel Advisors LLC grew its holdings in Salesforce, Inc. (NYSE:CRM) by 0.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,934 shares of the CRM provider’s stock after purchasing an additional 237 shares during the quarter. Parallel Advisors LLC’s holdings in Salesforce were worth $22,378,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in CRM. United Bank grew its stake in shares of Salesforce by 1.1% in the 3rd quarter. United Bank now owns 7,303 shares of the CRM provider’s stock valued at $1,999,000 after buying an additional 76 shares during the period. Accredited Investors Inc. grew its stake in Salesforce by 74.2% in the third quarter. Accredited Investors Inc. now owns 1,618 shares of the CRM provider’s stock valued at $443,000 after acquiring an additional 689 shares during the period. GoalVest Advisory LLC increased its holdings in shares of Salesforce by 7.2% during the third quarter. GoalVest Advisory LLC now owns 951 shares of the CRM provider’s stock valued at $260,000 after acquiring an additional 64 shares in the last quarter. Atlanta Consulting Group Advisors LLC raised its position in shares of Salesforce by 111.6% during the third quarter. Atlanta Consulting Group Advisors LLC now owns 5,748 shares of the CRM provider’s stock worth $1,573,000 after purchasing an additional 3,032 shares during the period. Finally, Concord Asset Management LLC VA lifted its holdings in shares of Salesforce by 17.4% in the 3rd quarter. Concord Asset Management LLC VA now owns 6,894 shares of the CRM provider’s stock worth $1,887,000 after purchasing an additional 1,024 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In related news, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 3,192,009 shares of the company’s stock, valued at approximately $1,104,786,234.99. This represents a 18.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the transaction, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,108,793 shares of company stock worth $383,156,227. 3.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on CRM. JMP Securities restated a “market outperform” rating and set a $450.00 price objective on shares of Salesforce in a report on Wednesday, December 18th. Canaccord Genuity Group lowered their target price on shares of Salesforce from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. JPMorgan Chase & Co. lifted their price target on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. UBS Group increased their price objective on Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Finally, Wedbush reaffirmed an “outperform” rating and set a $425.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $365.62.

Salesforce Trading Up 3.0 %

NYSE:CRM opened at $279.76 on Monday. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. The stock’s fifty day moving average price is $318.03 and its two-hundred day moving average price is $309.36. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $268.85 billion, a P/E ratio of 46.01, a P/E/G ratio of 2.58 and a beta of 1.35.

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.