Axxcess Wealth Management LLC Cuts Position in Salesforce, Inc. (NYSE:CRM)

Axxcess Wealth Management LLC reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 13.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,532 shares of the CRM provider’s stock after selling 1,784 shares during the period. Axxcess Wealth Management LLC’s holdings in Salesforce were worth $3,856,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Infrastructure Capital Advisors LLC purchased a new position in Salesforce in the third quarter valued at about $27,000. Arlington Trust Co LLC grew its holdings 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 during the period. Compass Financial Services Inc purchased a new position in Salesforce in the 4th quarter valued at approximately $30,000. Asset Planning Inc purchased a new stake in Salesforce during the fourth quarter worth $31,000. Finally, Collier Financial acquired a new stake in Salesforce in the fourth quarter valued at $32,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. DA Davidson decreased their price objective on shares of Salesforce from $300.00 to $275.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Scotiabank dropped their price objective on shares of Salesforce from $400.00 to $345.00 and set a “sector outperform” rating for the company in a research note on Monday. Jefferies Financial Group lifted their price objective on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Piper Sandler lowered their target price on Salesforce from $405.00 to $400.00 and set an “overweight” rating on the stock in a report on Thursday, February 27th. Finally, Loop Capital dropped their price target on Salesforce from $330.00 to $300.00 and set a “hold” rating for the company in a research report on Thursday, February 27th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and a consensus target price of $364.14.

Salesforce Stock Down 0.6 %

Shares of NYSE:CRM opened at $278.98 on Wednesday. The company has a market capitalization of $268.10 billion, a price-to-earnings ratio of 45.88, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The company has a 50 day moving average of $316.13 and a two-hundred day moving average of $309.71. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Insider Activity at Salesforce

In other news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the completion of the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Parker Harris sold 942 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $339.78, for a total value of $320,072.76. Following the completion of the transaction, the insider now owns 120,333 shares in the company, valued at approximately $40,886,746.74. This trade represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 75,609 shares of company stock valued at $24,920,821. Corporate insiders own 3.20% of the company’s stock.

Salesforce Company Profile

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.