Kornitzer Capital Management Inc. KS Reduces Holdings in salesforce.com, inc. (NYSE:CRM)

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Kornitzer Capital Management Inc. KS cut its stake in shares of salesforce.com, inc. (NYSE:CRM) by 8.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,716 shares of the CRM provider’s stock after selling 2,961 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in salesforce.com were worth $4,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its position in salesforce.com by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 58,771,856 shares of the CRM provider’s stock valued at $8,917,454,000 after purchasing an additional 1,491,307 shares during the last quarter. BlackRock Inc. raised its position in salesforce.com by 4.7% during the 2nd quarter. BlackRock Inc. now owns 56,165,345 shares of the CRM provider’s stock valued at $8,521,967,000 after purchasing an additional 2,499,996 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in salesforce.com by 13.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 33,910,865 shares of the CRM provider’s stock valued at $5,145,296,000 after purchasing an additional 4,046,077 shares during the last quarter. Jennison Associates LLC raised its position in salesforce.com by 8.4% during the 2nd quarter. Jennison Associates LLC now owns 21,575,462 shares of the CRM provider’s stock valued at $3,273,645,000 after purchasing an additional 1,673,392 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in salesforce.com by 12.9% during the 2nd quarter. Janus Henderson Group PLC now owns 13,247,900 shares of the CRM provider’s stock valued at $2,009,810,000 after purchasing an additional 1,516,132 shares during the last quarter. Institutional investors own 73.98% of the company’s stock.

Shares of salesforce.com stock traded up $1.61 during midday trading on Friday, hitting $161.11. The company had a trading volume of 3,152,878 shares, compared to its average volume of 5,756,425. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $138.70 billion, a P/E ratio of 111.11, a P/E/G ratio of 6.77 and a beta of 1.22. The company has a 50 day moving average of $150.88 and a 200 day moving average of $153.17. salesforce.com, inc. has a 52-week low of $113.60 and a 52-week high of $167.56.

salesforce.com (NYSE:CRM) last posted its quarterly earnings results on Thursday, August 22nd. The CRM provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.57. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. salesforce.com had a return on equity of 7.26% and a net margin of 6.45%. The firm’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.71 EPS. Equities research analysts forecast that salesforce.com, inc. will post 1.25 EPS for the current year.

In related news, Director Sanford Robertson sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $155.67, for a total value of $3,891,750.00. Following the sale, the director now owns 124,017 shares in the company, valued at approximately $19,305,726.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Joe Allanson sold 167 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $154.07, for a total value of $25,729.69. Following the completion of the sale, the chief accounting officer now owns 30,958 shares in the company, valued at approximately $4,769,699.06. The disclosure for this sale can be found here. Insiders sold a total of 261,026 shares of company stock worth $39,295,084 in the last 90 days. 5.50% of the stock is currently owned by company insiders.

A number of research firms have commented on CRM. OTR Global raised salesforce.com to a “positive” rating in a research report on Thursday, August 15th. UBS Group set a $190.00 price target on salesforce.com and gave the company a “buy” rating in a research report on Friday, August 23rd. Stephens set a $184.00 price target on salesforce.com and gave the company a “buy” rating in a research report on Friday, August 23rd. Nomura upped their price target on salesforce.com from $180.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, August 23rd. Finally, Compass Point set a $193.00 price target on salesforce.com and gave the company a “buy” rating in a research report on Friday, August 23rd. Three research analysts have rated the stock with a hold rating, thirty-six have given a buy rating and one has assigned a strong buy rating to the company. salesforce.com has a consensus rating of “Buy” and an average target price of $184.74.

About salesforce.com

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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Institutional Ownership by Quarter for salesforce.com (NYSE:CRM)

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