Fortaleza Asset Management Inc Lowers stake in salesforce.com (CRM)

salesforce.com (CRM) : Fortaleza Asset Management Inc reduced its stake in salesforce.com by 41.26% during the most recent quarter end. The investment management company now holds a total of 29,395 shares of salesforce.com which is valued at $2.2 Million after selling 20,650 shares in salesforce.com , the firm said in a disclosure report filed with the SEC on May 12, 2016.salesforce.com makes up approximately 1.44% of Fortaleza Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Covington Investment Advisors boosted its stake in CRM in the latest quarter, The investment management firm added 685 additional shares and now holds a total of 43,930 shares of salesforce.com which is valued at $3.4 Million. salesforce.com makes up approx 1.54% of Covington Investment Advisors’s portfolio. Seminole Management sold out all of its stake in CRM during the most recent quarter. The investment firm sold 169,441 shares of CRM which is valued $12.9 Million. Marvin Palmer Associates Inc added CRM to its portfolio by purchasing 25,700 company shares during the most recent quarter which is valued at $2 Million. salesforce.com makes up approx 2.28% of Marvin Palmer Associates Inc’s portfolio.Asset Dedication reduced its stake in CRM by selling 75 shares or 25.08% in the most recent quarter. The Hedge Fund company now holds 224 shares of CRM which is valued at $16,979. salesforce.com makes up approx 0.01% of Asset Dedication’s portfolio.

salesforce.com closed down -0.07 points or -0.09% at $81.02 with 50,97,850 shares getting traded on Friday. Post opening the session at $81.6, the shares hit an intraday low of $80.72 and an intraday high of $81.82 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, salesforce.com reported $0.24 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 18, 2016. Analyst had a consensus of $0.23. The company had revenue of $1.92 million for the quarter, compared to analysts expectations of $1892.96 million. The company’s revenue was down -99.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.16 EPS.

Many Wall Street Analysts have commented on salesforce.com. Company shares were Reiterated by Mizuho on May 19, 2016 to “Buy”, Firm has raised the Price Target to $ 100 from a previous price target of $90 .Company shares were Reiterated by Wunderlich on May 19, 2016 to “Buy”, Firm has raised the Price Target to $ 101 from a previous price target of $93 .Company shares were Reiterated by Stifel on May 19, 2016 to “Buy”, Firm has raised the Price Target to $ 93 from a previous price target of $85 .

salesforce.com inc. is a provider of enterprise cloud computing solutions that include apps and platform services as well as professional services. The Company focuses on customer relationship management (CRM). The Company offers six core cloud services that include sales force automation customer service and support marketing automation community management analytics and a cloud platform for building custom applications. The Company offers consulting deployment training implementation and integration services to its customers to facilitate the adoption of its cloud solutions. The Company delivers its solutions as a service through all the Internet browsers and on mobile devices on a subscription basis primarily through its direct sales efforts and indirectly through partners.

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