Crestwood Advisors Group LLC Has $65 Million Stake in Salesforce, Inc. (NYSE:CRM)
Crestwood Advisors Group LLC grew its holdings in Salesforce, Inc. (NYSE:CRM – Free Report) by 4.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 247,009 shares of the CRM provider’s stock after purchasing an additional 10,221 shares during the quarter. Salesforce accounts for about 1.5% of Crestwood Advisors Group LLC’s holdings, making the stock its 18th biggest holding. Crestwood Advisors Group LLC’s holdings in Salesforce were worth $64,998,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. BKM Wealth Management LLC purchased a new position in shares of Salesforce during the fourth quarter worth about $34,000. Pacifica Partners Inc. grew its position in Salesforce by 333.3% in the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. AlphaMark Advisors LLC increased its stake in Salesforce by 892.9% in the 4th quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock valued at $37,000 after buying an additional 125 shares during the period. Glass Jacobson Investment Advisors llc acquired a new position in shares of Salesforce during the fourth quarter worth about $37,000. Finally, Peoples Bank KS acquired a new stake in Salesforce in the third quarter valued at about $39,000. 80.43% of the stock is owned by hedge funds and other institutional investors.
Salesforce Stock Down 1.6 %
Shares of NYSE CRM traded down $4.83 on Friday, hitting $294.32. The company had a trading volume of 3,819,966 shares, compared to its average volume of 4,433,955. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12-month low of $190.45 and a 12-month high of $318.71. The firm has a market capitalization of $285.49 billion, a P/E ratio of 70.08, a PEG ratio of 2.26 and a beta of 1.28. The business has a 50 day moving average of $298.82 and a two-hundred day moving average of $259.37.
Salesforce (NYSE:CRM – Get Free Report) last announced its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the firm earned $1.01 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.
Salesforce Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s dividend payout ratio is presently 9.52%.
Wall Street Analyst Weigh In
Several analysts have recently commented on the company. Needham & Company LLC raised their price target on Salesforce from $275.00 to $345.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Truist Financial reissued a “buy” rating and set a $360.00 price target (up previously from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Robert W. Baird boosted their target price on Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. JMP Securities increased their price objective on shares of Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research note on Thursday, February 29th. Finally, Argus lifted their target price on shares of Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $305.77.
Get Our Latest Research Report on CRM
Insider Activity
In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total value of $4,733,100.00. Following the sale, the chief executive officer now directly owns 13,311,166 shares of the company’s stock, valued at $4,200,205,319.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the completion of the transaction, the chief executive officer now owns 13,311,166 shares in the company, valued at $4,200,205,319.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Srinivas Tallapragada sold 10,000 shares of Salesforce stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $270.28, for a total transaction of $2,702,800.00. Following the completion of the sale, the insider now owns 59,861 shares in the company, valued at $16,179,231.08. The disclosure for this sale can be found here. In the last three months, insiders sold 907,375 shares of company stock worth $262,519,346. 3.70% of the stock is currently owned by insiders.
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.
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