Moran Wealth Management LLC Trims Holdings in Salesforce, Inc. (NYSE:CRM)
Moran Wealth Management LLC reduced its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 5.3% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 66,726 shares of the CRM provider’s stock after selling 3,731 shares during the quarter. Moran Wealth Management LLC’s holdings in Salesforce were worth $17,558,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in the business. Fisher Asset Management LLC increased its position in shares of Salesforce by 5.3% during the fourth quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock worth $3,926,323,000 after acquiring an additional 752,566 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Salesforce by 1.1% during the 3rd quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock valued at $2,270,144,000 after buying an additional 121,436 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Salesforce by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,397,516 shares of the CRM provider’s stock worth $1,420,302,000 after buying an additional 145,625 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Salesforce by 7.1% in the third quarter. The Manufacturers Life Insurance Company now owns 4,678,330 shares of the CRM provider’s stock valued at $948,676,000 after acquiring an additional 309,881 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in Salesforce by 1,254.7% during the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after acquiring an additional 3,226,512 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Salesforce
In other news, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $305.46, for a total value of $287,743.32. Following the completion of the transaction, the chief financial officer now owns 39,416 shares in the company, valued at approximately $12,040,011.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 614,193 shares of company stock worth $178,936,148. Insiders own 3.70% of the company’s stock.
Analyst Ratings Changes
CRM has been the topic of a number of research analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $342.00 target price on shares of Salesforce in a report on Monday, April 15th. Wolfe Research reaffirmed an “outperform” rating and set a $365.00 price objective on shares of Salesforce in a research report on Tuesday, April 16th. Evercore ISI boosted their price objective on shares of Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Bank of America boosted their price objective on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Truist Financial restated a “buy” rating and issued a $360.00 target price (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. Nine investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and an average target price of $310.61.
Get Our Latest Stock Report on Salesforce
Salesforce Price Performance
NYSE CRM traded down $2.07 during trading on Tuesday, hitting $275.45. 1,409,048 shares of the company’s stock were exchanged, compared to its average volume of 5,394,112. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $266.64 billion, a PE ratio of 65.99, a P/E/G ratio of 2.13 and a beta of 1.30. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The stock’s 50 day moving average price is $291.39 and its two-hundred day moving average price is $269.59.
Salesforce (NYSE:CRM – Get Free Report) last issued its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.72 by $0.06. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Research analysts expect that Salesforce, Inc. will post 7.45 EPS for the current year.
Salesforce Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.58%. The ex-dividend date was Wednesday, March 13th. Salesforce’s dividend payout ratio (DPR) is currently 9.52%.
Salesforce 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.
See Also
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