Salesforce, Inc. (NYSE:CRM) Shares Sold by Flossbach Von Storch AG
Flossbach Von Storch AG trimmed its holdings in Salesforce, Inc. (NYSE:CRM – Free Report) by 4.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 735,106 shares of the CRM provider’s stock after selling 31,088 shares during the period. Salesforce accounts for approximately 0.9% of Flossbach Von Storch AG’s holdings, making the stock its 26th largest holding. Flossbach Von Storch AG owned approximately 0.08% of Salesforce worth $193,436,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. acquired a new position in Salesforce in the fourth quarter valued at $26,000. BKM Wealth Management LLC acquired a new position in shares of Salesforce in the 4th quarter valued at about $34,000. Pacifica Partners Inc. grew its holdings in shares of Salesforce by 333.3% during the 4th quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares during the period. AlphaMark Advisors LLC increased its position in Salesforce by 892.9% during the 4th quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after purchasing an additional 125 shares in the last quarter. Finally, Glass Jacobson Investment Advisors llc purchased a new position in Salesforce in the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have issued reports on CRM. Truist Financial reiterated a “buy” rating and set a $360.00 price objective (up from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. JPMorgan Chase & Co. increased their price target on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. UBS Group boosted their price objective on Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. TheStreet upgraded Salesforce from a “c+” rating to a “b-” rating in a research note on Friday, January 19th. Finally, Argus raised their target price on Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $307.87.
Salesforce Stock Performance
Shares of NYSE:CRM traded down $1.08 on Wednesday, reaching $276.33. 4,198,638 shares of the company’s stock were exchanged, compared to its average volume of 5,706,728. The business’s 50-day moving average is $298.10 and its two-hundred day moving average is $260.89. 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 fifty-two week low of $190.57 and a fifty-two week high of $318.71. The firm has a market capitalization of $268.04 billion, a price-to-earnings ratio of 65.79, a PEG ratio of 2.10 and a beta of 1.28.
Salesforce (NYSE:CRM – Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping 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 firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the business earned $1.01 earnings per share. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current year.
Salesforce Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. Salesforce’s payout ratio is currently 9.52%.
Insiders Place Their Bets
In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $274.01, for a total transaction of $4,110,150.00. Following the completion of the transaction, the chief executive officer now owns 13,761,166 shares of the company’s stock, valued at $3,770,697,095.66. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CAO Sundeep G. Reddy sold 216 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $274.01, for a total value of $4,110,150.00. Following the sale, the chief executive officer now directly owns 13,761,166 shares in the company, valued at approximately $3,770,697,095.66. The disclosure for this sale can be found here. Insiders have sold 922,149 shares of company stock valued at $267,062,598 over the last three months. Company insiders own 3.70% of the company’s stock.
About Salesforce
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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