WealthShield Partners LLC Cuts Stake in Salesforce, Inc. (NYSE:CRM)
WealthShield Partners LLC trimmed its holdings in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 49.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,144 shares of the CRM provider’s stock after selling 9,112 shares during the period. WealthShield Partners LLC’s holdings in Salesforce were worth $2,406,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Union Savings Bank bought a new stake in Salesforce in the 2nd quarter worth approximately $27,000. BKM Wealth Management LLC bought a new stake in Salesforce in the 4th quarter worth approximately $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 worth $33,000 after purchasing an additional 100 shares during the period. AlphaMark Advisors LLC grew its position in Salesforce by 892.9% in 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 during the period. Finally, Glass Jacobson Investment Advisors llc bought a new stake in Salesforce in the 4th quarter worth approximately $37,000. Institutional investors own 80.43% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the stock. Truist Financial reissued a “buy” rating and set a $360.00 price objective (up previously from $275.00) on shares of Salesforce in a research report on Thursday, February 29th. TheStreet raised shares of Salesforce from a “c+” rating to a “b-” rating in a report on Friday, January 19th. JPMorgan Chase & Co. upped their target price on shares of Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Bank of America increased their price objective on shares of Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Finally, 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 report on Thursday, February 29th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $304.97.
View Our Latest Research Report on Salesforce
Salesforce Stock Up 0.2 %
Salesforce stock traded up $0.74 during midday trading on Wednesday, reaching $304.74. The company’s stock had a trading volume of 3,029,396 shares, compared to its average volume of 5,662,116. Salesforce, Inc. has a 52-week low of $187.31 and a 52-week high of $318.71. The stock has a market capitalization of $295.60 billion, a P/E ratio of 73.06, a PEG ratio of 2.32 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. The stock’s 50-day simple moving average is $296.10 and its 200-day simple moving average is $254.65.
Salesforce (NYSE:CRM – Get Free Report) last issued its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. On average, sell-side analysts expect that Salesforce, Inc. will post 7.45 EPS for the current year.
Salesforce Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.53%. Salesforce’s dividend payout ratio is presently 9.52%.
Insider Buying and Selling at Salesforce
In other news, CAO Sundeep G. Reddy sold 216 shares of the business’s stock in a transaction dated 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 owns 2,869 shares of the company’s stock, valued at approximately $799,618.99. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction dated Thursday, January 4th. The stock was sold at an average price of $251.61, for a total value of $3,774,150.00. Following the completion of the transaction, the chief executive officer now owns 13,896,166 shares of the company’s stock, valued at approximately $3,496,414,327.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 216 shares of the company’s 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 transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at $799,618.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 913,175 shares of company stock valued at $261,391,996. 3.70% of the stock is 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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