Stegent Equity Advisors Inc. Acquires Shares of 1,207 Salesforce, Inc. (NYSE:CRM)

Stegent Equity Advisors Inc. bought a new position in shares of Salesforce, Inc. (NYSE:CRM) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,207 shares of the CRM provider’s stock, valued at approximately $330,000.

Other hedge funds have also modified their holdings of the company. West Branch Capital LLC grew its position in Salesforce by 54.1% during the third quarter. West Branch Capital LLC now owns 2,647 shares of the CRM provider’s stock worth $724,000 after buying an additional 929 shares during the period. OLD National Bancorp IN boosted its stake in shares of Salesforce by 1.8% during the 3rd quarter. OLD National Bancorp IN now owns 80,190 shares of the CRM provider’s stock worth $21,949,000 after acquiring an additional 1,444 shares in the last quarter. Essex LLC grew its holdings in shares of Salesforce by 3.4% in the 3rd quarter. Essex LLC now owns 1,814 shares of the CRM provider’s stock worth $497,000 after acquiring an additional 60 shares during the period. Cyndeo Wealth Partners LLC increased its stake in Salesforce by 25.7% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 20,866 shares of the CRM provider’s stock valued at $5,711,000 after purchasing an additional 4,267 shares in the last quarter. Finally, CNB Bank raised its holdings in Salesforce by 11.5% during the third quarter. CNB Bank now owns 4,400 shares of the CRM provider’s stock worth $1,204,000 after purchasing an additional 454 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRM has been the subject of a number of research analyst reports. Phillip Securities restated an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Cfra set a $343.00 target price on shares of Salesforce in a report on Thursday. Loop Capital reaffirmed a “hold” rating and issued a $270.00 price target on shares of Salesforce in a report on Thursday, September 19th. UBS Group lifted their price objective on Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and increased their target price for the company from $270.00 to $400.00 in a report on Wednesday, October 2nd. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $311.66.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total value of $1,217,454.00. Following the completion of the transaction, the insider now directly owns 118,514 shares in the company, valued at approximately $34,353,653.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the sale, the insider now directly owns 118,514 shares of the company’s stock, valued at approximately $34,353,653.18. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,612 shares of company stock valued at $21,429,961. Insiders own 3.20% of the company’s stock.

Salesforce Stock Up 0.6 %

NYSE:CRM traded up $1.83 on Friday, reaching $292.94. The stock had a trading volume of 3,087,902 shares, compared to its average volume of 6,414,292. The company has a 50-day moving average of $266.65 and a 200 day moving average of $263.49. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market cap of $283.86 billion, a P/E ratio of 52.69, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the prior year, the business posted $1.63 earnings per share. Salesforce’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, research analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.55%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is currently 28.78%.

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.