Mattern Wealth Management LLC Reduces Holdings in Salesforce, Inc. (NYSE:CRM)

Mattern Wealth Management LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 6.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,444 shares of the CRM provider’s stock after selling 98 shares during the period. Mattern Wealth Management LLC’s holdings in Salesforce were worth $395,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Capital Research Global Investors lifted its stake in shares of Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new position in Salesforce during the first quarter valued at $910,220,000. Swedbank AB bought a new stake in shares of Salesforce during the 1st quarter valued at $874,748,000. Massachusetts Financial Services Co. MA grew its position in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares during the period. Finally, AMF Tjanstepension AB lifted its position in Salesforce by 376.1% during the 2nd quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after acquiring an additional 1,139,472 shares during the period. 80.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Salesforce

In other news, COO Brian Millham sold 969 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $253.63, for a total transaction of $245,767.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, October 15th. The shares were 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 of the company’s stock, valued at $34,353,653.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Brian Millham sold 969 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $253.63, for a total transaction of $245,767.47. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,110 shares of company stock worth $20,292,760. Insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Salesforce stock traded down $3.21 during mid-day trading on Tuesday, hitting $288.08. The stock had a trading volume of 1,341,006 shares, compared to its average volume of 6,371,276. 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 firm’s 50 day moving average is $267.44 and its 200 day moving average is $263.18. The firm has a market capitalization of $279.15 billion, a P/E ratio of 52.01, a P/E/G ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $9.22 billion. During the same quarter last year, the business posted $1.63 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.56%. Salesforce’s dividend payout ratio is 28.78%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Loop Capital restated a “hold” rating and issued a $270.00 price objective on shares of Salesforce in a report on Thursday, September 19th. JMP Securities reaffirmed a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a research report on Wednesday, August 28th. DA Davidson increased their price objective on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Nine research 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 stock. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus price target of $311.66.

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.