Linscomb Wealth Inc. Lowers Holdings in Salesforce, Inc. (NYSE:CRM)

Linscomb Wealth Inc. decreased its stake in Salesforce, Inc. (NYSE:CRM) by 3.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,543 shares of the CRM provider’s stock after selling 515 shares during the quarter. Linscomb Wealth Inc.’s holdings in Salesforce were worth $4,254,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. M&G Plc purchased a new position in Salesforce during the first quarter worth approximately $2,178,000. First Foundation Advisors raised its holdings in shares of Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock valued at $249,000 after acquiring an additional 228 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of Salesforce by 0.8% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after acquiring an additional 38 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Salesforce by 80.9% during the first quarter. Intech Investment Management LLC now owns 49,513 shares of the CRM provider’s stock valued at $14,912,000 after acquiring an additional 22,145 shares during the last quarter. Finally, Spirepoint Private Client LLC acquired a new position in shares of Salesforce during the first quarter valued at approximately $345,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

Shares of NYSE:CRM traded down $5.79 during trading on Friday, hitting $325.86. 2,515,361 shares of the stock were exchanged, compared to its average volume of 6,297,994. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $348.86. 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 company has a fifty day moving average price of $284.99 and a two-hundred day moving average price of $266.30. The company has a market cap of $311.52 billion, a PE ratio of 56.91, a P/E/G ratio of 3.09 and a beta of 1.29.

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

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.49%. Salesforce’s payout ratio is 27.83%.

Insider Transactions at Salesforce

In other Salesforce news, insider Parker Harris sold 3,970 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total value of $1,178,057.80. Following the completion of the transaction, the insider now directly owns 119,402 shares of the company’s stock, valued at $35,431,349.48. This represents a 3.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. Insiders sold a total of 144,373 shares of company stock worth $41,250,680 in the last ninety days. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Sanford C. Bernstein increased their target price on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Piper Sandler cut Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Finally, Truist Financial restated a “buy” rating and set a $315.00 price target (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $322.51.

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.