CCG Wealth Management LLC Takes $240,000 Position in Salesforce, Inc. (NYSE:CRM)

CCG Wealth Management LLC bought a new stake in Salesforce, Inc. (NYSE:CRM) during the fourth quarter, Holdings Channel reports. The institutional investor bought 717 shares of the CRM provider’s stock, valued at approximately $240,000.

A number of other large investors also recently modified their holdings of CRM. State Street Corp increased its position in shares of Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after acquiring an additional 864,193 shares during the last quarter. Geode Capital Management LLC increased its position in Salesforce by 1.3% in the third quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock worth $5,395,132,000 after buying an additional 257,501 shares during the last quarter. Fisher Asset Management LLC increased its position in Salesforce by 2.6% in the third quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock worth $3,360,215,000 after buying an additional 314,530 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Salesforce by 1.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock worth $1,632,599,000 after buying an additional 57,825 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Salesforce by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,912,854 shares of the CRM provider’s stock worth $1,618,407,000 after buying an additional 96,381 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on CRM. Morgan Stanley raised their target price on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. JMP Securities reiterated a “market outperform” rating and issued a $450.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Northland Securities reiterated an “outperform” rating and issued a $440.00 price target (up from $400.00) on shares of Salesforce in a research report on Wednesday, December 4th. Barclays lifted their price target on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $405.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $377.63.

Insider Activity at Salesforce

In other Salesforce news, insider Miguel Milano sold 719 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $342.81, for a total transaction of $246,480.39. Following the sale, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. This trade represents a 13.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 3,970 shares of the stock in a transaction on 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 sale, the insider now owns 119,402 shares in the company, valued at approximately $35,431,349.48. This represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,108,669 shares of company stock valued at $383,286,905 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Trading Down 0.5 %

CRM opened at $341.80 on Monday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The firm has a market capitalization of $327.10 billion, a price-to-earnings ratio of 56.22, a PEG ratio of 3.20 and a beta of 1.30. The business has a 50 day simple moving average of $338.67 and a two-hundred day simple moving average of $297.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last announced its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same period in the prior year, the company posted $1.62 EPS. The firm’s revenue was up 8.3% on a year-over-year basis. Analysts predict that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

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.