Salesforce, Inc. (NYSE:CRM) Position Increased by Financial Perspectives Inc

Financial Perspectives Inc increased its stake in Salesforce, Inc. (NYSE:CRM) by 46.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 327 shares of the CRM provider’s stock after purchasing an additional 104 shares during the period. Financial Perspectives Inc’s holdings in Salesforce were worth $109,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Vista Capital Partners Inc. bought a new stake in shares of Salesforce in the 4th quarter worth approximately $261,000. Pegasus Asset Management Inc. raised its stake in Salesforce by 0.7% during the 4th quarter. Pegasus Asset Management Inc. now owns 16,164 shares of the CRM provider’s stock valued at $5,404,000 after acquiring an additional 109 shares in the last quarter. Laidlaw Wealth Management LLC raised its stake in Salesforce by 91.3% during the 4th quarter. Laidlaw Wealth Management LLC now owns 4,403 shares of the CRM provider’s stock valued at $1,472,000 after acquiring an additional 2,101 shares in the last quarter. Accuvest Global Advisors bought a new stake in Salesforce during the 4th quarter valued at $3,732,000. Finally, Global Retirement Partners LLC raised its stake in Salesforce by 9.6% during the 4th quarter. Global Retirement Partners LLC now owns 15,366 shares of the CRM provider’s stock valued at $5,137,000 after acquiring an additional 1,341 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 0.6 %

Shares of CRM opened at $328.62 on Wednesday. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $314.49 billion, a price-to-earnings ratio of 54.05, a P/E/G ratio of 2.62 and a beta of 1.31. The stock’s 50-day moving average price is $335.64 and its 200 day moving average price is $304.52.

Salesforce (NYSE:CRM) last issued its quarterly 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 net margin of 15.96% and a return on equity of 12.34%. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The company’s revenue was up 8.3% on a year-over-year basis. As a group, research analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio is 26.32%.

Insider Activity

In related news, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total value of $249,995,253.00. Following the completion of the sale, the director now owns 3,192,009 shares in the company, valued at $1,104,786,234.99. This represents a 18.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the sale, the chief accounting officer now owns 6,557 shares of the company’s stock, valued at approximately $2,202,758.58. This represents a 7.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,111,420 shares of company stock valued at $384,366,700 in the last 90 days. 3.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on CRM shares. Macquarie reaffirmed a “neutral” rating and set a $370.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 target price on shares of Salesforce in a research note on Thursday, February 6th. Northland Securities reaffirmed an “outperform” rating and set a $440.00 target price (up previously from $400.00) on shares of Salesforce in a research note on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and set a $400.00 price target (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Finally, Morgan Stanley lifted their price target on Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One investment 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $377.63.

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.