Salesforce, Inc. (NYSE:CRM) Shares Sold by Capital Asset Advisory Services LLC

Capital Asset Advisory Services LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 6.4% during the first quarter, Holdings Channel.com reports. The institutional investor owned 920 shares of the CRM provider’s stock after selling 63 shares during the period. Capital Asset Advisory Services LLC’s holdings in Salesforce were worth $278,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Sherbrooke Park Advisers LLC raised its holdings in shares of Salesforce by 59.6% in the 3rd quarter. Sherbrooke Park Advisers LLC now owns 4,629 shares of the CRM provider’s stock valued at $939,000 after purchasing an additional 1,729 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of Salesforce by 22.1% in the 3rd quarter. Ancora Advisors LLC now owns 1,287 shares of the CRM provider’s stock valued at $261,000 after purchasing an additional 233 shares in the last quarter. Ironwood Investment Counsel LLC raised its holdings in shares of Salesforce by 165.1% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 3,672 shares of the CRM provider’s stock valued at $745,000 after purchasing an additional 2,287 shares in the last quarter. Tyler Stone Wealth Management raised its holdings in shares of Salesforce by 52.3% in the 3rd quarter. Tyler Stone Wealth Management now owns 655 shares of the CRM provider’s stock valued at $133,000 after purchasing an additional 225 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of Salesforce by 41.4% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 92,811 shares of the CRM provider’s stock valued at $18,820,000 after purchasing an additional 27,174 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Salesforce

In other Salesforce news, COO Brian Millham sold 1,678 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $406,612.96. Following the completion of the sale, the chief operating officer now directly owns 1,662 shares in the company, valued at $402,735.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the transaction, the insider now directly owns 22,154 shares of the company’s stock, valued at $5,368,357.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Brian Millham sold 1,678 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $406,612.96. Following the transaction, the chief operating officer now directly owns 1,662 shares in the company, valued at $402,735.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 541,787 shares of company stock worth $149,773,683. 3.20% of the stock is owned by company insiders.

Salesforce Trading Up 1.7 %

Shares of NYSE CRM traded up $4.25 during midday trading on Friday, reaching $257.10. 11,972,195 shares of the stock were exchanged, compared to its average volume of 6,985,788. The company has a market capitalization of $249.13 billion, a P/E ratio of 46.24, a P/E/G ratio of 2.13 and a beta of 1.25. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $259.79 and a 200-day moving average price of $276.20.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.06. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The business had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same period in the previous year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. Equities research analysts expect that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.62%. Salesforce’s payout ratio is 7.19%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Oppenheimer reduced their price objective on shares of Salesforce from $325.00 to $280.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Canaccord Genuity Group dropped their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Morgan Stanley dropped their target price on shares of Salesforce from $350.00 to $320.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $300.00 target price (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $292.79.

About Salesforce

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.