Icon Wealth Advisors LLC Has $6.50 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Icon Wealth Advisors LLC reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,591 shares of the CRM provider’s stock after selling 553 shares during the period. Icon Wealth Advisors LLC’s holdings in Salesforce were worth $6,503,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Graypoint LLC grew its position in Salesforce by 0.3% in the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after acquiring an additional 36 shares during the last quarter. Chase Investment Counsel Corp grew its holdings in shares of Salesforce by 0.3% during the 4th quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock valued at $2,730,000 after purchasing an additional 36 shares during the last quarter. JFS Wealth Advisors LLC increased its position in Salesforce by 11.4% during the 4th quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after purchasing an additional 36 shares in the last quarter. Opes Wealth Management LLC lifted its stake in Salesforce by 2.9% in the 4th quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after purchasing an additional 37 shares during the last quarter. Finally, Fox Hill Wealth Management boosted its position in Salesforce by 4.0% in the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after buying an additional 38 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $286.90, for a total value of $4,303,500.00. Following the completion of the transaction, the chief executive officer now owns 12,512,327 shares in the company, valued at approximately $3,589,786,616.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The disclosure for this sale can be found here. In the last three months, insiders sold 305,042 shares of company stock valued at $81,019,465. 3.20% of the stock is owned by insiders.

Salesforce Stock Down 0.3 %

NYSE CRM traded down $0.68 during mid-day trading on Tuesday, hitting $257.91. The company’s stock had a trading volume of 3,941,446 shares, compared to its average volume of 6,784,922. The firm has a market capitalization of $249.91 billion, a price-to-earnings ratio of 46.39, a PEG ratio of 2.31 and a beta of 1.29. The company’s 50 day simple moving average is $250.11 and its 200 day simple moving average is $275.37. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating 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 firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. During the same period last year, the firm earned $1.15 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. Analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 0.62%. Salesforce’s payout ratio is 28.78%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. dropped their price target on Salesforce from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Thursday, May 30th. Truist Financial restated a “buy” rating and set a $300.00 price target (down from $360.00) on shares of Salesforce in a report on Thursday, May 30th. Piper Sandler reiterated a “neutral” rating and issued a $250.00 price objective on shares of Salesforce in a report on Friday, July 12th. Mizuho reduced their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Finally, Evercore ISI dropped their price target on shares of Salesforce from $330.00 to $300.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $292.79.

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.