Synergy Asset Management LLC Purchases 2,902 Shares of Salesforce, Inc. (NYSE:CRM)

Synergy Asset Management LLC increased its position in Salesforce, Inc. (NYSE:CRM) by 26.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,017 shares of the CRM provider’s stock after acquiring an additional 2,902 shares during the period. Synergy Asset Management LLC’s holdings in Salesforce were worth $3,604,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRM. Norges Bank purchased a new position in shares of Salesforce during the 4th quarter worth $2,762,331,000. Capital International Investors raised its holdings in Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after purchasing an additional 5,935,973 shares during the period. Capital Research Global Investors lifted its position in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares in the last quarter. GQG Partners LLC bought a new stake in Salesforce during the first quarter valued at about $910,220,000. Finally, Swedbank AB purchased a new stake in Salesforce in the first quarter worth about $874,748,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CRM shares. Raymond James boosted their price objective on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 29th. Wedbush reissued an “outperform” rating and issued a $315.00 price objective on shares of Salesforce in a research note on Thursday, August 29th. DA Davidson lifted their target price on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Stifel Nicolaus increased their price target on Salesforce from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, JMP Securities reissued a “market outperform” rating and set a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $304.41.

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Salesforce news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total value of $1,104,474.00. Following the sale, the insider now owns 117,581 shares in the company, valued at $30,920,275.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Brian Millham sold 4,056 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $261.50, for a total transaction of $1,060,644.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 83,692 shares of company stock valued at $21,006,957. 3.20% of the stock is currently owned by insiders.

Salesforce Trading Down 0.0 %

NYSE:CRM traded down $0.02 during midday trading on Friday, hitting $246.10. 237,620 shares of the company traded hands, compared to its average volume of 6,569,326. The firm has a market capitalization of $238.47 billion, a P/E ratio of 44.27, a P/E/G ratio of 2.22 and a beta of 1.29. The firm’s fifty day moving average is $254.78 and its 200-day moving average is $270.11. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last announced its 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. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, sell-side analysts predict that Salesforce, Inc. will post 7.52 EPS for the current year.

Salesforce Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders 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 0.65%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

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.