Norden Group LLC Sells 1,464 Shares of Salesforce, Inc. (NYSE:CRM)

Norden Group LLC reduced its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 10.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,007 shares of the CRM provider’s stock after selling 1,464 shares during the quarter. Norden Group LLC’s holdings in Salesforce were worth $3,087,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRM. Gilbert & Cook Inc. boosted its stake in shares of Salesforce by 6.9% during the 4th quarter. Gilbert & Cook Inc. now owns 5,659 shares of the CRM provider’s stock worth $1,489,000 after acquiring an additional 366 shares during the period. Aveo Capital Partners LLC lifted its holdings in Salesforce by 44.7% during the 4th quarter. Aveo Capital Partners LLC now owns 1,605 shares of the CRM provider’s stock worth $422,000 after purchasing an additional 496 shares during the last quarter. 9258 Wealth Management LLC lifted its holdings in Salesforce by 24.0% during the 4th quarter. 9258 Wealth Management LLC now owns 6,483 shares of the CRM provider’s stock worth $1,706,000 after purchasing an additional 1,253 shares during the last quarter. Gryphon Financial Partners LLC lifted its holdings in Salesforce by 32.4% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,960 shares of the CRM provider’s stock worth $1,064,000 after purchasing an additional 970 shares during the last quarter. Finally, Ethos Financial Group LLC acquired a new stake in Salesforce during the 4th quarter worth approximately $218,000. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRM has been the subject of several research reports. Oppenheimer lifted their price target on Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Stifel Nicolaus lifted their price target on Salesforce from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Wells Fargo & Company lifted their price target on Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Bank of America reissued a “buy” rating and set a $325.00 price target on shares of Salesforce in a report on Friday. Finally, Mizuho dropped their price objective on Salesforce from $345.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $304.41.

Salesforce Price Performance

CRM stock traded down $2.15 during midday trading on Friday, reaching $243.97. 6,259,431 shares of the stock were exchanged, compared to its average volume of 6,604,331. The stock has a market capitalization of $236.41 billion, a PE ratio of 43.89, a P/E/G ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.11. The company has a fifty day moving average price of $254.52 and a 200 day moving average price of $269.79.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the company posted $1.63 EPS. The business’s revenue was up 8.5% on a year-over-year basis. As a group, analysts expect that Salesforce, Inc. will post 7.52 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.66%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the sale, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Parker Harris sold 3,528 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $250.59, for a total value of $884,081.52. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $29,464,622.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at $1,644,921.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 83,692 shares of company stock worth $21,006,957. Insiders own 3.20% of the company’s stock.

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.