Meridian Wealth Partners LLC Boosts Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Meridian Wealth Partners LLC grew its position in Salesforce, Inc. (NYSE:CRM) by 5.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 830 shares of the CRM provider’s stock after buying an additional 41 shares during the quarter. Meridian Wealth Partners LLC’s holdings in Salesforce were worth $213,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CRM. Ruedi Wealth Management Inc. lifted its holdings in Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares in the last quarter. Piscataqua Savings Bank lifted its stake in shares of Salesforce by 2,400.0% in the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after buying an additional 96 shares in the last quarter. Clear Investment Research LLC boosted its position in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the last quarter. Red Tortoise LLC purchased a new stake in Salesforce during the 1st quarter valued at about $33,000. Finally, Stephens Consulting LLC raised its holdings in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after acquiring an additional 125 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Parker Harris sold 5,600 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $250.17, for a total transaction of $1,400,952.00. Following the completion of the sale, the insider now owns 116,693 shares in the company, valued at $29,193,087.81. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the transaction, the chief accounting officer now 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 three months, insiders have sold 62,376 shares of company stock worth $15,878,005. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Trading Down 0.6 %

NYSE:CRM opened at $255.32 on Wednesday. The stock has a fifty day moving average price of $253.61 and a 200 day moving average price of $267.11. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The firm has a market cap of $247.41 billion, a PE ratio of 45.92, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter last year, the business posted $1.63 EPS. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. Sell-side analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 28.78%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRM. Piper Sandler upped their price target on Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Macquarie reduced their price target on Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a report on Friday, May 31st. Erste Group Bank reissued a “hold” rating on shares of Salesforce in a report on Wednesday, September 11th. Oppenheimer raised their price objective on shares of Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Bank of America reissued a “buy” rating and issued a $325.00 price target on shares of Salesforce in a research note on Friday, September 6th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $305.55.

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.