Mutual of America Capital Management LLC Sells 4,433 Shares of Salesforce, Inc. (NYSE:CRM)

Mutual of America Capital Management LLC lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 122,481 shares of the CRM provider’s stock after selling 4,433 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Salesforce were worth $31,490,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CRM. Ruedi Wealth Management Inc. boosted its stake in shares of 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 during the last quarter. Piscataqua Savings Bank boosted its stake in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares during the last quarter. Clear Investment Research LLC boosted its stake in Salesforce by 816.7% during the 2nd 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 bought a new position in Salesforce during the 1st quarter worth approximately $33,000. Finally, Stephens Consulting LLC boosted its stake in Salesforce by 3,125.0% during the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CRM. UBS Group lifted their price objective on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. BMO Capital Markets lifted their price objective on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Morgan Stanley lifted their price objective on shares of Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Truist Financial restated a “buy” rating and set a $300.00 target price on shares of Salesforce in a report on Friday, August 30th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $305.55.

Insiders Place Their Bets

In other Salesforce news, insider Srinivas Tallapragada sold 942 shares of Salesforce 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 completion of 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 document filed with the SEC, which is available at the SEC website. In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total value of $1,104,474.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at $30,920,275.57. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Srinivas Tallapragada sold 942 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of the sale, the insider now directly owns 22,154 shares of the company’s stock, valued at approximately $5,368,357.28. The disclosure for this sale can be found here. Insiders sold a total of 62,376 shares of company stock valued at $15,878,005 over the last ninety days. 3.20% of the stock is currently owned by company insiders.

Salesforce Price Performance

Shares of CRM opened at $255.32 on Wednesday. The company has a market cap of $247.41 billion, a price-to-earnings ratio of 45.92, a PEG ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The company’s fifty day simple moving average is $253.61 and its 200 day simple moving average is $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 (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.63 earnings per share. On average, research analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business 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 dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. Salesforce’s dividend payout ratio (DPR) is 28.78%.

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.