Alta Wealth Advisors LLC Reduces Position in Salesforce, Inc. (NYSE:CRM)

Alta Wealth Advisors LLC lowered its position in Salesforce, Inc. (NYSE:CRM) by 7.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 5,056 shares of the CRM provider’s stock after selling 403 shares during the period. Alta Wealth Advisors LLC’s holdings in Salesforce were worth $1,384,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Ruedi Wealth Management Inc. boosted its stake in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares during the period. Piscataqua Savings Bank increased its holdings 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 valued at $26,000 after purchasing an additional 96 shares during the period. Red Tortoise LLC purchased a new stake in shares of Salesforce during the first quarter worth approximately $33,000. Clear Investment Research LLC lifted its holdings in shares of 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 purchasing an additional 98 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Salesforce in the 2nd quarter valued at $33,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the completion of the sale, the insider now directly owns 118,514 shares in the company, valued at $34,353,653.18. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total transaction of $1,217,454.00. Following the completion of the sale, the insider now owns 118,514 shares in the company, valued at approximately $34,353,653.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R David Schmaier sold 1,155 shares of the firm’s 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 $295,425.90. Following the completion of the transaction, the insider now owns 20,556 shares in the company, valued at $5,257,813.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 80,612 shares of company stock valued at $21,429,961 over the last quarter. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on CRM shares. Erste Group Bank restated a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. Truist Financial reaffirmed a “buy” rating and issued a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Morgan Stanley boosted their target price on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Stifel Nicolaus raised their price target on Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Thursday, September 19th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $311.66.

Salesforce Trading Up 0.6 %

Shares of Salesforce stock opened at $292.94 on Friday. The firm has a market cap of $283.86 billion, a PE ratio of 52.69, a P/E/G ratio of 2.61 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The business’s fifty day moving average is $266.65 and its two-hundred day moving average is $263.49.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping 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 period last year, the company earned $1.63 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. Analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

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.