Cedrus LLC Has $574,000 Stake in Salesforce, Inc. (NYSE:CRM)

Cedrus LLC increased its position in Salesforce, Inc. (NYSE:CRM) by 8.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,096 shares of the CRM provider’s stock after buying an additional 157 shares during the period. Cedrus LLC’s holdings in Salesforce were worth $574,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Salesforce by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after purchasing an additional 1,008,841 shares in the last quarter. Capital Research Global Investors increased 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 worth $4,329,925,000 after buying an additional 3,044,611 shares during the last quarter. Capital International Investors raised its holdings in Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after buying an additional 407,834 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Salesforce by 2.2% in the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after buying an additional 176,641 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after acquiring an additional 1,922,674 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider R David Schmaier sold 1,155 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $295,425.90. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Salesforce news, COO Brian Millham sold 2,037 shares of Salesforce stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $248.75, for a total transaction of $506,703.75. Following the completion of the sale, the chief operating officer now owns 1,947 shares of the company’s stock, valued at approximately $484,316.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R David Schmaier sold 1,155 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $295,425.90. Following the completion of the transaction, the insider now directly owns 20,556 shares in the company, valued at approximately $5,257,813.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 80,612 shares of company stock valued at $21,429,961. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Price Performance

Shares of Salesforce stock opened at $292.94 on Friday. The firm’s 50-day moving average price is $266.65 and its two-hundred day moving average price is $263.49. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71. The stock has a market capitalization of $283.86 billion, a price-to-earnings ratio of 52.69, a P/E/G ratio of 2.61 and a beta of 1.30. 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 released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (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 business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the business posted $1.63 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, equities analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Truist Financial restated a “buy” rating and issued a $315.00 target price (up from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Piper Sandler cut shares of Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Wedbush raised their target price on shares of Salesforce from $315.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. BMO Capital Markets boosted their target price on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Phillip Securities reaffirmed an “accumulate” rating and issued a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $311.66.

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.