Salesforce, Inc. (NYSE:CRM) Shares Sold by Avitas Wealth Management LLC

Avitas Wealth Management LLC trimmed its position in Salesforce, Inc. (NYSE:CRM) by 7.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 2,651 shares of the CRM provider’s stock after selling 204 shares during the period. Avitas Wealth Management LLC’s holdings in Salesforce were worth $726,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in CRM. Vanguard Group Inc. boosted its holdings in Salesforce by 1.2% in the first 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 during the last quarter. Capital Research Global Investors boosted its holdings in Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. Capital International Investors boosted its holdings in Salesforce by 3.0% in 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 purchasing an additional 407,834 shares during the last quarter. Legal & General Group Plc boosted its holdings in Salesforce by 2.2% in the second quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after purchasing an additional 176,641 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Salesforce by 48.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. BMO Capital Markets upped their price target on shares of Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Cfra set a $343.00 price target on shares of Salesforce in a report on Thursday, October 17th. BNP Paribas raised shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Wedbush increased their target price on shares of Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Finally, Truist Financial reissued a “buy” rating and set a $315.00 target price (up from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average target price of $313.37.

Insider Buying and Selling at Salesforce

In other Salesforce news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other Salesforce news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the transaction, the insider now directly owns 828 shares of the company’s stock, valued at $202,702.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 148,303 shares of company stock valued at $42,024,385 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM opened at $296.62 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $283.57 billion, a P/E ratio of 51.59, a PEG ratio of 2.61 and a beta of 1.30. The company has a 50 day moving average price of $271.75 and a 200 day moving average price of $263.02. Salesforce, Inc. has a fifty-two week low of $198.66 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last posted its quarterly earnings data 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 firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company posted $1.63 EPS. Equities research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current 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 dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s payout ratio is currently 27.83%.

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.