Maverick Capital Ltd. Sells 711 Shares of Salesforce, Inc. (NYSE:CRM)

Maverick Capital Ltd. trimmed its holdings in Salesforce, Inc. (NYSE:CRM) by 0.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 269,862 shares of the CRM provider’s stock after selling 711 shares during the quarter. Salesforce makes up approximately 1.4% of Maverick Capital Ltd.’s portfolio, making the stock its 24th largest holding. Maverick Capital Ltd.’s holdings in Salesforce were worth $73,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Piscataqua Savings Bank boosted its position in shares of Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the last quarter. Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce during the 3rd quarter valued at approximately $27,000. Clear Investment Research LLC boosted its position in shares of Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after acquiring an additional 98 shares during the last quarter. Stephens Consulting LLC boosted its position in shares of Salesforce by 3,125.0% during 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. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce during the 2nd quarter valued at approximately $33,000. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Brian Millham sold 60,522 shares of Salesforce stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total value of $18,156,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $342.81, for a total value of $246,480.39. Following the completion of the sale, the insider now directly owns 4,659 shares in the company, valued at $1,597,151.79. This represents a 13.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 144,510 shares of company stock worth $42,475,538 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Trading Down 0.0 %

Shares of NYSE:CRM opened at $329.99 on Friday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week high of $348.86. The stock has a market cap of $315.47 billion, a price-to-earnings ratio of 57.39, a PEG ratio of 2.99 and a beta of 1.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $302.12 and a 200-day moving average price of $270.65.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned $1.63 earnings per share. Equities analysts predict that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRM. Jefferies Financial Group increased their target price on Salesforce from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Monday, November 11th. UBS Group increased their target price on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. Piper Sandler lowered Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. BMO Capital Markets increased their price target on Salesforce from $305.00 to $385.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Finally, Sanford C. Bernstein increased their price target on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $341.89.

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.