Salesforce, Inc. (NYSE:CRM) Stock Holdings Lessened by Prana Capital Management LP

Prana Capital Management LP reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 58.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 3,067 shares of the CRM provider’s stock after selling 4,288 shares during the period. Prana Capital Management LP’s holdings in Salesforce were worth $839,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. NFJ Investment Group LLC lifted its position in shares of Salesforce by 6.9% in the 3rd quarter. NFJ Investment Group LLC now owns 41,759 shares of the CRM provider’s stock worth $11,430,000 after buying an additional 2,705 shares during the last quarter. IHT Wealth Management LLC lifted its position in Salesforce by 37.5% in the 3rd quarter. IHT Wealth Management LLC now owns 14,539 shares of the CRM provider’s stock valued at $3,985,000 after purchasing an additional 3,967 shares during the last quarter. Ingalls & Snyder LLC lifted its position in Salesforce by 0.5% in the 3rd quarter. Ingalls & Snyder LLC now owns 7,534 shares of the CRM provider’s stock valued at $2,062,000 after purchasing an additional 41 shares during the last quarter. Invenomic Capital Management LP bought a new stake in Salesforce in the 3rd quarter valued at about $10,743,000. Finally, Investment Management Corp of Ontario lifted its position in Salesforce by 30.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 45,348 shares of the CRM provider’s stock valued at $12,412,000 after purchasing an additional 10,600 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Up 0.2 %

CRM opened at $331.77 on Wednesday. The firm’s 50-day simple moving average is $304.68 and its 200-day simple moving average is $271.14. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $348.86. The firm has a market cap of $317.17 billion, a price-to-earnings ratio of 57.70, a PEG ratio of 3.00 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same period in the previous year, the company posted $1.62 EPS. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. Equities research analysts anticipate that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

Insider Transactions at Salesforce

In related news, insider Miguel Milano sold 719 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the transaction, the insider now owns 4,659 shares in the company, valued at $1,597,151.79. This represents a 13.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,982 shares of company stock valued at $41,591,457. 3.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CRM shares. FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Royal Bank of Canada restated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Raymond James boosted their price target on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Robert W. Baird boosted their price target on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Oppenheimer restated an “outperform” rating and set a $385.00 price target (up from $330.00) on shares of Salesforce in a research report on Thursday, November 21st. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $345.31.

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.