Canal Capital Management LLC Has $3.71 Million Position in Salesforce, Inc. (NYSE:CRM)

Canal Capital Management LLC grew its stake in Salesforce, Inc. (NYSE:CRM) by 3.9% in the third quarter, HoldingsChannel reports. The fund owned 13,568 shares of the CRM provider’s stock after acquiring an additional 505 shares during the period. Canal Capital Management LLC’s holdings in Salesforce were worth $3,714,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CRM. Wealthcare Advisory Partners LLC raised its position in shares of Salesforce by 3.5% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,763 shares of the CRM provider’s stock valued at $2,037,000 after acquiring an additional 228 shares during the last quarter. Artemis Investment Management LLP increased its stake in shares of Salesforce by 0.5% in the 1st quarter. Artemis Investment Management LLP now owns 33,650 shares of the CRM provider’s stock valued at $10,129,000 after acquiring an additional 152 shares during the last quarter. Register Financial Advisors LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at approximately $192,000. Kathmere Capital Management LLC bought a new position in Salesforce during the 1st quarter worth approximately $227,000. Finally, Norway Savings Bank grew its holdings in Salesforce by 5.5% during the first quarter. Norway Savings Bank now owns 8,344 shares of the CRM provider’s stock valued at $2,513,000 after purchasing an additional 438 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Salesforce news, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction on Tuesday, August 6th. The stock was 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 directly owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 86,812 shares of company stock worth $23,418,916 in the last quarter. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of NYSE CRM opened at $290.23 on Friday. The firm has a market cap of $281.23 billion, a P/E ratio of 51.57, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The business’s 50 day moving average is $268.70 and its 200-day moving average is $263.24. 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, Inc. has a 1-year low of $193.68 and a 1-year 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 the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for 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%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.63 EPS. Equities research analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is currently 28.78%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. JMP Securities reissued a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Morgan Stanley increased their price target on Salesforce from $320.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. UBS Group lifted their price objective on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Sanford C. Bernstein increased their target price on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $312.51.

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.