Ingalls & Snyder LLC Has $2.06 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

Ingalls & Snyder LLC boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 0.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,534 shares of the CRM provider’s stock after purchasing an additional 41 shares during the quarter. Ingalls & Snyder LLC’s holdings in Salesforce were worth $2,062,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CRM. Contravisory Investment Management Inc. raised its stake in shares of Salesforce by 4.1% in the second quarter. Contravisory Investment Management Inc. now owns 1,846 shares of the CRM provider’s stock valued at $475,000 after purchasing an additional 73 shares in the last quarter. Simplicity Wealth LLC lifted its holdings in shares of Salesforce by 4.2% during the 2nd quarter. Simplicity Wealth LLC now owns 28,588 shares of the CRM provider’s stock worth $7,350,000 after acquiring an additional 1,141 shares during the period. Csenge Advisory Group boosted its position in shares of Salesforce by 14.0% during the 2nd quarter. Csenge Advisory Group now owns 4,260 shares of the CRM provider’s stock valued at $1,095,000 after acquiring an additional 524 shares in the last quarter. Guinness Asset Management LTD increased its stake in Salesforce by 3.8% in the second quarter. Guinness Asset Management LTD now owns 142,876 shares of the CRM provider’s stock valued at $36,721,000 after acquiring an additional 5,237 shares during the period. Finally, Wesbanco Bank Inc. raised its position in Salesforce by 10.8% in the second quarter. Wesbanco Bank Inc. now owns 106,657 shares of the CRM provider’s stock worth $27,422,000 after purchasing an additional 10,365 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CRM has been the topic of several analyst reports. Scotiabank began coverage on Salesforce in a research note on Monday, November 18th. They issued a “sector outperform” rating and a $425.00 price objective on the stock. Truist Financial increased their price objective on Salesforce from $315.00 to $380.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Seven research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $345.31.

Insider Transactions at Salesforce

In related news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction dated Monday, November 25th. The shares were 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 140,982 shares of company stock valued at $41,591,457 over the last 90 days. 3.20% of the stock is owned by company insiders.

Salesforce Stock Up 0.2 %

Salesforce stock opened at $331.77 on Wednesday. The firm has a market capitalization of $317.17 billion, a price-to-earnings ratio of 57.70, a PEG ratio of 3.00 and a beta of 1.30. The company’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 current ratio of 1.04 and a quick ratio of 1.04. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $348.86.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $9.35 billion. During the same period in the prior year, the business earned $1.62 earnings per share. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Salesforce, Inc. will post 7.54 EPS for the current year.

Salesforce Dividend Announcement

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

Salesforce Company 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.