IVC Wealth Advisors LLC Sells 47 Shares of Salesforce, Inc. (NYSE:CRM)

IVC Wealth Advisors LLC trimmed its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 2,245 shares of the CRM provider’s stock after selling 47 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Salesforce were worth $676,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CRM. Ancora Advisors LLC lifted its position in shares of Salesforce by 22.1% during the 3rd quarter. Ancora Advisors LLC now owns 1,287 shares of the CRM provider’s stock worth $261,000 after buying an additional 233 shares during the last quarter. Hodges Capital Management Inc. acquired a new stake in shares of Salesforce in the third quarter valued at about $203,000. Advisors Asset Management Inc. increased its stake in shares of Salesforce by 3.5% in the third quarter. Advisors Asset Management Inc. now owns 11,824 shares of the CRM provider’s stock valued at $2,398,000 after buying an additional 401 shares during the period. Axxcess Wealth Management LLC increased its stake in shares of Salesforce by 82.0% in the third quarter. Axxcess Wealth Management LLC now owns 10,746 shares of the CRM provider’s stock valued at $2,179,000 after buying an additional 4,843 shares during the period. Finally, AXQ Capital LP acquired a new stake in shares of Salesforce in the third quarter valued at about $831,000. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $256.24, for a total transaction of $1,076,208.00. Following the transaction, the insider now directly owns 116,693 shares of the company’s stock, valued at approximately $29,901,414.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $256.24, for a total value of $1,076,208.00. Following the transaction, the insider now directly owns 116,693 shares of the company’s stock, valued at approximately $29,901,414.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 942 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $242.32, for a total value of $228,265.44. Following the completion of the transaction, the insider now directly owns 22,154 shares in the company, valued at $5,368,357.28. The disclosure for this sale can be found here. Insiders have sold 499,152 shares of company stock valued at $136,281,661 in the last ninety days. 3.20% of the stock is currently owned by company insiders.

Salesforce Stock Up 1.8 %

CRM stock traded up $4.64 during midday trading on Wednesday, hitting $260.83. The company’s stock had a trading volume of 4,755,729 shares, compared to its average volume of 6,945,110. The company has a market cap of $252.74 billion, a PE ratio of 46.90, a P/E/G ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The firm’s 50-day moving average is $259.03 and its 200-day moving average is $276.43.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.06. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 EPS. On average, equities research analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Tuesday, July 9th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 0.61%. Salesforce’s payout ratio is 7.19%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Canaccord Genuity Group decreased their target price on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. KeyCorp began coverage on Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating for the company. Stifel Nicolaus reduced their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Oppenheimer reduced their price objective on Salesforce from $325.00 to $280.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Finally, Truist Financial reissued a “buy” rating and issued a $300.00 price objective (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $292.79.

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.