Lokken Investment Group LLC Reduces Holdings in Salesforce, Inc. (NYSE:CRM)

Lokken Investment Group LLC lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,553 shares of the CRM provider’s stock after selling 40 shares during the period. Lokken Investment Group LLC’s holdings in Salesforce were worth $913,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Capital International Investors grew its holdings in Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock valued at $3,607,493,000 after buying an additional 5,935,973 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after acquiring an additional 3,044,611 shares in the last quarter. GQG Partners LLC acquired a new stake in shares of Salesforce during the first quarter valued at $910,220,000. Swedbank AB purchased a new stake in Salesforce during the 1st quarter worth about $874,748,000. Finally, Coatue Management LLC acquired a new position in Salesforce in the 4th quarter valued at about $564,188,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Salesforce stock opened at $255.32 on Wednesday. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a fifty day moving average price of $253.61 and a two-hundred day moving average price of $267.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $247.41 billion, a PE ratio of 45.92, a P/E/G ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.63 EPS. Research analysts expect 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 will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Transactions at Salesforce

In other news, insider Sabastian Niles sold 2,484 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the transaction, the insider now directly owns 828 shares in the company, valued at $202,702.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the sale, the insider now owns 828 shares in the company, valued at approximately $202,702.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,376 shares of company stock valued at $15,878,005. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Macquarie decreased their price target on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a research note on Friday, May 31st. Loop Capital increased their price target on Salesforce from $240.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. TD Cowen increased their target price on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Finally, Piper Sandler upped their price objective on shares of Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average price target of $305.55.

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.