Xcel Wealth Management LLC Lowers Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Xcel Wealth Management LLC lessened its holdings in Salesforce, Inc. (NYSE:CRM) by 46.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,495 shares of the CRM provider’s stock after selling 2,202 shares during the period. Xcel Wealth Management LLC’s holdings in Salesforce were worth $683,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CRM. Vanguard Group Inc. raised its stake in shares of Salesforce by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after acquiring an additional 1,008,841 shares in the last quarter. Capital Research Global Investors increased its stake in Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after purchasing an additional 3,044,611 shares in the last quarter. Capital International Investors increased its stake in Salesforce by 3.0% during the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after purchasing an additional 407,834 shares in the last quarter. Legal & General Group Plc increased its stake in Salesforce by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after purchasing an additional 176,641 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other Salesforce news, insider Parker Harris sold 942 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $264.78, for a total value of $249,422.76. Following the sale, the insider now directly owns 118,514 shares in the company, valued at approximately $31,380,136.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the transaction, the director now owns 1,363 shares in the company, valued at approximately $376,624.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Parker Harris sold 942 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $264.78, for a total value of $249,422.76. Following the transaction, the insider now owns 118,514 shares in the company, valued at approximately $31,380,136.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,110 shares of company stock worth $20,292,760 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Stock Down 1.2 %

Shares of NYSE:CRM traded down $3.39 during midday trading on Tuesday, reaching $287.90. The company had a trading volume of 1,555,891 shares, compared to its average volume of 6,372,330. The stock has a market capitalization of $278.98 billion, a P/E ratio of 52.01, a PEG ratio of 2.61 and a beta of 1.30. The stock’s fifty day moving average price is $267.44 and its 200-day moving average price is $263.18. 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 one year low of $193.68 and a one year high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the previous year, the company posted $1.63 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is currently 28.78%.

Analysts Set New Price Targets

A number of research analysts have issued reports on CRM shares. Erste Group Bank restated a “hold” rating on shares of Salesforce in a research note on Wednesday, September 11th. Stifel Nicolaus increased their price objective on shares of Salesforce from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Roth Mkm reiterated a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research note on Thursday, August 29th. DA Davidson increased their price target on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Nine analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $311.66.

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.