Transcendent Capital Group LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 32.5% during the third quarter, Holdings Channel reports. The firm owned 239 shares of the CRM provider’s stock after selling 115 shares during the period. Transcendent Capital Group LLC’s holdings in Salesforce were worth $65,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of CRM. Covestor Ltd lifted its position in Salesforce by 8.2% in the third quarter. Covestor Ltd now owns 1,046 shares of the CRM provider’s stock valued at $286,000 after acquiring an additional 79 shares during the last quarter. Mach 1 Financial Group LLC acquired a new stake in shares of Salesforce during the third quarter worth about $234,000. Sustainable Insight Capital Management LLC lifted its holdings in shares of Salesforce by 66.7% in the 3rd quarter. Sustainable Insight Capital Management LLC now owns 1,499 shares of the CRM provider’s stock valued at $410,000 after purchasing an additional 600 shares during the last quarter. GSG Advisors LLC boosted its position in shares of Salesforce by 8.7% in the 3rd quarter. GSG Advisors LLC now owns 1,200 shares of the CRM provider’s stock valued at $325,000 after purchasing an additional 96 shares during the period. Finally, Essex Savings Bank grew its stake in Salesforce by 5.2% during the 3rd quarter. Essex Savings Bank now owns 4,551 shares of the CRM provider’s stock worth $1,246,000 after buying an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. 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. Northland Securities upgraded shares of Salesforce from a “market perform” rating to an “outperform” rating and upped their price target for the company from $270.00 to $400.00 in a research report on Wednesday, October 2nd. Cfra set a $343.00 price objective on shares of Salesforce in a research report on Thursday, October 17th. Citigroup upped their target price on shares of Salesforce from $260.00 to $290.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Finally, FBN Securities raised Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Nine equities research 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 company. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $313.37.
Salesforce Stock Performance
NYSE CRM opened at $321.95 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a fifty-two week low of $208.84 and a fifty-two week high of $322.81. The business has a fifty day moving average of $277.76 and a 200-day moving average of $264.43. The stock has a market cap of $307.78 billion, a price-to-earnings ratio of 55.99, a price-to-earnings-growth ratio of 2.78 and a beta of 1.29.
Salesforce (NYSE:CRM – Get Free Report) last released its earnings results 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. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period in the prior year, the firm earned $1.63 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. As a group, analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.
Salesforce Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.50%. Salesforce’s payout ratio is currently 27.83%.
Insider Buying and Selling at Salesforce
In other news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $254.57, for a total value of $1,069,194.00. Following the completion of the sale, the insider now owns 117,581 shares of the company’s stock, valued at $29,932,595.17. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Parker Harris sold 4,200 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $254.57, for a total value of $1,069,194.00. Following the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $29,932,595.17. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction 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 business’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 148,573 shares of company stock worth $42,319,874. Insiders own 3.20% of the company’s stock.
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.
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