Legacy Wealth Management LLC MS Acquires Shares of 767 Salesforce, Inc. (NYSE:CRM)

Legacy Wealth Management LLC MS acquired a new stake in Salesforce, Inc. (NYSE:CRM) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 767 shares of the CRM provider’s stock, valued at approximately $210,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Nabity Jensen Investment Management Inc bought a new position in Salesforce in the 3rd quarter worth approximately $1,215,000. Prime Capital Investment Advisors LLC boosted its holdings in Salesforce by 13.6% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock valued at $15,885,000 after purchasing an additional 6,938 shares during the period. Aljian Capital Management LLC boosted its holdings in Salesforce by 16.1% in the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock valued at $3,629,000 after purchasing an additional 1,834 shares during the period. AIA Group Ltd boosted its holdings in Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock valued at $6,577,000 after purchasing an additional 1,962 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after purchasing an additional 257,501 shares during the period. 80.43% of the stock is owned by institutional investors.

Salesforce Stock Down 0.4 %

CRM traded down $1.42 during midday trading on Friday, reaching $356.61. The company’s stock had a trading volume of 1,733,862 shares, compared to its average volume of 6,391,393. The stock’s 50-day moving average is $316.14 and its 200-day moving average is $275.00. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00. 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 has a market capitalization of $341.28 billion, a price-to-earnings ratio of 58.63, a PEG ratio of 3.21 and a beta of 1.30.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the company earned $1.62 EPS. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. As a group, research analysts expect that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the 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 transaction, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. This represents a 5.57 % 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. Also, insider Miguel Milano sold 719 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the transaction, the insider now owns 4,659 shares in the company, valued at approximately $1,597,151.79. This trade represents a 13.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 138,498 shares of company stock worth $40,983,349 over the last 90 days. 3.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have commented on CRM shares. Barclays raised their price target on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Roth Mkm restated a “buy” rating and set a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. UBS Group raised their price objective on shares of Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research report on Friday, November 22nd. BNP Paribas upgraded shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Stifel Nicolaus lifted their target price on shares of Salesforce from $390.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $377.24.

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.