Foster Victor Wealth Advisors LLC Lowers Stock Position in Salesforce, Inc. (NYSE:CRM)

Foster Victor Wealth Advisors LLC trimmed its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 10.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,984 shares of the CRM provider’s stock after selling 5,297 shares during the period. Salesforce comprises 1.1% of Foster Victor Wealth Advisors LLC’s investment portfolio, making the stock its 26th biggest holding. Foster Victor Wealth Advisors LLC’s holdings in Salesforce were worth $14,925,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CRM. State Street Corp lifted its holdings in Salesforce by 1.8% in the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock valued at $13,432,855,000 after acquiring an additional 864,193 shares during the period. Geode Capital Management LLC lifted its stake in shares of Salesforce by 1.3% in the third 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. Fisher Asset Management LLC boosted its holdings in Salesforce by 2.6% during the third quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock worth $3,360,215,000 after buying an additional 314,530 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Salesforce by 1.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock worth $1,632,599,000 after buying an additional 57,825 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Salesforce by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,912,854 shares of the CRM provider’s stock valued at $1,618,407,000 after buying an additional 96,381 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $290.23, for a total transaction of $145,115.00. Following the transaction, the chief accounting officer now directly owns 6,506 shares of the company’s stock, valued at $1,888,236.38. The trade was a 7.14 % 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, COO Brian Millham sold 708 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $235,254.24. Following the completion of the sale, the chief operating officer now directly owns 1,239 shares of the company’s stock, valued at $411,694.92. The trade was a 36.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,109,169 shares of company stock worth $383,432,020. 3.20% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of research reports. Piper Sandler restated an “overweight” rating and issued a $405.00 price target on shares of Salesforce in a report on Wednesday, December 18th. Guggenheim lowered shares of Salesforce from a “neutral” rating to a “sell” rating and set a $247.00 price objective for the company. in a research report on Monday, January 6th. Jefferies Financial Group upped their price target on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Northland Securities restated an “outperform” rating and set a $440.00 target price (up previously from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $377.63.

Salesforce Stock Performance

Shares of NYSE CRM opened at $360.00 on Wednesday. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a market cap of $344.52 billion, a PE ratio of 59.21, a P/E/G ratio of 3.01 and a beta of 1.30. The stock has a 50 day simple moving average of $337.96 and a 200-day simple moving average of $296.02. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

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

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.44%. Salesforce’s payout ratio is 26.32%.

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.