Cornerstone Wealth Management LLC Sells 302 Shares of Salesforce, Inc. (NYSE:CRM)

Cornerstone Wealth Management LLC cut its position in shares of Salesforce, Inc. (NYSE:CRM) by 6.6% during the third quarter, HoldingsChannel.com reports. The firm owned 4,278 shares of the CRM provider’s stock after selling 302 shares during the period. Cornerstone Wealth Management LLC’s holdings in Salesforce were worth $1,171,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its position in 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 during the period. GQG Partners LLC bought a new stake in Salesforce in the first quarter valued at $910,220,000. Swedbank AB bought a new stake in Salesforce in the first quarter valued at $874,748,000. Massachusetts Financial Services Co. MA grew its position in Salesforce by 48.3% in the second 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 acquiring an additional 1,922,674 shares during the period. Finally, AMF Tjanstepension AB grew its position in Salesforce by 376.1% in the second quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after acquiring an additional 1,139,472 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at $28,362,888.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Salesforce news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now owns 117,581 shares in the company, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Brian Millham sold 8,427 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $280.00, for a total value of $2,359,560.00. The disclosure for this sale can be found here. Insiders sold a total of 80,612 shares of company stock valued at $21,429,961 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRM. UBS Group upped their price target on Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Citigroup boosted their price objective on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. TD Cowen boosted their price objective on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Piper Sandler lowered Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Phillip Securities reissued an “accumulate” rating and issued a $305.00 price objective on shares of Salesforce in a research note on Friday, August 30th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average target price of $310.74.

Salesforce Price Performance

Salesforce stock opened at $291.12 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The stock has a market capitalization of $282.10 billion, a P/E ratio of 52.36, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The stock has a fifty day moving average of $265.84 and a 200-day moving average of $263.84.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter in the prior year, the firm earned $1.63 EPS. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, sell-side analysts expect 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 issued a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. Salesforce’s payout ratio is presently 28.78%.

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.