Fortitude Advisory Group L.L.C. Trims Stock Holdings in Salesforce, Inc. (NYSE:CRM)

Fortitude Advisory Group L.L.C. reduced its stake in Salesforce, Inc. (NYSE:CRM) by 2.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,133 shares of the CRM provider’s stock after selling 121 shares during the period. Salesforce makes up approximately 0.7% of Fortitude Advisory Group L.L.C.’s portfolio, making the stock its 26th biggest position. Fortitude Advisory Group L.L.C.’s holdings in Salesforce were worth $1,088,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bear Mountain Capital Inc. purchased a new stake in Salesforce during the fourth quarter worth about $26,000. Kathleen S. Wright Associates Inc. purchased a new stake in Salesforce during the fourth quarter worth about $31,000. BKM Wealth Management LLC purchased a new stake in Salesforce during the fourth quarter worth about $34,000. Pacifica Partners Inc. increased its stake in Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 100 shares during the period. Finally, AlphaMark Advisors LLC increased its stake in Salesforce by 892.9% during the fourth quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after purchasing an additional 125 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Salesforce Stock Performance

Shares of CRM stock traded down $0.25 during mid-day trading on Wednesday, hitting $268.69. The stock had a trading volume of 3,758,546 shares, compared to its average volume of 5,610,192. The firm has a market cap of $260.63 billion, a PE ratio of 63.76, a PEG ratio of 2.12 and a beta of 1.28. The company’s 50-day simple moving average is $295.34 and its 200-day simple moving average is $265.65. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. Salesforce, Inc. has a fifty-two week low of $190.76 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $9.29 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 earnings per share. Sell-side analysts anticipate that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a $0.40 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.60%. Salesforce’s dividend payout ratio is currently 9.52%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CRM. Wells Fargo & Company boosted their price target on shares of Salesforce from $280.00 to $290.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 21st. Mizuho reiterated a “buy” rating and set a $345.00 price target (up from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. Evercore ISI boosted their price target on shares of Salesforce from $290.00 to $330.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Stifel Nicolaus restated a “buy” rating and set a $350.00 target price on shares of Salesforce in a research note on Wednesday, April 3rd. Finally, Truist Financial restated a “buy” rating and set a $360.00 target price (up from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $310.61.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $285.82, for a total value of $4,287,300.00. Following the completion of the transaction, the chief executive officer now directly owns 13,581,166 shares of the company’s stock, valued at approximately $3,881,768,866.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total value of $662,388.75. Following the completion of the transaction, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at $1,599,566.40. The disclosure for this sale can be found here. Insiders sold 610,793 shares of company stock valued at $179,074,618 in the last three months. 3.70% of the stock is currently owned by company insiders.

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.