Salesforce, Inc. (NYSE:CRM) Shares Purchased by Spire Wealth Management

Spire Wealth Management raised its position in Salesforce, Inc. (NYSE:CRM) by 9.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,680 shares of the CRM provider’s stock after purchasing an additional 3,602 shares during the quarter. Spire Wealth Management’s holdings in Salesforce were worth $11,425,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Metis Global Partners LLC raised its holdings in shares of Salesforce by 15.3% in the 4th quarter. Metis Global Partners LLC now owns 54,937 shares of the CRM provider’s stock valued at $14,456,000 after buying an additional 7,273 shares during the period. Valley Brook Capital Group Inc. increased its stake in Salesforce by 5.1% during the fourth quarter. Valley Brook Capital Group Inc. now owns 4,054 shares of the CRM provider’s stock worth $1,067,000 after purchasing an additional 195 shares during the period. Sheets Smith Wealth Management lifted its position in shares of Salesforce by 20.8% during the fourth quarter. Sheets Smith Wealth Management now owns 2,480 shares of the CRM provider’s stock worth $653,000 after purchasing an additional 427 shares in the last quarter. W.H. Cornerstone Investments Inc. purchased a new position in shares of Salesforce in the fourth quarter valued at approximately $278,000. Finally, Clearstead Trust LLC boosted its stake in shares of Salesforce by 19.9% in the fourth quarter. Clearstead Trust LLC now owns 11,912 shares of the CRM provider’s stock valued at $3,135,000 after purchasing an additional 1,976 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM traded up $1.53 during mid-day trading on Friday, hitting $273.66. 4,041,636 shares of the company were exchanged, compared to its average volume of 5,219,539. The stock has a 50 day simple moving average of $294.23 and a 200-day simple moving average of $267.00. Salesforce, Inc. has a 1-year low of $190.76 and a 1-year high of $318.71. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The firm has a market cap of $264.90 billion, a price-to-earnings ratio of 65.16, a price-to-earnings-growth ratio of 2.10 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.72 by $0.06. The company had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business’s revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the business earned $1.01 EPS. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were given a dividend of $0.40 per share. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.58%. Salesforce’s payout ratio is currently 9.52%.

Insider Transactions at Salesforce

In other news, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $269.53, for a total transaction of $4,042,950.00. Following the sale, the chief executive officer now owns 12,707,327 shares of the company’s stock, valued at approximately $3,425,005,846.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, COO Brian Millham sold 24,453 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $302.08, for a total value of $7,386,762.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $269.53, for a total transaction of $4,042,950.00. Following the transaction, the chief executive officer now owns 12,707,327 shares of the company’s stock, valued at approximately $3,425,005,846.31. The disclosure for this sale can be found here. Insiders have sold a total of 629,993 shares of company stock valued at $184,255,474 in the last ninety days. 3.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $345.00 target price on shares of Salesforce in a report on Monday, April 15th. Argus upped their price target on Salesforce from $290.00 to $354.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Jefferies Financial Group lifted their price objective on Salesforce from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Robert W. Baird upped their target price on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Finally, StockNews.com cut shares of Salesforce from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 19th. Nine investment 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. According to data from MarketBeat, Salesforce presently has a consensus rating of “Moderate Buy” and an average price target of $310.61.

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.