Financial Advocates Investment Management Sells 60 Shares of Salesforce, Inc. (NYSE:CRM)

Financial Advocates Investment Management reduced its holdings in shares of Salesforce, Inc. (NYSE:CRMFree Report) by 0.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,471 shares of the CRM provider’s stock after selling 60 shares during the quarter. Financial Advocates Investment Management’s holdings in Salesforce were worth $1,966,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Cerity Partners LLC boosted its holdings in Salesforce by 1,254.7% in the 4th quarter. Cerity Partners LLC now owns 3,483,670 shares of the CRM provider’s stock valued at $916,693,000 after purchasing an additional 3,226,512 shares during the period. International Assets Investment Management LLC boosted its stake in Salesforce by 23,653.7% during the fourth quarter. International Assets Investment Management LLC now owns 1,406,220 shares of the CRM provider’s stock valued at $370,033,000 after buying an additional 1,400,300 shares during the period. Lone Pine Capital LLC grew its position in Salesforce by 47.5% during the third quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock worth $506,875,000 after buying an additional 804,634 shares in the last quarter. Fisher Asset Management LLC increased its stake in Salesforce by 5.3% in the 4th quarter. Fisher Asset Management LLC now owns 14,921,042 shares of the CRM provider’s stock worth $3,926,323,000 after acquiring an additional 752,566 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Salesforce by 330.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 935,885 shares of the CRM provider’s stock valued at $189,779,000 after acquiring an additional 718,245 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRM has been the subject of several recent analyst reports. Mizuho reissued a “buy” rating and set a $345.00 price objective (up previously from $325.00) on shares of Salesforce in a report on Thursday, February 29th. Piper Sandler reissued a “neutral” rating and issued a $300.00 price target on shares of Salesforce in a report on Monday, April 15th. Evercore ISI lifted their price objective on shares of Salesforce from $290.00 to $330.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Truist Financial reissued a “buy” rating and issued a $360.00 target price (up previously from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. Finally, KeyCorp initiated coverage on Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating for the company. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $310.61.

Get Our Latest Stock Report on Salesforce

Salesforce Trading Up 0.3 %

NYSE CRM traded up $0.93 during trading on Friday, hitting $285.61. The company had a trading volume of 3,478,869 shares, compared to its average volume of 4,227,119. The company’s fifty day moving average is $289.14 and its 200-day moving average is $271.54. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $276.47 billion, a price-to-earnings ratio of 68.00, a price-to-earnings-growth ratio of 2.19 and a beta of 1.30.

Salesforce (NYSE:CRMGet Free Report) last released its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The company 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%. Salesforce’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.01 earnings per share. On average, sell-side analysts predict that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were paid a $0.40 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.56%. Salesforce’s payout ratio is 9.52%.

Insiders Place Their Bets

In related news, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $287.50, for a total value of $2,875,000.00. Following the completion of the transaction, the insider now directly owns 60,416 shares in the company, valued at approximately $17,369,600. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Salesforce news, COO Brian Millham sold 2,106 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $280.00, for a total value of $589,680.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Srinivas Tallapragada sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $287.50, for a total value of $2,875,000.00. Following the transaction, the insider now owns 60,416 shares of the company’s stock, valued at $17,369,600. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 635,499 shares of company stock worth $184,795,784. 3.70% of the stock is owned by corporate insiders.

Salesforce Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CRM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Salesforce, Inc. (NYSE:CRMFree Report).

Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

Receive News & Ratings for Salesforce Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salesforce and related companies with MarketBeat.com's FREE daily email newsletter.