Journey Advisory Group LLC Sells 478 Shares of Salesforce, Inc. (NYSE:CRM)

Journey Advisory Group LLC lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 29.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,140 shares of the CRM provider’s stock after selling 478 shares during the quarter. Journey Advisory Group LLC’s holdings in Salesforce were worth $293,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRM. Norges Bank bought a new stake in shares of Salesforce during the fourth quarter valued at approximately $2,762,331,000. Capital International Investors lifted its holdings in Salesforce by 76.4% during the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after buying an additional 5,935,973 shares in the last quarter. Capital Research Global Investors boosted its position in Salesforce by 26.9% in the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after buying an additional 3,044,611 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Salesforce in the 1st quarter valued at $910,220,000. Finally, Swedbank AB acquired a new position in shares of Salesforce during the first quarter valued at $874,748,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In related news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $241.74, for a total value of $3,626,100.00. Following the sale, the chief executive officer now directly owns 12,162,457 shares of the company’s stock, valued at $2,940,152,355.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Parker Harris sold 3,528 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $250.59, for a total transaction of $884,081.52. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $29,464,622.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Benioff sold 15,000 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $241.74, for a total value of $3,626,100.00. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $2,940,152,355.18. The disclosure for this sale can be found here. Insiders sold 83,692 shares of company stock valued at $21,006,957 in the last quarter. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CRM. Piper Sandler lifted their price target on shares of Salesforce from $250.00 to $268.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Evercore ISI reissued an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research note on Monday, August 26th. Phillip Securities restated an “accumulate” rating and set a $305.00 target price on shares of Salesforce in a report on Friday, August 30th. Wedbush reissued an “outperform” rating and set a $315.00 price objective on shares of Salesforce in a research note on Thursday, August 29th. Finally, Loop Capital upped their target price on shares of Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $304.41.

Salesforce Price Performance

Shares of NYSE CRM opened at $246.16 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average price is $254.78 and its two-hundred day moving average price is $270.11. The company has a market cap of $238.53 billion, a PE ratio of 44.27, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $9.22 billion. During the same quarter last year, the firm posted $1.63 EPS. The company’s quarterly revenue was up 8.5% on a year-over-year basis. On average, analysts predict that Salesforce, Inc. will post 7.52 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.65%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio (DPR) is 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.