Salesforce, Inc. (NYSE:CRM) Shares Sold by Keudell Morrison Wealth Management

Keudell Morrison Wealth Management trimmed its stake in shares of Salesforce, Inc. (NYSE:CRM) by 16.4% in the 3rd quarter, HoldingsChannel reports. The firm owned 5,358 shares of the CRM provider’s stock after selling 1,049 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Salesforce were worth $1,467,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Valley Brook Capital Group Inc. lifted its holdings in shares of Salesforce by 2.2% during the third quarter. Valley Brook Capital Group Inc. now owns 4,779 shares of the CRM provider’s stock valued at $1,308,000 after purchasing an additional 105 shares during the last quarter. Castle Wealth Management LLC lifted its holdings in shares of Salesforce by 18.5% during the third quarter. Castle Wealth Management LLC now owns 5,903 shares of the CRM provider’s stock valued at $1,618,000 after purchasing an additional 923 shares during the last quarter. Montecito Bank & Trust lifted its holdings in shares of Salesforce by 111.3% during the third quarter. Montecito Bank & Trust now owns 3,793 shares of the CRM provider’s stock valued at $1,038,000 after purchasing an additional 1,998 shares during the last quarter. Woodmont Investment Counsel LLC lifted its holdings in shares of Salesforce by 1.6% during the third quarter. Woodmont Investment Counsel LLC now owns 18,540 shares of the CRM provider’s stock valued at $5,075,000 after purchasing an additional 283 shares during the last quarter. Finally, WoodTrust Financial Corp lifted its holdings in shares of Salesforce by 3.4% during the third quarter. WoodTrust Financial Corp now owns 58,198 shares of the CRM provider’s stock valued at $15,930,000 after purchasing an additional 1,897 shares during the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on CRM. Piper Sandler lowered Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. BMO Capital Markets upped their target price on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Bank of America reaffirmed a “buy” rating and issued a $325.00 target price on shares of Salesforce in a research report on Friday, September 6th. Canaccord Genuity Group upped their target price on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $313.37.

Salesforce Stock Up 1.1 %

Shares of CRM stock traded up $3.24 on Thursday, hitting $310.14. 816,351 shares of the stock were exchanged, compared to its average volume of 6,232,175. Salesforce, Inc. has a fifty-two week low of $208.84 and a fifty-two week high of $318.71. The firm has a market capitalization of $296.49 billion, a P/E ratio of 53.37, a price-to-earnings-growth ratio of 2.67 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average of $275.30 and a 200 day moving average of $263.86.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the company posted $1.63 earnings per share. Salesforce’s revenue was up 8.5% on a year-over-year basis. Equities analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.52%. Salesforce’s payout ratio is presently 27.83%.

Insider Buying and Selling at Salesforce

In other Salesforce news, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total value of $18,156,600.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Parker Harris sold 1,400 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $251.62, for a total transaction of $352,268.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at approximately $29,585,731.22. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Brian Millham sold 60,522 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. Insiders have sold 149,973 shares of company stock worth $42,672,142 over the last 90 days. Company insiders own 3.20% of the company’s stock.

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.