Adero Partners LLC Sells 1,501 Shares of Salesforce, Inc. (NYSE:CRM)

Adero Partners LLC reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 34.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,891 shares of the CRM provider’s stock after selling 1,501 shares during the quarter. Adero Partners LLC’s holdings in Salesforce were worth $791,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Umpqua Bank grew its holdings in shares of Salesforce by 0.4% during the third quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock worth $2,110,000 after buying an additional 34 shares in the last quarter. Nvwm LLC boosted its position in Salesforce by 1.4% during the third quarter. Nvwm LLC now owns 2,565 shares of the CRM provider’s stock valued at $667,000 after purchasing an additional 36 shares during the last quarter. Prentice Wealth Management LLC boosted its position in Salesforce by 1.5% during the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after purchasing an additional 37 shares during the last quarter. Private Wealth Management Group LLC boosted its position in Salesforce by 11.6% during the third quarter. Private Wealth Management Group LLC now owns 357 shares of the CRM provider’s stock valued at $98,000 after purchasing an additional 37 shares during the last quarter. Finally, Fulton Bank N.A. boosted its position in Salesforce by 0.4% during the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after purchasing an additional 38 shares during the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. This trade represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,373 shares of company stock valued at $41,250,680 over the last ninety days. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Down 1.9 %

Shares of NYSE:CRM opened at $325.26 on Friday. The company has a market capitalization of $310.95 billion, a price-to-earnings ratio of 56.57, a P/E/G ratio of 2.94 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The business’s 50-day moving average is $286.61 and its 200-day moving average is $266.62. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $348.86.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $9.22 billion. During the same period in the prior year, the business earned $1.63 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities research analysts predict that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 27.83%.

Wall Street Analyst Weigh In

Several research analysts recently commented on CRM shares. Royal Bank of Canada reissued an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Wells Fargo & Company increased their price target on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. Oppenheimer reaffirmed an “outperform” rating and issued a $330.00 price objective (up from $300.00) on shares of Salesforce in a research report on Thursday, October 24th. BNP Paribas raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Finally, Sanford C. Bernstein raised their price objective on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $322.51.

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.