Biltmore Family Office LLC Takes Position in Salesforce, Inc. (NYSE:CRM)

Biltmore Family Office LLC acquired a new stake in Salesforce, Inc. (NYSE:CRM) in the third quarter, Holdings Channel.com reports. The fund acquired 743 shares of the CRM provider’s stock, valued at approximately $204,000.

A number of other institutional investors have also modified their holdings of the company. Aviance Capital Partners LLC raised its position in Salesforce by 0.5% in the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock valued at $1,860,000 after purchasing an additional 33 shares during the period. Umpqua Bank raised its position in Salesforce by 0.4% in the third quarter. Umpqua Bank now owns 7,708 shares of the CRM provider’s stock valued at $2,110,000 after purchasing an additional 34 shares during the period. Nvwm LLC raised its position in Salesforce by 1.4% in 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 period. Prentice Wealth Management LLC raised its position in Salesforce by 1.5% in 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 period. Finally, Private Wealth Management Group LLC raised its position in Salesforce by 11.6% in 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 period. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Stock Performance

Shares of NYSE CRM opened at $342.12 on Friday. 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 stock has a 50 day simple moving average of $294.61 and a 200-day simple moving average of $268.66. The company has a market cap of $327.07 billion, a PE ratio of 59.50, a P/E/G ratio of 2.93 and a beta of 1.29. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $348.86.

Salesforce (NYSE:CRM) last issued its quarterly earnings data 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. The business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. On average, equities research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.47%. Salesforce’s dividend payout ratio (DPR) is 27.83%.

Insiders Place Their Bets

In other news, COO Brian Millham sold 14,808 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $338.95, for a total transaction of $5,019,171.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Parker Harris sold 3,528 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $250.59, for a total value of $884,081.52. Following the sale, the insider now owns 117,581 shares of the company’s stock, valued at $29,464,622.79. This trade represents a 2.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 147,991 shares of company stock worth $43,333,238 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Roth Mkm reissued a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. TD Cowen raised their target price on Salesforce from $290.00 to $340.00 and gave the company a “hold” rating in a research note on Thursday. Bank of America raised their target price on Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler downgraded Salesforce from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company raised their target price on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 12th. Eight research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $336.37.

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.