Wellington Shields Capital Management LLC Has $3.10 Million Stake in Salesforce, Inc. (NYSE:CRM)

Wellington Shields Capital Management LLC boosted its holdings in Salesforce, Inc. (NYSE:CRM) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,043 shares of the CRM provider’s stock after purchasing an additional 239 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Salesforce were worth $3,096,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Spartan Planning & Wealth Management increased its position in shares of Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock worth $412,000 after acquiring an additional 625 shares in the last quarter. Parnassus Investments LLC raised its stake in shares of Salesforce by 0.3% in the fourth quarter. Parnassus Investments LLC now owns 5,951,415 shares of the CRM provider’s stock worth $1,566,055,000 after purchasing an additional 18,397 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Salesforce by 32.6% in the fourth quarter. TD Asset Management Inc now owns 789,525 shares of the CRM provider’s stock valued at $207,756,000 after purchasing an additional 194,224 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Salesforce by 1.3% during the fourth quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after buying an additional 95 shares during the last quarter. Finally, M&G Plc bought a new stake in Salesforce during the first quarter worth $2,178,000. Institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRM shares. Canaccord Genuity Group lifted their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Raymond James boosted their price target on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Piper Sandler upped their price objective 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. UBS Group lifted their target price on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Stifel Nicolaus upped their target price on Salesforce from $300.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Eight investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $304.41.

Insider Transactions at Salesforce

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

Salesforce Price Performance

Shares of CRM stock traded up $0.93 on Friday, reaching $247.05. The company’s stock had a trading volume of 410,835 shares, compared to its average volume of 6,570,333. The company has a market capitalization of $239.39 billion, a P/E ratio of 44.27, a PEG ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The stock’s 50 day simple moving average is $254.78 and its 200-day simple moving average is $270.11. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.63 EPS. As a group, equities analysts predict that Salesforce, Inc. will post 7.52 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were paid a $0.40 dividend. The ex-dividend date was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a yield of 0.65%. Salesforce’s dividend payout ratio is presently 28.78%.

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.