Westover Capital Advisors LLC Acquires 1,581 Shares of Salesforce, Inc. (NYSE:CRM)

Westover Capital Advisors LLC grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 179.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,463 shares of the CRM provider’s stock after acquiring an additional 1,581 shares during the period. Westover Capital Advisors LLC’s holdings in Salesforce were worth $633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ruedi Wealth Management Inc. increased its position in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after buying an additional 56 shares in the last quarter. Piscataqua Savings Bank increased its holdings in Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares in the last quarter. Red Tortoise LLC bought a new stake in Salesforce during the 1st quarter worth approximately $33,000. Stephens Consulting LLC lifted its holdings in Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares in the last quarter. Finally, Creekmur Asset Management LLC bought a new position in shares of Salesforce in the fourth quarter worth approximately $35,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CRM. Sanford C. Bernstein raised their price objective on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Roth Mkm restated a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Citigroup boosted their price target on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Nine equities research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $304.41.

Salesforce Trading Up 0.5 %

Shares of NYSE CRM opened at $254.57 on Friday. The business’s 50 day moving average price is $253.56 and its 200-day moving average price is $268.35. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $246.68 billion, a price-to-earnings ratio of 45.79, a PEG ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last released its 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. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm posted $1.63 earnings per share. On average, sell-side analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the sale, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,376 shares of company stock valued at $15,878,005. Corporate insiders own 3.20% of the company’s stock.

Salesforce 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.