Perennial Investment Advisors LLC Acquires 117 Shares of Salesforce, Inc. (NYSE:CRM)

Perennial Investment Advisors LLC increased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 3.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,761 shares of the CRM provider’s stock after acquiring an additional 117 shares during the period. Perennial Investment Advisors LLC’s holdings in Salesforce were worth $967,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Salesforce by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock valued at $25,490,446,000 after acquiring an additional 1,008,841 shares in the last quarter. Capital World Investors boosted its position in Salesforce by 2.4% during the fourth quarter. Capital World Investors now owns 19,561,325 shares of the CRM provider’s stock valued at $5,147,402,000 after purchasing an additional 457,463 shares during the last quarter. Fisher Asset Management LLC grew its stake in Salesforce by 5.2% in the fourth quarter. Fisher Asset Management LLC now owns 14,905,462 shares of the CRM provider’s stock valued at $3,922,223,000 after purchasing an additional 736,986 shares in the last quarter. Capital Research Global Investors increased its position in shares of Salesforce by 26.9% during the 1st quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after purchasing an additional 3,044,611 shares during the last quarter. Finally, Capital International Investors raised its stake in shares of Salesforce by 3.0% during the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after purchasing an additional 407,834 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CRM. Sanford C. Bernstein raised their target price on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. 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. Canaccord Genuity Group upped their target price on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Truist Financial reiterated a “buy” rating and issued a $300.00 target price on shares of Salesforce in a research note on Friday, August 30th. Finally, DA Davidson boosted their price target on Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $305.55.

Insiders Place Their Bets

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Salesforce news, insider Srinivas Tallapragada sold 942 shares of the stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $242.32, for a total transaction of $228,265.44. Following the completion of the sale, the insider now directly owns 22,154 shares in the company, valued at approximately $5,368,357.28. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the completion of the sale, the chief financial officer now directly owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 62,376 shares of company stock worth $15,878,005. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE CRM opened at $256.81 on Tuesday. The company has a market capitalization of $248.85 billion, a price-to-earnings ratio of 46.19, a PEG ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The stock has a fifty day simple moving average of $253.55 and a 200 day simple moving average of $267.55. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Salesforce’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share. Sell-side analysts expect that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.62%. Salesforce’s payout ratio is currently 28.78%.

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.