Allworth Financial LP Reduces Position in Salesforce, Inc. (NYSE:CRM)

Allworth Financial LP cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 6.5% during the third quarter, HoldingsChannel.com reports. The fund owned 21,665 shares of the CRM provider’s stock after selling 1,495 shares during the period. Allworth Financial LP’s holdings in Salesforce were worth $5,930,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Burford Brothers Inc. boosted its holdings in shares of Salesforce by 12.4% during the 3rd quarter. Burford Brothers Inc. now owns 3,291 shares of the CRM provider’s stock worth $901,000 after purchasing an additional 363 shares during the last quarter. Convergence Financial LLC lifted its position in Salesforce by 48.3% during the third quarter. Convergence Financial LLC now owns 5,745 shares of the CRM provider’s stock worth $1,572,000 after buying an additional 1,870 shares in the last quarter. Joel Isaacson & Co. LLC boosted its stake in Salesforce by 17.3% during the third quarter. Joel Isaacson & Co. LLC now owns 2,349 shares of the CRM provider’s stock worth $643,000 after buying an additional 346 shares during the last quarter. Trueblood Wealth Management LLC grew its holdings in Salesforce by 2.1% in the 3rd quarter. Trueblood Wealth Management LLC now owns 2,376 shares of the CRM provider’s stock valued at $650,000 after buying an additional 49 shares in the last quarter. Finally, Mediolanum International Funds Ltd grew its holdings in Salesforce by 9.9% in the 3rd quarter. Mediolanum International Funds Ltd now owns 263,740 shares of the CRM provider’s stock valued at $72,840,000 after buying an additional 23,710 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In other news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Brian Millham sold 4,056 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $261.50, for a total transaction of $1,060,644.00. The disclosure for this sale can be found here. Insiders sold 87,781 shares of company stock worth $23,696,593 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Up 1.3 %

Shares of NYSE CRM opened at $290.46 on Friday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The company has a market capitalization of $281.46 billion, a price-to-earnings ratio of 52.24, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. 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 has a 50-day moving average of $269.73 and a two-hundred day moving average of $263.05.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the prior year, the company posted $1.63 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CRM shares. Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Piper Sandler lowered shares of Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Roth Mkm restated a “buy” rating and set a $335.00 price target on shares of Salesforce in a report on Thursday, August 29th. BMO Capital Markets lifted their price target on shares of Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Canaccord Genuity Group increased their price objective on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $312.51.

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.