Salesforce, Inc. (NYSE:CRM) Stock Position Lifted by Clarity Capital Partners LLC

Clarity Capital Partners LLC lifted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 16.1% during the third quarter, HoldingsChannel reports. The firm owned 15,068 shares of the CRM provider’s stock after purchasing an additional 2,092 shares during the quarter. Salesforce accounts for about 2.4% of Clarity Capital Partners LLC’s investment portfolio, making the stock its 9th biggest holding. Clarity Capital Partners LLC’s holdings in Salesforce were worth $4,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Salesforce by 1.2% in the first quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after purchasing an additional 1,008,841 shares in the last quarter. Capital Research Global Investors boosted its holdings in Salesforce by 26.9% in 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 buying an additional 3,044,611 shares during the period. Capital International Investors grew its stake in Salesforce by 3.0% in the 1st quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock valued at $4,251,592,000 after buying an additional 407,834 shares in the last quarter. Legal & General Group Plc raised its holdings in Salesforce by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after acquiring an additional 176,641 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after acquiring an additional 1,922,674 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRM shares. Needham & Company LLC reissued a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Friday, September 20th. Robert W. Baird upped their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Truist Financial reissued a “buy” rating and issued a $315.00 price target (up from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Roth Mkm reiterated a “buy” rating and issued a $335.00 price objective on shares of Salesforce in a research report on Thursday, August 29th. Finally, Wells Fargo & Company lifted their price objective on Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $313.37.

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the transaction, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Sundeep G. Reddy sold 500 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $290.23, for a total transaction of $145,115.00. Following the transaction, the chief accounting officer now owns 6,506 shares of the company’s stock, valued at approximately $1,888,236.38. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the completion of the sale, the chief accounting officer now owns 7,006 shares in the company, valued at approximately $1,998,741.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,003 shares of company stock valued at $41,494,084 over the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

NYSE CRM opened at $298.01 on Tuesday. The stock has a market capitalization of $284.90 billion, a PE ratio of 51.83, a P/E/G ratio of 2.67 and a beta of 1.29. Salesforce, Inc. has a 1-year low of $204.69 and a 1-year high of $318.71. The business has a 50 day simple moving average of $273.68 and a two-hundred day simple moving average of $263.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last released 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 net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion for the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the prior year, the firm earned $1.63 earnings per share. Salesforce’s revenue was up 8.5% on a year-over-year basis. On average, research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s dividend payout ratio is currently 27.83%.

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.