Everhart Financial Group Inc. Acquires 715 Shares of Salesforce, Inc. (NYSE:CRM)

Everhart Financial Group Inc. increased its holdings in Salesforce, Inc. (NYSE:CRM) by 16.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 5,086 shares of the CRM provider’s stock after buying an additional 715 shares during the quarter. Everhart Financial Group Inc.’s holdings in Salesforce were worth $1,392,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Sheets Smith Wealth Management grew its stake in shares of Salesforce by 35.1% during the 1st quarter. Sheets Smith Wealth Management now owns 3,351 shares of the CRM provider’s stock valued at $1,009,000 after purchasing an additional 871 shares during the period. TD Asset Management Inc lifted its position in shares of Salesforce by 2.3% during the 1st quarter. TD Asset Management Inc now owns 807,993 shares of the CRM provider’s stock valued at $243,351,000 after buying an additional 18,468 shares in the last quarter. Eagle Bay Advisors LLC lifted its position in shares of Salesforce by 136.3% during the 1st quarter. Eagle Bay Advisors LLC now owns 1,021 shares of the CRM provider’s stock valued at $308,000 after buying an additional 589 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Salesforce by 5.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 1,050,700 shares of the CRM provider’s stock valued at $316,450,000 after buying an additional 54,184 shares in the last quarter. Finally, Angeles Wealth Management LLC lifted its position in shares of Salesforce by 14.3% during the 1st quarter. Angeles Wealth Management LLC now owns 4,238 shares of the CRM provider’s stock valued at $1,276,000 after buying an additional 530 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the firm’s 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 sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Brian Millham sold 60,522 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 144,373 shares of company stock valued at $41,250,680. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

CRM has been the topic of a number of analyst reports. Jefferies Financial Group lifted their price objective on Salesforce from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Monday. Sanford C. Bernstein lifted their price objective on Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Wells Fargo & Company boosted their price target on Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a report on Thursday, August 29th. Finally, Bank of America reissued a “buy” rating and issued a $325.00 price target on shares of Salesforce in a report on Friday, September 6th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $314.80.

Salesforce Trading Up 6.1 %

Shares of NYSE CRM opened at $341.74 on Tuesday. 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 stock has a market capitalization of $326.70 billion, a P/E ratio of 59.43, a price-to-earnings-growth ratio of 2.91 and a beta of 1.29. Salesforce, Inc. has a 1-year low of $211.76 and a 1-year high of $344.88. The business has a fifty day moving average price of $277.76 and a 200 day moving average price of $264.35.

Salesforce (NYSE:CRM) last issued its quarterly earnings data 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. 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 analysts’ expectations of $9.22 billion. During the same period in the prior year, the business posted $1.63 EPS. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. Equities research analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 27.83%.

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.