Cherrydale Wealth Management LLC Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Cherrydale Wealth Management LLC bought a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 4th quarter, Holdings Channel.com reports. The fund bought 678 shares of the CRM provider’s stock, valued at approximately $227,000.

Other institutional investors have also made changes to their positions in the company. Waterloo Capital L.P. increased its stake in shares of Salesforce by 42.5% in the 2nd quarter. Waterloo Capital L.P. now owns 1,533 shares of the CRM provider’s stock valued at $394,000 after purchasing an additional 457 shares during the last quarter. ProVise Management Group LLC boosted its stake in shares of Salesforce by 1.0% in the 2nd quarter. ProVise Management Group LLC now owns 5,518 shares of the CRM provider’s stock valued at $1,419,000 after purchasing an additional 56 shares in the last quarter. Intech Investment Management LLC increased its position in Salesforce by 308.1% during the 2nd quarter. Intech Investment Management LLC now owns 202,074 shares of the CRM provider’s stock worth $51,953,000 after purchasing an additional 152,561 shares in the last quarter. Wealth Advisors of Tampa Bay LLC lifted its stake in Salesforce by 0.9% in the 2nd quarter. Wealth Advisors of Tampa Bay LLC now owns 18,358 shares of the CRM provider’s stock valued at $4,720,000 after purchasing an additional 155 shares during the last quarter. Finally, GM Advisory Group LLC bought a new stake in shares of Salesforce during the second quarter worth $227,000. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRM. Royal Bank of Canada raised their price objective on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group upped their price target on shares of Salesforce from $400.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. DA Davidson increased their price objective on Salesforce from $250.00 to $300.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $380.00 to $400.00 in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $377.63.

Insider Buying and Selling at Salesforce

In other Salesforce 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 transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 5.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 6,161 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $289.75, for a total value of $1,785,149.75. Following the sale, the chief operating officer now directly owns 969 shares of the company’s stock, valued at approximately $280,767.75. This trade represents a 86.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,183,838 shares of company stock valued at $405,595,158 in the last three months. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of Salesforce stock traded up $4.77 on Friday, reaching $324.77. 6,283,814 shares of the company traded hands, compared to its average volume of 4,604,853. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a 50 day moving average of $337.25 and a 200 day moving average of $291.08. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The firm has a market capitalization of $310.81 billion, a PE ratio of 53.42, a PEG ratio of 2.87 and a beta of 1.30.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 earnings per share. Equities analysts forecast that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.49%. Salesforce’s dividend payout ratio (DPR) is currently 26.32%.

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.