Pegasus Asset Management Inc. Increases Position in Salesforce, Inc. (NYSE:CRM)

Pegasus Asset Management Inc. boosted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 0.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 16,164 shares of the CRM provider’s stock after purchasing an additional 109 shares during the period. Salesforce makes up approximately 2.0% of Pegasus Asset Management Inc.’s holdings, making the stock its 18th largest holding. Pegasus Asset Management Inc.’s holdings in Salesforce were worth $5,404,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRM. Laidlaw Wealth Management LLC raised its position in Salesforce by 91.3% during the fourth quarter. Laidlaw Wealth Management LLC now owns 4,403 shares of the CRM provider’s stock worth $1,472,000 after acquiring an additional 2,101 shares during the period. Accuvest Global Advisors purchased a new stake in shares of Salesforce during the fourth quarter worth about $3,732,000. Global Retirement Partners LLC boosted its holdings in Salesforce by 9.6% in the 4th quarter. Global Retirement Partners LLC now owns 15,366 shares of the CRM provider’s stock worth $5,137,000 after buying an additional 1,341 shares during the last quarter. Semus Wealth Partners LLC raised its holdings in shares of Salesforce by 2.9% during the fourth quarter. Semus Wealth Partners LLC now owns 1,791 shares of the CRM provider’s stock valued at $599,000 after acquiring an additional 51 shares during the last quarter. Finally, Bank of Jackson Hole Trust acquired a new position in Salesforce during the fourth quarter worth about $208,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Salesforce Price Performance

Salesforce stock opened at $328.62 on Wednesday. The business has a 50 day simple moving average of $335.64 and a 200-day simple moving average of $304.52. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. 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 stock has a market capitalization of $314.49 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.62 and a beta of 1.31.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the company posted $1.62 EPS. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. Equities analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently commented on CRM shares. DA Davidson lifted their price objective on Salesforce from $250.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company boosted their price target on shares of Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. Oppenheimer restated an “outperform” rating and set a $415.00 price objective (up from $385.00) on shares of Salesforce in a research report on Wednesday, December 4th. Needham & Company LLC reiterated a “buy” rating and issued a $400.00 target price on shares of Salesforce in a report on Thursday, February 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $377.63.

Insider Activity

In other news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the transaction, the chief accounting officer now owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Brian Millham sold 14,808 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $338.95, for a total transaction of $5,019,171.60. The disclosure for this sale can be found here. Insiders sold 1,111,420 shares of company stock valued at $384,366,700 in the last three months. 3.20% of the stock is currently owned by company insiders.

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.