Asset Dedication LLC Sells 2,327 Shares of Salesforce, Inc. (NYSE:CRM)

Asset Dedication LLC reduced its position in Salesforce, Inc. (NYSE:CRM) by 19.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,745 shares of the CRM provider’s stock after selling 2,327 shares during the quarter. Asset Dedication LLC’s holdings in Salesforce were worth $2,667,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Capital Research Global Investors boosted its holdings in Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after acquiring an additional 3,044,611 shares in the last quarter. GQG Partners LLC acquired a new stake in Salesforce in the 1st quarter worth approximately $910,220,000. Swedbank AB purchased a new position in shares of Salesforce in the first quarter worth $874,748,000. Massachusetts Financial Services Co. MA lifted its stake 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 buying an additional 1,922,674 shares during the period. Finally, AMF Tjanstepension AB grew its holdings in shares of Salesforce by 376.1% during the second quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after buying an additional 1,139,472 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Salesforce news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the completion of the sale, the insider now directly owns 118,514 shares in the company, valued at $34,181,807.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Salesforce news, COO Brian Millham sold 2,037 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $248.75, for a total transaction of $506,703.75. Following the completion of the transaction, the chief operating officer now owns 1,947 shares in the company, valued at $484,316.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total value of $1,211,364.00. Following the completion of the transaction, the insider now directly owns 118,514 shares in the company, valued at $34,181,807.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,412 shares of company stock valued at $20,212,507 over the last quarter. 3.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on CRM shares. TD Cowen lifted their price target on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. BMO Capital Markets upped their target price on Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Canaccord Genuity Group raised their price target on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Morgan Stanley lifted their price objective on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Finally, FBN Securities raised shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Nine equities research 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 company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $310.74.

Salesforce Price Performance

CRM stock opened at $288.31 on Wednesday. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. 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 firm has a market capitalization of $279.37 billion, a PE ratio of 51.85, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The business has a 50 day simple moving average of $263.98 and a 200-day simple moving average of $263.46.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) 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 business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period last year, the company earned $1.63 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities research analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently disclosed 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 was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.55%. Salesforce’s payout ratio is 28.78%.

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.