Salesforce, Inc. (NYSE:CRM) Shares Purchased by Sovereign Financial Group Inc.

Sovereign Financial Group Inc. grew its stake in shares of Salesforce, Inc. (NYSE:CRM) by 5.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,147 shares of the CRM provider’s stock after acquiring an additional 57 shares during the period. Sovereign Financial Group Inc.’s holdings in Salesforce were worth $345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Graypoint LLC raised its stake in Salesforce by 0.3% during the fourth quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after buying an additional 36 shares in the last quarter. Chase Investment Counsel Corp lifted its stake in Salesforce by 0.3% during the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after purchasing an additional 36 shares during the last quarter. JFS Wealth Advisors LLC boosted its holdings in Salesforce by 11.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after purchasing an additional 36 shares during the period. Opes Wealth Management LLC boosted its holdings in Salesforce by 2.9% in the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock worth $341,000 after purchasing an additional 37 shares during the period. Finally, Prentice Wealth Management LLC increased its stake in Salesforce by 1.7% during the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 38 shares during the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Trading Up 4.0 %

NYSE CRM opened at $252.97 on Friday. The firm’s 50 day moving average price is $260.43 and its two-hundred day moving average price is $276.33. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The stock has a market cap of $245.13 billion, a price-to-earnings ratio of 45.50, a PEG ratio of 2.12 and a beta of 1.25.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.06. The firm had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. Salesforce’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.15 earnings per share. Equities analysts anticipate that Salesforce, Inc. will post 7.47 EPS for the current year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Tuesday, July 9th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.63%. Salesforce’s dividend payout ratio is currently 7.19%.

Insider Activity at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 2,425 shares of Salesforce stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Sundeep G. Reddy sold 2,425 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $273.15, for a total transaction of $662,388.75. Following the completion of the sale, the chief accounting officer now directly owns 5,856 shares of the company’s stock, valued at approximately $1,599,566.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $305.42, for a total value of $4,581,300.00. Following the completion of the sale, the chief executive officer now directly owns 12,981,166 shares of the company’s stock, valued at approximately $3,964,707,719.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 541,787 shares of company stock valued at $149,773,683. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 30th. Truist Financial reiterated a “buy” rating and set a $300.00 price target (down from $360.00) on shares of Salesforce in a research report on Thursday, May 30th. JMP Securities restated a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research report on Monday, April 15th. Macquarie dropped their target price on Salesforce from $330.00 to $275.00 and set an “outperform” rating on the stock in a research report on Friday, May 31st. Finally, Stifel Nicolaus reduced their price target on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $292.79.

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.