SkyOak Wealth LLC Invests $215,000 in Salesforce, Inc. (NYSE:CRM)

SkyOak Wealth LLC bought a new position in Salesforce, Inc. (NYSE:CRM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 836 shares of the CRM provider’s stock, valued at approximately $215,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ruedi Wealth Management Inc. raised its holdings in shares of Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank increased its position in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares in the last quarter. Clear Investment Research LLC lifted its position in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock valued at $28,000 after buying an additional 98 shares in the last quarter. Red Tortoise LLC purchased a new stake in Salesforce during the first quarter worth approximately $33,000. Finally, Stephens Consulting LLC increased its position in shares of Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after acquiring an additional 125 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $105,637.14. Following the completion of the transaction, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at approximately $1,644,921.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Parker Harris sold 5,600 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $250.17, for a total value of $1,400,952.00. Following the completion of the sale, the insider now owns 116,693 shares of the company’s stock, valued at $29,193,087.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the transaction, the chief accounting officer now directly owns 6,431 shares in the company, valued at approximately $1,644,921.18. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,576 shares of company stock valued at $16,957,573. Insiders own 3.20% of the company’s stock.

Salesforce Stock Down 1.1 %

Shares of Salesforce stock opened at $252.42 on Thursday. The stock has a market capitalization of $244.59 billion, a price-to-earnings ratio of 45.40, a PEG ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The business’s 50 day simple moving average is $253.60 and its 200-day simple moving average is $267.01.

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

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.63%. Salesforce’s payout ratio is currently 28.78%.

Wall Street Analysts Forecast Growth

CRM has been the topic of several research reports. Truist Financial reissued a “buy” rating and issued a $300.00 price objective on shares of Salesforce in a research report on Friday, August 30th. Canaccord Genuity Group boosted their price target on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. FBN Securities raised shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Mizuho reduced their target price on shares of Salesforce from $345.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, May 30th. Finally, Jefferies Financial Group lowered their price target on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, May 30th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $305.55.

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.