EverSource Wealth Advisors LLC Increases Stock Position in Salesforce, Inc. (NYSE:CRM)

EverSource Wealth Advisors LLC increased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 7.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,315 shares of the CRM provider’s stock after purchasing an additional 411 shares during the period. EverSource Wealth Advisors LLC’s holdings in Salesforce were worth $1,634,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Fox Hill Wealth Management grew its holdings in shares of Salesforce by 4.0% during the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock worth $297,000 after buying an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. lifted its position in Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock worth $1,490,000 after acquiring an additional 38 shares during the period. Glassman Wealth Services grew its stake in shares of Salesforce by 2.9% in the 4th quarter. Glassman Wealth Services now owns 1,369 shares of the CRM provider’s stock valued at $360,000 after purchasing an additional 39 shares during the last quarter. Blue Barn Wealth LLC raised its stake in shares of Salesforce by 1.8% during the first quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock worth $665,000 after purchasing an additional 39 shares during the last quarter. Finally, Catalyst Financial Partners LLC lifted its holdings in shares of Salesforce by 0.8% during the second quarter. Catalyst Financial Partners LLC now owns 4,876 shares of the CRM provider’s stock worth $1,254,000 after purchasing an additional 39 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CRM shares. Phillip Securities reissued an “accumulate” rating and issued a $305.00 price objective on shares of Salesforce in a research note on Friday, August 30th. Citigroup increased their price target on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a report on Thursday. Raymond James increased their target price on Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 29th. Finally, BMO Capital Markets lifted their price target on Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three 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 target price of $306.00.

Salesforce Price Performance

CRM stock opened at $266.80 on Monday. The company has a market cap of $258.53 billion, a PE ratio of 47.99, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. 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 stock has a 50-day moving average price of $254.14 and a two-hundred day moving average price of $266.18. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71.

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 analysts’ expectations of $9.22 billion. During the same quarter in the previous year, the business earned $1.63 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.60%. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares in the company, valued at $13,072,660.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Amy E. Weaver sold 897 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the sale, the chief financial officer now directly owns 51,109 shares in the company, valued at approximately $13,072,660.02. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Parker Harris sold 5,600 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $250.17, for a total value of $1,400,952.00. Following the transaction, the insider now directly owns 116,693 shares in the company, valued at $29,193,087.81. The disclosure for this sale can be found here. In the last three months, insiders sold 63,891 shares of company stock worth $16,306,944. Corporate insiders own 3.20% of the company’s stock.

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.