Prio Wealth Limited Partnership Sells 13,662 Shares of Salesforce, Inc. (NYSE:CRM)

Prio Wealth Limited Partnership cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 15.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,207 shares of the CRM provider’s stock after selling 13,662 shares during the period. Prio Wealth Limited Partnership’s holdings in Salesforce were worth $19,593,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CRM. Fox Hill Wealth Management raised its position in Salesforce by 4.0% in the first quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after purchasing an additional 38 shares during the last quarter. Pinnacle Wealth Planning Services Inc. increased its stake in shares of Salesforce by 0.8% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after buying an additional 38 shares during the period. Blue Barn Wealth LLC raised its holdings in Salesforce by 1.8% in the 1st quarter. Blue Barn Wealth LLC now owns 2,207 shares of the CRM provider’s stock valued at $665,000 after buying an additional 39 shares during the last quarter. Catalyst Financial Partners LLC boosted its position in Salesforce by 0.8% during the 2nd quarter. Catalyst Financial Partners LLC now owns 4,876 shares of the CRM provider’s stock worth $1,254,000 after buying an additional 39 shares during the period. Finally, DSC Advisors L.P. boosted its position in Salesforce by 3.1% during the 2nd quarter. DSC Advisors L.P. now owns 1,302 shares of the CRM provider’s stock worth $335,000 after buying an additional 39 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the transaction, the insider now directly owns 116,693 shares in the company, valued at $29,494,155.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $252.75, for a total transaction of $1,061,550.00. Following the sale, the insider now owns 116,693 shares of the company’s stock, valued at approximately $29,494,155.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total value of $229,434.66. Following the sale, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The disclosure for this sale can be found here. Insiders sold a total of 67,985 shares of company stock worth $17,632,363 over the last quarter. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

CRM has been the subject of several analyst reports. Truist Financial reaffirmed a “buy” rating and set a $315.00 price target (up previously from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. Evercore ISI reaffirmed an “outperform” rating and set a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. JPMorgan Chase & Co. upped their price target on Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Canaccord Genuity Group raised their price objective on Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Salesforce currently has an average rating of “Moderate Buy” and an average price target of $308.03.

Salesforce Trading Down 1.0 %

NYSE:CRM opened at $270.87 on Wednesday. Salesforce, Inc. has a one year low of $193.68 and a one year high of $318.71. The company has a market cap of $262.47 billion, a PE ratio of 48.72, a PEG ratio of 2.39 and a beta of 1.29. 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 50-day moving average of $256.95 and a 200-day moving average of $264.65.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 earnings per share. As a group, equities research analysts expect that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders 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 0.59%. 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.