SG Americas Securities LLC Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

SG Americas Securities LLC cut its stake in shares of Salesforce, Inc. (NYSE:CRM) by 75.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 161,865 shares of the CRM provider’s stock after selling 504,486 shares during the period. SG Americas Securities LLC’s holdings in Salesforce were worth $44,304,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. DA Davidson increased their price target on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Canaccord Genuity Group lifted their target price on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Sanford C. Bernstein upped their price target on Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Wells Fargo & Company raised their price objective on Salesforce from $250.00 to $275.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 29th. Finally, Truist Financial reiterated a “buy” rating and set a $315.00 price objective (up from $300.00) 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 assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $310.74.

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $255.78, for a total transaction of $229,434.66. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Brian Millham sold 8,427 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $280.00, for a total value of $2,359,560.00. The disclosure for this sale can be found here. Insiders sold a total of 80,612 shares of company stock worth $21,133,273 over the last three months. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

Shares of NYSE:CRM opened at $280.83 on Friday. The firm has a fifty day simple moving average of $258.03 and a two-hundred day simple moving average of $264.86. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $272.12 billion, a P/E ratio of 50.51, a PEG ratio of 2.39 and a beta of 1.30.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS 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 company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the business posted $1.63 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. On average, analysts expect that Salesforce, Inc. will post 7.54 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.57%. Salesforce’s payout ratio is presently 28.78%.

Salesforce 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.