Garden State Investment Advisory Services LLC Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Garden State Investment Advisory Services LLC grew its position in shares of Salesforce, Inc. (NYSE:CRM) by 9.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,557 shares of the CRM provider’s stock after buying an additional 216 shares during the period. Garden State Investment Advisory Services LLC’s holdings in Salesforce were worth $658,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fox Hill Wealth Management grew its stake in shares of Salesforce by 4.0% in the 1st 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. grew 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 worth $1,490,000 after acquiring an additional 38 shares during the last quarter. Glassman Wealth Services increased its holdings in shares of Salesforce by 2.9% during the fourth quarter. Glassman Wealth Services now owns 1,369 shares of the CRM provider’s stock valued at $360,000 after acquiring an additional 39 shares in the last quarter. Blue Barn Wealth LLC raised its position in shares of Salesforce by 1.8% in the 1st 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 boosted its stake in Salesforce by 0.8% in the 2nd 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 in the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Performance

Shares of NYSE CRM opened at $266.57 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. Salesforce, Inc. has a 1 year low of $193.68 and a 1 year high of $318.71. The firm has a fifty day moving average price of $254.14 and a 200-day moving average price of $266.67. The stock has a market cap of $258.31 billion, a PE ratio of 47.94, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The business had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s quarterly revenue was up 8.5% on a year-over-year basis. During the same period last year, the firm earned $1.63 earnings per share. Equities analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

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

Analyst Ratings Changes

CRM has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday, May 30th. Canaccord Genuity Group upped their price objective on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Robert W. Baird lifted their target price on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Piper Sandler upped their price target on Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. Finally, Macquarie reduced their price objective on Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $306.00.

Insider Activity

In related news, insider Parker Harris sold 5,600 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $250.17, for a total transaction of $1,400,952.00. Following the completion of the transaction, the insider now directly 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 this hyperlink. In other Salesforce news, insider Parker Harris sold 5,600 shares of Salesforce 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 sale, the insider now owns 116,693 shares of the company’s stock, valued at approximately $29,193,087.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $229,434.66. Following the transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The disclosure for this sale can be found here. Insiders have sold a total of 66,576 shares of company stock worth $16,957,573 over the last quarter. Insiders own 3.20% of the company’s stock.

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.