Peloton Wealth Strategists Trims Stock Position in Salesforce, Inc. (NYSE:CRM)

Peloton Wealth Strategists lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 2.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,132 shares of the CRM provider’s stock after selling 615 shares during the quarter. Salesforce comprises about 2.4% of Peloton Wealth Strategists’ holdings, making the stock its 14th largest position. Peloton Wealth Strategists’ holdings in Salesforce were worth $5,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of CRM. Spartan Planning & Wealth Management grew its position in Salesforce by 66.3% during the fourth quarter. Spartan Planning & Wealth Management now owns 1,567 shares of the CRM provider’s stock valued at $412,000 after acquiring an additional 625 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of Salesforce by 1.3% in the 4th quarter. Chicago Partners Investment Group LLC now owns 7,160 shares of the CRM provider’s stock valued at $1,983,000 after purchasing an additional 95 shares in the last quarter. XN LP grew its holdings in shares of Salesforce by 24.2% during the 2nd quarter. XN LP now owns 464,489 shares of the CRM provider’s stock worth $119,420,000 after purchasing an additional 90,616 shares during the period. M&G Plc acquired a new stake in Salesforce during the 1st quarter worth approximately $2,178,000. Finally, First Foundation Advisors raised its holdings in Salesforce by 38.0% in the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock valued at $249,000 after buying an additional 228 shares during the period. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Salesforce

In other 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 directly 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 accessible through this link. In related news, 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 completion of the transaction, the chief financial officer now owns 51,109 shares in the company, valued at approximately $13,072,660.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $256.24, for a total value of $1,076,208.00. Following the sale, the insider now owns 116,693 shares in the company, valued at approximately $29,901,414.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,185 shares of company stock worth $18,708,571. 3.20% of the stock is owned by company insiders.

Salesforce Stock Up 0.3 %

Shares of Salesforce stock opened at $276.51 on Friday. The stock has a market capitalization of $267.94 billion, a price-to-earnings ratio of 49.73, a PEG ratio of 2.39 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 $256.26 and its 200-day simple moving average is $265.59.

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 7.54 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.58%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Analysts Set New Price Targets

CRM has been the subject of several recent research reports. BMO Capital Markets increased their price objective on shares of Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. JMP Securities reiterated a “market outperform” rating and issued a $342.00 price target on shares of Salesforce in a report on Wednesday, August 28th. Evercore ISI restated an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. Piper Sandler upgraded Salesforce from a “neutral” rating to an “overweight” rating and increased their target price for the company from $268.00 to $325.00 in a research note on Tuesday. Finally, Erste Group Bank reissued a “hold” rating on shares of Salesforce in a research report on Wednesday, September 11th. Eight 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 company’s stock. According to data from MarketBeat, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $308.03.

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.