3Chopt Investment Partners LLC Invests $454,000 in Salesforce, Inc. (NYSE:CRM)

3Chopt Investment Partners LLC acquired a new stake in Salesforce, Inc. (NYSE:CRM) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,765 shares of the CRM provider’s stock, valued at approximately $454,000.

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

Salesforce Trading Down 1.0 %

Shares of Salesforce stock opened at $270.87 on Wednesday. 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 fifty day simple moving average of $256.95 and a 200 day simple moving average of $264.65. Salesforce, Inc. has a 12-month low of $193.68 and a 12-month high of $318.71. The company has a market capitalization of $262.47 billion, a P/E ratio of 48.72, a price-to-earnings-growth ratio of 2.39 and a beta of 1.29.

Salesforce (NYSE:CRM) last announced its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same quarter in the prior year, the company posted $1.63 earnings per share. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.54 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.59%. The ex-dividend date is Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 28.78%.

Analysts Set New Price Targets

CRM has been the subject of a number of recent analyst reports. Raymond James increased their target price on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Truist Financial reiterated a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. Sanford C. Bernstein boosted their target price on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. BMO Capital Markets upped their price target on shares of Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, FBN Securities raised Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average target price of $308.03.

Insider Activity at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the business’s 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 transaction, the chief financial officer now owns 51,109 shares of the company’s stock, valued at $13,072,660.02. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the completion of the sale, the director now owns 1,363 shares in the company, valued at $376,624.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were 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 disclosure for this sale can be found here. Over the last three months, insiders sold 67,985 shares of company stock valued at $17,632,363. 3.20% of the stock is owned by insiders.

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.