Mirador Capital Partners LP Boosts Stock Position in Salesforce, Inc. (NYSE:CRM)

Mirador Capital Partners LP increased its stake in Salesforce, Inc. (NYSE:CRM) by 57.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,430 shares of the CRM provider’s stock after acquiring an additional 1,246 shares during the quarter. Mirador Capital Partners LP’s holdings in Salesforce were worth $939,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Ruedi Wealth Management Inc. lifted its stake in Salesforce by 186.7% in the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares in the last quarter. Piscataqua Savings Bank increased its position in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after purchasing an additional 96 shares during the last quarter. Clear Investment Research LLC raised its stake in Salesforce by 816.7% during the second 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 acquired a new position in Salesforce in the 1st quarter valued at about $33,000. Finally, Stephens Consulting LLC grew its stake in shares of Salesforce by 3,125.0% in the 2nd 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 hedge funds and other institutional investors.

Insider Transactions at Salesforce

In related news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the sale, the insider now owns 117,581 shares in the company, valued at $28,362,888.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Salesforce news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at $28,362,888.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce 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 $105,637.14. Following the completion of the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at $1,644,921.18. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,612 shares of company stock worth $21,133,273. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CRM shares. Wedbush upped their price objective on Salesforce from $315.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Royal Bank of Canada reiterated an “outperform” rating and set a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. Loop Capital restated a “hold” rating and issued a $270.00 price objective on shares of Salesforce in a report on Thursday, September 19th. Piper Sandler raised shares of Salesforce from a “neutral” rating to an “overweight” rating and upped their target price for the company from $268.00 to $325.00 in a research report on Tuesday, September 24th. Finally, TD Cowen lifted their price target on shares of Salesforce from $285.00 to $290.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $310.74.

Salesforce Stock Up 2.4 %

NYSE:CRM traded up $6.84 during midday trading on Friday, hitting $287.75. 6,131,284 shares of the company were exchanged, compared to its average volume of 6,543,515. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71. The company has a market capitalization of $278.83 billion, a PE ratio of 51.74, a price-to-earnings-growth ratio of 2.39 and a beta of 1.30. 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 company has a fifty day simple moving average of $258.53 and a 200 day simple moving average of $264.78.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping 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 revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.63 earnings per share. As a group, equities analysts anticipate that Salesforce, Inc. will post 7.54 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed 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 0.56%. The ex-dividend date of this dividend is Wednesday, September 18th. Salesforce’s payout ratio is currently 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.