Central Valley Advisors LLC Buys 271 Shares of Salesforce, Inc. (NYSE:CRM)

Central Valley Advisors LLC grew its position in shares of Salesforce, Inc. (NYSE:CRM) by 4.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,430 shares of the CRM provider’s stock after acquiring an additional 271 shares during the quarter. Central Valley Advisors LLC’s holdings in Salesforce were worth $1,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of CRM. Capital Research Global Investors raised its position in Salesforce by 26.9% in the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after acquiring an additional 3,044,611 shares during the period. GQG Partners LLC purchased a new stake in shares of Salesforce during the first quarter worth $910,220,000. Swedbank AB bought a new position in shares of Salesforce in the first quarter worth $874,748,000. Coatue Management LLC purchased a new position in shares of Salesforce in the fourth quarter valued at $564,188,000. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Salesforce by 48.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after purchasing an additional 1,922,674 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 transaction of $105,637.14. Following the sale, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Salesforce news, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $252.75, for a total value of $1,061,550.00. Following the completion of the sale, the insider now directly owns 116,693 shares in the company, valued at approximately $29,494,155.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction dated 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 sale, the chief accounting officer now owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 80,612 shares of company stock worth $21,133,273 in the last three months. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

NYSE:CRM traded up $6.84 during mid-day trading on Friday, reaching $287.75. The company’s stock had a trading volume of 6,131,284 shares, compared to its average volume of 6,543,515. The stock has a market cap of $278.83 billion, a P/E ratio of 51.74, a PEG ratio of 2.39 and a beta of 1.30. The firm’s fifty day moving average price is $258.53 and its two-hundred day moving average price is $264.78. Salesforce, Inc. has a 12-month low of $193.68 and a 12-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.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating 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 analysts’ expectations of $9.22 billion. During the same period in the prior year, the firm earned $1.63 EPS. The company’s revenue was up 8.5% compared to the same quarter last year. On average, equities analysts forecast that Salesforce, Inc. will post 7.54 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.56%. Salesforce’s dividend payout ratio is currently 28.78%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRM. Raymond James increased their price target on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and issued a $345.00 price target on shares of Salesforce in a report on Friday, September 20th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. DA Davidson lifted their price objective on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Finally, Piper Sandler upgraded Salesforce from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $268.00 to $325.00 in a research note on Tuesday, September 24th. Eight research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus target price of $310.74.

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.