OneAscent Wealth Management LLC Cuts Stake in Salesforce, Inc. (NYSE:CRM)

OneAscent Wealth Management LLC lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 21.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,133 shares of the CRM provider’s stock after selling 309 shares during the period. OneAscent Wealth Management LLC’s holdings in Salesforce were worth $311,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the business. Prime Capital Investment Advisors LLC lifted its holdings in shares of Salesforce by 13.6% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock valued at $15,885,000 after buying an additional 6,938 shares during the period. AIA Group Ltd lifted its stake in shares of Salesforce by 8.9% during the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock valued at $6,577,000 after buying an additional 1,962 shares in the last quarter. Aljian Capital Management LLC lifted its holdings in Salesforce by 16.1% in the 3rd quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after purchasing an additional 1,834 shares in the last quarter. Harvest Portfolios Group Inc. boosted its stake in Salesforce by 13.6% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 89,098 shares of the CRM provider’s stock worth $24,387,000 after purchasing an additional 10,656 shares during the period. Finally, XN LP increased its holdings in 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 acquiring an additional 90,616 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRM. Citigroup lifted their price objective on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Canaccord Genuity Group raised their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. UBS Group upped their price target on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. BNP Paribas raised Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Finally, Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Nine investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and an average target price of $325.36.

Insider Activity

In related news, insider Parker Harris sold 3,970 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the transaction, the insider now owns 119,402 shares in the company, valued at $35,431,349.48. This represents a 3.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 60,522 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total transaction of $18,156,600.00. The disclosure for this sale can be found here. Insiders sold 140,173 shares of company stock worth $40,146,206 over the last three months. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Trading Down 0.9 %

Salesforce stock opened at $322.25 on Tuesday. The firm has a market cap of $308.07 billion, a PE ratio of 56.04, a P/E/G ratio of 2.94 and a beta of 1.29. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $348.86. The stock’s 50 day simple moving average is $288.14 and its two-hundred day simple moving average is $266.96. 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 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 for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter last year, the business earned $1.63 earnings per share. The firm’s revenue was up 8.5% on a year-over-year basis. Analysts anticipate that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

About Salesforce

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.