Floyd Financial Group LLC Makes New $599,000 Investment in Salesforce, Inc. (NYSE:CRM)

Floyd Financial Group LLC purchased a new stake in Salesforce, Inc. (NYSE:CRM) during the fourth quarter, Holdings Channel reports. The fund purchased 1,883 shares of the CRM provider’s stock, valued at approximately $599,000.

Several other large investors have also recently made changes to their positions in the stock. Brown Brothers Harriman & Co. lifted its stake in Salesforce by 5.6% during the second quarter. Brown Brothers Harriman & Co. now owns 21,263 shares of the CRM provider’s stock worth $5,467,000 after purchasing an additional 1,120 shares in the last quarter. Moors & Cabot Inc. lifted its stake in Salesforce by 1.5% during the 2nd quarter. Moors & Cabot Inc. now owns 38,924 shares of the CRM provider’s stock worth $10,007,000 after acquiring an additional 572 shares in the last quarter. GDS Wealth Management lifted its stake in Salesforce by 7.7% during the 2nd quarter. GDS Wealth Management now owns 55,378 shares of the CRM provider’s stock worth $14,238,000 after acquiring an additional 3,940 shares in the last quarter. Primecap Management Co. CA boosted its holdings in Salesforce by 64.6% during the 2nd quarter. Primecap Management Co. CA now owns 508,600 shares of the CRM provider’s stock valued at $130,761,000 after acquiring an additional 199,700 shares during the period. Finally, Conscious Wealth Investments LLC grew its position in Salesforce by 0.8% in the 2nd quarter. Conscious Wealth Investments LLC now owns 9,992 shares of the CRM provider’s stock valued at $2,558,000 after acquiring an additional 81 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on CRM. Scotiabank raised their price objective on shares of Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price target for the company in a research report on Friday, December 13th. Morgan Stanley upped their price objective on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Citigroup lifted their target price on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Finally, Jefferies Financial Group upped their price target on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating, thirty have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and an average target price of $376.05.

Salesforce Price Performance

Shares of CRM opened at $323.31 on Wednesday. The company has a market capitalization of $309.41 billion, a price-to-earnings ratio of 53.18, a price-to-earnings-growth ratio of 3.20 and a beta of 1.30. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a 50-day simple moving average of $336.76 and a 200-day simple moving average of $290.66. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The firm’s revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.62 earnings per share. On average, equities research analysts anticipate that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s dividend payout ratio is currently 26.32%.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 317,105 shares of Salesforce stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total value of $109,965,671.90. Following the sale, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. The trade was a 2.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,177,617 shares of company stock worth $403,542,975. 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.