Castle Wealth Management LLC Has $1.87 Million Holdings in Salesforce, Inc. (NYSE:CRM)

Castle Wealth Management LLC cut its position in Salesforce, Inc. (NYSE:CRM) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,584 shares of the CRM provider’s stock after selling 319 shares during the period. Castle Wealth Management LLC’s holdings in Salesforce were worth $1,869,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Foundations Investment Advisors LLC boosted its position in Salesforce by 15.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 36,473 shares of the CRM provider’s stock valued at $12,194,000 after buying an additional 4,752 shares in the last quarter. Nabity Jensen Investment Management Inc acquired a new position in shares of Salesforce during the third quarter worth approximately $1,215,000. Prime Capital Investment Advisors LLC lifted its position in shares of Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock worth $15,885,000 after purchasing an additional 6,938 shares in the last quarter. Aljian Capital Management LLC lifted its position in shares of Salesforce by 16.1% during the third 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. Finally, AIA Group Ltd lifted its position in shares of Salesforce by 8.9% during the third quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after purchasing an additional 1,962 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CRM shares. Piper Sandler reiterated an “overweight” rating and set a $405.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Needham & Company LLC reiterated a “buy” rating and set a $400.00 target price on shares of Salesforce in a research report on Thursday, February 6th. Jefferies Financial Group upped their target price on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Macquarie reiterated a “neutral” rating and set a $370.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada boosted their price target on shares of Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $377.63.

Salesforce Stock Performance

Shares of CRM opened at $326.26 on Thursday. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. The firm has a fifty day simple moving average of $338.74 and a 200 day simple moving average of $301.96. The stock has a market capitalization of $312.23 billion, a price-to-earnings ratio of 53.66, a PEG ratio of 2.66 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last announced its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same quarter in the previous year, the company posted $1.62 EPS. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. Research analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

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

Insider Buying and Selling

In other Salesforce news, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $329.88, for a total value of $2,052,183.48. Following the completion of the sale, the chief financial officer now owns 45,861 shares in the company, valued at $15,128,626.68. This trade represents a 11.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Parker Harris sold 652 shares of the stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $216,646.56. Following the completion of the sale, the insider now owns 121,467 shares of the company’s stock, valued at approximately $40,361,054.76. This represents a 0.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,111,420 shares of company stock worth $384,366,700. 3.20% of the stock is owned by insiders.

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.