Roanoke Asset Management Corp NY Reduces Position in Salesforce, Inc. (NYSE:CRM)

Roanoke Asset Management Corp NY lowered its stake in Salesforce, Inc. (NYSE:CRM) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,565 shares of the CRM provider’s stock after selling 600 shares during the period. Salesforce accounts for 2.3% of Roanoke Asset Management Corp NY’s holdings, making the stock its 15th biggest position. Roanoke Asset Management Corp NY’s holdings in Salesforce were worth $7,210,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Infrastructure Capital Advisors LLC purchased a new stake in Salesforce in the third quarter valued at approximately $27,000. Arlington Trust Co LLC raised its position in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after buying an additional 40 shares during the last quarter. Compass Financial Services Inc acquired a new stake in Salesforce during the 4th quarter valued at approximately $30,000. Asset Planning Inc purchased a new stake in shares of Salesforce in the 4th quarter valued at $31,000. Finally, Collier Financial acquired a new stake in shares of Salesforce in the fourth quarter worth $32,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Trading Up 0.9 %

CRM opened at $297.63 on Friday. Salesforce, Inc. has a one year low of $212.00 and a one year high of $369.00. The business’s 50 day moving average price is $329.11 and its 200 day moving average price is $307.21. The stock has a market capitalization of $284.83 billion, a PE ratio of 48.95, a P/E/G ratio of 2.58 and a beta of 1.31. 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 issued its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). The company had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. As a group, equities research analysts expect that Salesforce, Inc. will post 7.46 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s payout ratio is currently 26.32%.

Insider Activity at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Miguel Milano sold 458 shares of Salesforce stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $307.97, for a total value of $141,050.26. Following the completion of the transaction, the insider now directly owns 5,864 shares of the company’s stock, valued at approximately $1,805,936.08. This represents a 7.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,102,572 shares of company stock worth $381,283,706. Insiders own 3.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CRM shares. Macquarie decreased their target price on shares of Salesforce from $370.00 to $320.00 and set a “neutral” rating for the company in a research report on Thursday. Piper Sandler decreased their price objective on Salesforce from $405.00 to $400.00 and set an “overweight” rating for the company in a report on Thursday. Scotiabank dropped their target price on Salesforce from $440.00 to $400.00 and set a “sector outperform” rating on the stock in a report on Thursday. JPMorgan Chase & Co. lifted their price target on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, UBS Group upped their price objective on Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, thirty-two have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $365.32.

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.