Blodgett Wealth Advisors LLC Trims Stake in Salesforce, Inc. (NYSE:CRM)

Blodgett Wealth Advisors LLC trimmed its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 2.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,627 shares of the CRM provider’s stock after selling 60 shares during the period. Salesforce makes up about 0.6% of Blodgett Wealth Advisors LLC’s investment portfolio, making the stock its 27th largest position. Blodgett Wealth Advisors LLC’s holdings in Salesforce were worth $719,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CRM. Global Assets Advisory LLC bought a new position in shares of Salesforce in the 1st quarter worth $8,557,000. Mechanics Bank Trust Department purchased a new stake in Salesforce during the first quarter valued at about $230,000. Fermata Advisors LLC bought a new stake in Salesforce during the first quarter worth about $418,000. Hoxton Planning & Management LLC purchased a new position in shares of Salesforce in the 1st quarter worth about $220,000. Finally, Exchange Bank bought a new position in shares of Salesforce during the 1st quarter valued at about $229,000. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Performance

Shares of NYSE:CRM traded down $2.99 during mid-day trading on Tuesday, reaching $288.30. 2,260,902 shares of the company traded hands, compared to its average volume of 6,375,786. Salesforce, Inc. has a 52 week low of $193.68 and a 52 week high of $318.71. The firm has a market cap of $279.36 billion, a PE ratio of 51.96, a PEG ratio of 2.61 and a beta of 1.30. The company’s 50 day moving average price is $267.44 and its 200-day moving average price is $263.18. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 earnings per share. On average, equities analysts expect that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. Salesforce’s dividend payout ratio is currently 28.78%.

Insider Activity

In related news, COO Brian Millham sold 969 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $253.63, for a total transaction of $245,767.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Maynard G. Webb, Jr. sold 9,170 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total transaction of $2,533,854.40. Following the transaction, the director now directly owns 1,363 shares in the company, valued at approximately $376,624.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Brian Millham sold 969 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $253.63, for a total value of $245,767.47. The disclosure for this sale can be found here. Insiders sold a total of 76,110 shares of company stock worth $20,292,760 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CRM. Robert W. Baird raised their price target on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Bank of America reissued a “buy” rating and set a $325.00 price objective on shares of Salesforce in a research report on Friday, September 6th. Raymond James lifted their price target on shares of Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 target price on shares of Salesforce in a research note on Thursday, September 19th. Finally, Wells Fargo & Company raised their price objective on Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $311.66.

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.