Cannon Wealth Management Services LLC Grows Stock Position in Salesforce, Inc. (NYSE:CRM)

Cannon Wealth Management Services LLC increased its holdings in Salesforce, Inc. (NYSE:CRM) by 70.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,370 shares of the CRM provider’s stock after buying an additional 565 shares during the period. Cannon Wealth Management Services LLC’s holdings in Salesforce were worth $465,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Mainstay Capital Management LLC ADV boosted its position in shares of Salesforce by 3.5% in the 4th quarter. Mainstay Capital Management LLC ADV now owns 5,654 shares of the CRM provider’s stock worth $1,890,000 after buying an additional 189 shares in the last quarter. Dover Advisors LLC lifted its holdings in Salesforce by 4.5% in the 4th quarter. Dover Advisors LLC now owns 6,739 shares of the CRM provider’s stock valued at $2,253,000 after purchasing an additional 290 shares in the last quarter. Conscious Wealth Investments LLC lifted its holdings in Salesforce by 0.6% in the 4th quarter. Conscious Wealth Investments LLC now owns 10,108 shares of the CRM provider’s stock valued at $3,280,000 after purchasing an additional 62 shares in the last quarter. Capital Advisors Ltd. LLC lifted its holdings in Salesforce by 4.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 787 shares of the CRM provider’s stock valued at $263,000 after purchasing an additional 31 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Salesforce in the 4th quarter valued at about $6,070,000. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction on 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 directly owns 7,057 shares in the company, valued at $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 12,162,457 shares in the company, valued at $4,217,696,838.46. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,102,114 shares of company stock worth $381,142,656 over the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

Salesforce stock opened at $309.54 on Monday. The stock has a market cap of $296.23 billion, a P/E ratio of 50.91, a price-to-earnings-growth ratio of 2.58 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. The stock has a 50 day moving average of $333.34 and a 200-day moving average of $306.18. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00.

Salesforce (NYSE:CRM) last released 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). The business had revenue of $9.44 billion for 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 business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.62 earnings per share. On average, analysts expect that Salesforce, Inc. will post 7.46 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CRM. Oppenheimer restated an “outperform” rating and issued a $415.00 target price (up from $385.00) on shares of Salesforce in a report on Wednesday, December 4th. Morgan Stanley upped their target price on shares of Salesforce from $330.00 to $405.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Robert W. Baird upped their target price on shares of Salesforce from $340.00 to $430.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Needham & Company LLC restated a “buy” rating and issued a $400.00 target price on shares of Salesforce in a report on Thursday, February 6th. Finally, Scotiabank upped their target price on shares of Salesforce from $425.00 to $440.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-two have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $375.53.

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.