Elite Wealth Management Inc. Sells 1,329 Shares of Salesforce, Inc. (NYSE:CRM)

Elite Wealth Management Inc. decreased its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 6.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 18,039 shares of the CRM provider’s stock after selling 1,329 shares during the period. Salesforce accounts for 0.7% of Elite Wealth Management Inc.’s portfolio, making the stock its 14th largest position. Elite Wealth Management Inc.’s holdings in Salesforce were worth $6,031,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Infrastructure Capital Advisors LLC bought a new position in Salesforce in the 3rd quarter valued at $27,000. Arlington Trust Co LLC boosted its stake in shares of Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the period. Compass Financial Services Inc bought a new position in shares of Salesforce in the fourth quarter worth about $30,000. Asset Planning Inc purchased a new position in Salesforce in the 4th quarter worth about $31,000. Finally, Collier Financial purchased a new position in Salesforce in the 4th quarter worth about $32,000. Institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CRM. Bank of America upped their target price on shares of Salesforce from $390.00 to $440.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Robert W. Baird increased their price objective on Salesforce from $340.00 to $430.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group lifted their target price on Salesforce from $360.00 to $400.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group upped their target price on Salesforce from $315.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Barclays raised their price target on Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-two have issued a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $375.53.

Salesforce Stock Down 2.8 %

Shares of CRM stock opened at $309.54 on Friday. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The firm has a market capitalization of $296.23 billion, a PE ratio of 50.91, a P/E/G ratio of 2.63 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. The stock’s 50-day simple moving average is $333.34 and its 200-day simple moving average is $305.25.

Salesforce (NYSE:CRM) last announced its quarterly earnings data 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 net margin of 15.96% and a return on equity of 12.34%. 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 firm posted $1.62 earnings per share. The business’s revenue was up 8.3% on a year-over-year basis. Equities analysts expect that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Dividend Announcement

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

Insider Transactions at Salesforce

In other news, insider Miguel Milano sold 719 shares of Salesforce stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the completion of the transaction, the insider now directly owns 4,659 shares of the company’s stock, valued at $1,597,151.79. The trade was a 13.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $328.18, for a total transaction of $2,041,607.78. Following the sale, the chief financial officer now directly owns 46,750 shares in the company, valued at $15,342,415. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,102,833 shares of company stock worth $381,389,136 over the last quarter. 3.20% of the stock is currently 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.