JB Capital LLC Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

JB Capital LLC lessened its stake in shares of Salesforce, Inc. (NYSE:CRM) by 32.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,716 shares of the CRM provider’s stock after selling 815 shares during the quarter. JB Capital LLC’s holdings in Salesforce were worth $470,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CRM. Duality Advisers LP acquired a new position in shares of Salesforce in the 1st quarter valued at about $1,280,000. Envestnet Portfolio Solutions Inc. increased its holdings in Salesforce by 21.7% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 55,819 shares of the CRM provider’s stock worth $16,811,000 after purchasing an additional 9,941 shares during the last quarter. Wealthspire Advisors LLC increased its holdings in Salesforce by 0.7% during the 1st quarter. Wealthspire Advisors LLC now owns 7,573 shares of the CRM provider’s stock worth $2,281,000 after purchasing an additional 53 shares during the last quarter. Hilltop National Bank purchased a new stake in Salesforce during the 1st quarter worth approximately $603,000. Finally, PFG Advisors increased its holdings in Salesforce by 9.2% during the 1st quarter. PFG Advisors now owns 1,674 shares of the CRM provider’s stock worth $504,000 after purchasing an additional 141 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Salesforce

In related news, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the completion of the sale, the insider now directly owns 828 shares of the company’s stock, valued at $202,702.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Sundeep G. Reddy sold 413 shares of Salesforce stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sabastian Niles sold 2,484 shares of Salesforce stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total value of $608,108.04. Following the sale, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 148,573 shares of company stock valued at $42,319,874. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

CRM opened at $310.78 on Friday. The company has a market cap of $297.11 billion, a PE ratio of 54.05, a price-to-earnings-growth ratio of 2.70 and a beta of 1.29. The stock has a 50-day moving average of $275.30 and a 200-day moving average of $263.86. Salesforce, Inc. has a 52-week low of $208.84 and a 52-week high of $318.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

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

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders 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 dividend yield of 0.51%. Salesforce’s payout ratio is presently 27.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Roth Mkm reiterated a “buy” rating and issued a $335.00 price target on shares of Salesforce in a report on Thursday, August 29th. Canaccord Genuity Group boosted their price target on Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Bank of America reiterated a “buy” rating and issued a $325.00 price target on shares of Salesforce in a report on Friday, September 6th. Morgan Stanley boosted their price objective on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Finally, DA Davidson boosted their price objective on Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Nine research 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $313.37.

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.