Salesforce, Inc. (NYSE:CRM) Stock Holdings Boosted by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC raised its position in shares of Salesforce, Inc. (NYSE:CRM) by 2.1% in the third quarter, HoldingsChannel.com reports. The firm owned 3,679 shares of the CRM provider’s stock after buying an additional 75 shares during the period. Palumbo Wealth Management LLC’s holdings in Salesforce were worth $1,007,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its position in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after buying an additional 3,044,611 shares during the last quarter. GQG Partners LLC acquired a new position in Salesforce during the first quarter worth $910,220,000. Swedbank AB acquired a new position in Salesforce during the first quarter worth $874,748,000. Massachusetts Financial Services Co. MA increased its position in Salesforce by 48.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after buying an additional 1,922,674 shares during the last quarter. Finally, AMF Tjanstepension AB grew its position in shares of Salesforce by 376.1% in the second quarter. AMF Tjanstepension AB now owns 1,442,453 shares of the CRM provider’s stock valued at $370,873,000 after purchasing an additional 1,139,472 shares during the last quarter. 80.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRM. TD Cowen lifted their target price on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. lifted their target price on shares of Salesforce from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Truist Financial reissued a “buy” rating and issued a $315.00 price target (up previously from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Wells Fargo & Company raised their price target on shares of Salesforce from $250.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, August 29th. Finally, Raymond James lifted their target price on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $313.37.

Insiders Place Their Bets

In other Salesforce news, COO Brian Millham sold 60,522 shares of Salesforce stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total transaction of $18,156,600.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $298.04, for a total value of $1,251,768.00. Following the transaction, the insider now owns 119,402 shares in the company, valued at $35,586,572.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Brian Millham sold 60,522 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 148,303 shares of company stock valued at $42,024,385 in the last quarter. Insiders own 3.20% of the company’s stock.

Salesforce Stock Down 1.6 %

Shares of CRM traded down $4.80 during midday trading on Thursday, hitting $291.60. The company had a trading volume of 646,007 shares, compared to its average volume of 6,269,714. The company’s 50-day simple moving average is $271.75 and its 200-day simple moving average is $263.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $278.77 billion, a P/E ratio of 51.59, a P/E/G ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1 year low of $198.66 and a 1 year high of $318.71.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business had revenue of $9.33 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the previous year, the company posted $1.63 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, sell-side analysts expect that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 27.83%.

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.