SteelPeak Wealth LLC Sells 82,294 Shares of Salesforce, Inc. (NYSE:CRM)

SteelPeak Wealth LLC lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 82.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,731 shares of the CRM provider’s stock after selling 82,294 shares during the period. SteelPeak Wealth LLC’s holdings in Salesforce were worth $4,860,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ruedi Wealth Management Inc. increased its position in shares of Salesforce by 186.7% during the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the period. Piscataqua Savings Bank boosted its stake in Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock worth $26,000 after acquiring an additional 96 shares in the last quarter. Clear Investment Research LLC grew its holdings in Salesforce by 816.7% in the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after purchasing an additional 98 shares during the period. Godsey & Gibb Inc. increased its position in Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce during the second quarter valued at $33,000. 80.43% of the stock is owned by institutional investors.

Insider Transactions at Salesforce

In other Salesforce news, insider Parker Harris sold 1,400 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $251.62, for a total transaction of $352,268.00. Following the transaction, the insider now owns 117,581 shares in the company, valued at $29,585,731.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Salesforce news, COO Brian Millham sold 969 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $286.56, for a total transaction of $277,676.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Parker Harris sold 1,400 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $251.62, for a total transaction of $352,268.00. Following the sale, the insider now owns 117,581 shares of the company’s stock, valued at approximately $29,585,731.22. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,581 shares of company stock worth $22,616,017 in the last three months. Insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of Salesforce stock traded down $0.37 on Wednesday, reaching $298.52. The stock had a trading volume of 1,007,645 shares, compared to its average volume of 6,287,832. The stock has a market cap of $285.39 billion, a P/E ratio of 52.03, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. 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, Inc. has a fifty-two week low of $198.66 and a fifty-two week high of $318.71. The business’s 50-day moving average price is $271.04 and its two-hundred day moving average price is $262.78.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.20. The firm had revenue of $9.33 billion for 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 quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 earnings per share. On average, sell-side analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s payout ratio is 27.83%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRM. UBS Group boosted their target price on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Robert W. Baird boosted their target price on Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Northland Capmk raised shares of Salesforce from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $330.00 target price (up previously from $300.00) on shares of Salesforce in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.