Wealthspire Advisors LLC Purchases 332 Shares of Salesforce, Inc. (NYSE:CRM)

Wealthspire Advisors LLC grew its position in Salesforce, Inc. (NYSE:CRM) by 4.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,898 shares of the CRM provider’s stock after acquiring an additional 332 shares during the quarter. Wealthspire Advisors LLC’s holdings in Salesforce were worth $2,641,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRM. Veritas Asset Management LLP acquired a new position in shares of Salesforce in the 3rd quarter worth approximately $733,805,000. Jennison Associates LLC raised its holdings in shares of Salesforce by 52.7% in the 4th quarter. Jennison Associates LLC now owns 4,433,785 shares of the CRM provider’s stock worth $1,482,347,000 after buying an additional 1,530,572 shares in the last quarter. Swedbank AB raised its holdings in shares of Salesforce by 46.7% in the 4th quarter. Swedbank AB now owns 3,829,773 shares of the CRM provider’s stock worth $1,280,408,000 after buying an additional 1,219,254 shares in the last quarter. KBC Group NV raised its holdings in shares of Salesforce by 171.2% in the 3rd quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock worth $447,470,000 after buying an additional 1,032,068 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Salesforce by 1.8% in the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after buying an additional 864,193 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CRM shares. JPMorgan Chase & Co. raised their price target on Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Stifel Nicolaus raised their price target on Salesforce from $390.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Piper Sandler set a $405.00 price target on Salesforce in a report on Tuesday, January 21st. Loop Capital dropped their price target on Salesforce from $360.00 to $330.00 and set a “hold” rating for the company in a report on Wednesday, February 19th. Finally, Truist Financial reaffirmed a “buy” rating and set a $400.00 price target (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. One equities 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $375.53.

Salesforce Stock Performance

CRM stock opened at $309.54 on Monday. The business’s 50-day moving average price is $333.34 and its two-hundred day moving average price is $306.18. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $369.00. The firm has a market cap of $296.23 billion, a PE ratio of 50.91, a P/E/G 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.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (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 firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same period in the prior year, the business earned $1.62 EPS. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, research analysts forecast that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio is 26.32%.

Insider Buying and Selling at Salesforce

In related news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total value of $2,133,803.00. Following the transaction, the chief financial officer now directly owns 53,861 shares in the company, valued at approximately $18,474,323. This trade represents a 10.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,102,114 shares of company stock valued at $381,142,656 in the last 90 days. 3.20% of the stock is currently owned by company insiders.

Salesforce 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.