Salesforce, Inc. (NYSE:CRM) Shares Sold by IVC Wealth Advisors LLC

IVC Wealth Advisors LLC cut its stake in Salesforce, Inc. (NYSE:CRM) by 2.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,245 shares of the CRM provider’s stock after selling 47 shares during the period. IVC Wealth Advisors LLC’s holdings in Salesforce were worth $676,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CRM. Ancora Advisors LLC raised its holdings in Salesforce by 22.1% in the third quarter. Ancora Advisors LLC now owns 1,287 shares of the CRM provider’s stock valued at $261,000 after buying an additional 233 shares during the period. Hodges Capital Management Inc. purchased a new position in Salesforce in the third quarter valued at approximately $203,000. Advisors Asset Management Inc. raised its stake in shares of Salesforce by 3.5% during the third quarter. Advisors Asset Management Inc. now owns 11,824 shares of the CRM provider’s stock valued at $2,398,000 after purchasing an additional 401 shares during the period. Axxcess Wealth Management LLC raised its stake in shares of Salesforce by 82.0% during the third quarter. Axxcess Wealth Management LLC now owns 10,746 shares of the CRM provider’s stock valued at $2,179,000 after purchasing an additional 4,843 shares during the period. Finally, AXQ Capital LP purchased a new stake in shares of Salesforce during the third quarter valued at approximately $831,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on CRM shares. StockNews.com lowered shares of Salesforce from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 19th. Truist Financial restated a “buy” rating and issued a $300.00 price target (down previously from $360.00) on shares of Salesforce in a research note on Thursday, May 30th. Wells Fargo & Company dropped their price target on shares of Salesforce from $300.00 to $250.00 and set an “equal weight” rating for the company in a research note on Thursday, May 30th. Macquarie dropped their price target on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a research note on Friday, May 31st. Finally, Robert W. Baird dropped their price target on shares of Salesforce from $355.00 to $295.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce presently has a consensus rating of “Moderate Buy” and a consensus target price of $292.79.

Insiders Place Their Bets

In other Salesforce news, Director G Mason Morfit bought 428,000 shares of the stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Salesforce news, Director G Mason Morfit bought 428,000 shares of the stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the purchase, the director now directly owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $300.14, for a total value of $4,502,100.00. Following the transaction, the chief executive officer now directly owns 12,951,166 shares in the company, valued at approximately $3,887,162,963.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 499,152 shares of company stock worth $136,281,661. Company insiders own 3.20% of the company’s stock.

Salesforce Trading Up 1.8 %

NYSE CRM traded up $4.64 on Wednesday, hitting $260.83. 4,755,729 shares of the company were exchanged, compared to its average volume of 6,945,110. The company’s 50 day moving average price is $259.03 and its 200-day moving average price is $276.43. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $252.74 billion, a P/E ratio of 46.90, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. Salesforce, Inc. has a twelve month low of $193.68 and a twelve month high of $318.71.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Wednesday, May 29th. The CRM provider reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.06. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.15 billion. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.15 EPS. Analysts predict that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th will be issued a dividend of $0.40 per share. The ex-dividend date is Tuesday, July 9th. This represents a $1.60 annualized dividend and a yield of 0.61%. Salesforce’s payout ratio is presently 7.19%.

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.