RFG Advisory LLC Increases Stake in Salesforce, Inc. (NYSE:CRM)

RFG Advisory LLC lifted its stake in Salesforce, Inc. (NYSE:CRM) by 66.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,693 shares of the CRM provider’s stock after purchasing an additional 4,255 shares during the quarter. RFG Advisory LLC’s holdings in Salesforce were worth $2,749,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CRM. Graypoint LLC grew its holdings in Salesforce by 0.3% during the 4th quarter. Graypoint LLC now owns 10,504 shares of the CRM provider’s stock valued at $2,764,000 after purchasing an additional 36 shares in the last quarter. Chase Investment Counsel Corp increased its position in shares of Salesforce by 0.3% during the fourth quarter. Chase Investment Counsel Corp now owns 10,377 shares of the CRM provider’s stock worth $2,730,000 after acquiring an additional 36 shares during the last quarter. JFS Wealth Advisors LLC lifted its stake in shares of Salesforce by 11.4% in the fourth quarter. JFS Wealth Advisors LLC now owns 353 shares of the CRM provider’s stock worth $93,000 after acquiring an additional 36 shares in the last quarter. Opes Wealth Management LLC boosted its holdings in Salesforce by 2.9% in the fourth quarter. Opes Wealth Management LLC now owns 1,295 shares of the CRM provider’s stock valued at $341,000 after purchasing an additional 37 shares during the last quarter. Finally, Fox Hill Wealth Management grew its stake in Salesforce by 4.0% during the 1st quarter. Fox Hill Wealth Management now owns 985 shares of the CRM provider’s stock valued at $297,000 after purchasing an additional 38 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Salesforce

In other Salesforce news, Director G Mason Morfit purchased 428,000 shares of Salesforce stock in a transaction that occurred on Monday, June 3rd. The shares were bought at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the acquisition, the director now directly owns 3,914,309 shares in the company, valued at $912,699,429.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director G Mason Morfit bought 428,000 shares of Salesforce stock in a transaction on Monday, June 3rd. The shares were purchased at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the acquisition, the director now owns 3,914,309 shares of the company’s stock, valued at $912,699,429.53. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $276.93, for a total value of $1,163,106.00. Following the transaction, the insider now owns 115,762 shares in the company, valued at approximately $32,057,970.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 217,842 shares of company stock valued at $56,830,383. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Jefferies Financial Group decreased their price objective on shares of Salesforce from $360.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, May 30th. BMO Capital Markets cut their price objective on Salesforce from $335.00 to $265.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $350.00 price target on shares of Salesforce in a report on Friday, May 24th. Truist Financial reaffirmed a “buy” rating and issued a $300.00 price objective (down previously from $360.00) on shares of Salesforce in a report on Thursday, May 30th. Finally, UBS Group cut their target price on shares of Salesforce from $310.00 to $250.00 and set a “neutral” rating on the stock in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $292.79.

Salesforce Trading Down 1.0 %

NYSE:CRM traded down $2.48 during trading hours on Monday, hitting $250.05. 2,437,166 shares of the company were exchanged, compared to its average volume of 6,669,055. The stock has a market capitalization of $242.30 billion, a price-to-earnings ratio of 45.19, a price-to-earnings-growth ratio of 2.22 and a beta of 1.29. 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, Inc. has a one year low of $193.68 and a one year high of $318.71. The company has a fifty day simple moving average of $247.58 and a 200 day simple moving average of $273.77.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, May 29th. The CRM provider reported $2.44 EPS for the quarter, beating the consensus estimate of $2.38 by $0.06. Salesforce had a return on equity of 11.57% and a net margin of 15.30%. The company had revenue of $9.13 billion during the quarter, compared to the consensus estimate of $9.15 billion. During the same period last year, the business posted $1.15 EPS. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. Sell-side analysts expect that Salesforce, Inc. will post 7.47 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.64%. Salesforce’s dividend payout ratio (DPR) is presently 28.78%.

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.