Studio Investment Management LLC Purchases 41 Shares of Salesforce, Inc. (NYSE:CRM)

Studio Investment Management LLC raised its position in Salesforce, Inc. (NYSE:CRM) by 1.7% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 2,401 shares of the CRM provider’s stock after acquiring an additional 41 shares during the period. Studio Investment Management LLC’s holdings in Salesforce were worth $658,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of CRM. Icon Wealth Advisors LLC lifted its position in shares of Salesforce by 281.9% in the third quarter. Icon Wealth Advisors LLC now owns 41,159 shares of the CRM provider’s stock worth $11,266,000 after purchasing an additional 30,382 shares in the last quarter. Allen Capital Group LLC lifted its position in Salesforce by 25.1% during the 3rd quarter. Allen Capital Group LLC now owns 1,022 shares of the CRM provider’s stock worth $280,000 after buying an additional 205 shares in the last quarter. Biltmore Family Office LLC acquired a new position in shares of Salesforce during the 3rd quarter worth about $204,000. Raymond James Trust N.A. grew its holdings in shares of Salesforce by 3.0% in the 3rd quarter. Raymond James Trust N.A. now owns 50,667 shares of the CRM provider’s stock valued at $13,868,000 after acquiring an additional 1,473 shares in the last quarter. Finally, AlphaCore Capital LLC increased its position in shares of Salesforce by 15.6% in the third quarter. AlphaCore Capital LLC now owns 6,397 shares of the CRM provider’s stock valued at $1,753,000 after acquiring an additional 864 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

CRM has been the subject of several recent research reports. JMP Securities increased their price target on Salesforce from $342.00 to $450.00 and gave the company a “market outperform” rating in a research report on Friday. Canaccord Genuity Group raised their target price on shares of Salesforce from $300.00 to $315.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Raymond James upped their price target on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 29th. Sanford C. Bernstein lifted their price objective on shares of Salesforce from $234.00 to $236.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Phillip Securities reaffirmed an “accumulate” rating and issued a $305.00 target price on shares of Salesforce in a report on Friday, August 30th. Eight analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $332.11.

Salesforce Price Performance

CRM stock opened at $336.19 on Friday. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $348.86. The stock has a market cap of $321.40 billion, a price-to-earnings ratio of 58.47, a P/E/G ratio of 2.93 and a beta of 1.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50 day simple moving average of $292.86 and a 200 day simple moving average of $268.20.

Salesforce (NYSE:CRM) last released its quarterly earnings results 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 company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.63 earnings per share. Research analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s payout ratio is currently 27.83%.

Insider Transactions at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $290.23, for a total transaction of $145,115.00. Following the completion of the transaction, the chief accounting officer now owns 6,506 shares in the company, valued at approximately $1,888,236.38. This trade represents a 7.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $262.90, for a total transaction of $1,104,180.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $30,912,044.90. This represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 133,183 shares of company stock worth $38,314,066. Company insiders own 3.20% of the company’s stock.

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.