Salesforce, Inc. (NYSE:CRM) Shares Acquired by Cove Private Wealth LLC

Cove Private Wealth LLC increased its holdings in Salesforce, Inc. (NYSE:CRM) by 58.9% in the 4th quarter, HoldingsChannel reports. The fund owned 6,712 shares of the CRM provider’s stock after purchasing an additional 2,487 shares during the quarter. Salesforce makes up approximately 1.3% of Cove Private Wealth LLC’s holdings, making the stock its 18th biggest holding. Cove Private Wealth LLC’s holdings in Salesforce were worth $2,244,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRM. Mitchell Mcleod Pugh & Williams Inc. boosted its stake in Salesforce by 7.7% during the fourth quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 2,574 shares of the CRM provider’s stock worth $861,000 after buying an additional 184 shares during the period. Zhang Financial LLC increased its holdings in Salesforce by 2.3% in the 4th quarter. Zhang Financial LLC now owns 7,027 shares of the CRM provider’s stock valued at $2,349,000 after purchasing an additional 160 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Salesforce by 9.9% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 30,919 shares of the CRM provider’s stock valued at $10,337,000 after purchasing an additional 2,777 shares during the period. DLK Investment Management LLC lifted its stake in Salesforce by 6.3% during the fourth quarter. DLK Investment Management LLC now owns 1,065 shares of the CRM provider’s stock worth $356,000 after purchasing an additional 63 shares in the last quarter. Finally, BigSur Wealth Management LLC grew its stake in shares of Salesforce by 0.5% in the fourth quarter. BigSur Wealth Management LLC now owns 10,000 shares of the CRM provider’s stock valued at $3,347,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Activity at Salesforce

In other news, CEO Marc Benioff sold 317,105 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total value of $109,965,671.90. Following the completion of the transaction, the chief executive officer now owns 12,162,457 shares in the company, valued at $4,217,696,838.46. This trade represents a 2.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now directly owns 7,006 shares in the company, valued at approximately $1,998,741.74. This represents a 5.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,183,838 shares of company stock worth $405,595,158 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Up 1.5 %

Salesforce stock opened at $324.77 on Monday. The stock has a market capitalization of $310.81 billion, a price-to-earnings ratio of 53.42, a PEG ratio of 2.87 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $337.31 and a two-hundred day moving average of $291.80. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business earned $1.62 earnings per share. As a group, research analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s dividend payout ratio is currently 26.32%.

Analyst Ratings Changes

CRM has been the subject of a number of research analyst reports. Royal Bank of Canada raised their target price on Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Truist Financial reissued a “buy” rating and issued a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Cfra set a $343.00 target price on shares of Salesforce in a research note on Thursday, October 17th. Macquarie reissued a “neutral” rating and issued a $370.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $405.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $377.63.

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.