Twin Peaks Wealth Advisors LLC Sells 68 Shares of Salesforce, Inc. (NYSE:CRM)

Twin Peaks Wealth Advisors LLC cut its stake in Salesforce, Inc. (NYSE:CRM) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,789 shares of the CRM provider’s stock after selling 68 shares during the quarter. Twin Peaks Wealth Advisors LLC’s holdings in Salesforce were worth $1,601,000 at the end of the most recent quarter.

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

Salesforce Trading Down 0.5 %

Shares of CRM stock opened at $308.27 on Tuesday. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The firm has a 50 day moving average price of $332.36 and a two-hundred day moving average price of $306.60. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $295.01 billion, a PE ratio of 50.70, a price-to-earnings-growth ratio of 2.58 and a beta of 1.31.

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 the consensus estimate of $9.35 billion. During the same quarter last year, the firm earned $1.62 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current year.

Salesforce Announces Dividend

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

Insiders Place Their Bets

In other news, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $144,874.08. Following the transaction, the chief accounting officer now directly owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at approximately $4,217,696,838.46. This trade represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,102,572 shares of company stock worth $381,283,706 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. BMO Capital Markets dropped their target price on shares of Salesforce from $425.00 to $375.00 and set an “outperform” rating on the stock in a report on Friday. Northland Securities restated an “outperform” rating and set a $440.00 price objective (up from $400.00) on shares of Salesforce in a report on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and issued a $400.00 target price (up from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Loop Capital lowered their target price on Salesforce from $360.00 to $330.00 and set a “hold” rating for the company in a report on Wednesday, February 19th. Finally, Barclays upped their price objective on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $375.53.

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.