Golden State Equity Partners Sells 2,057 Shares of Salesforce, Inc. (NYSE:CRM)

Golden State Equity Partners trimmed its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 9.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,081 shares of the CRM provider’s stock after selling 2,057 shares during the quarter. Salesforce accounts for about 1.2% of Golden State Equity Partners’ portfolio, making the stock its 11th largest position. Golden State Equity Partners’ holdings in Salesforce were worth $5,496,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prentice Wealth Management LLC grew its holdings in shares of Salesforce by 1.5% during the third quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after buying an additional 37 shares during the last quarter. Pinnacle Wealth Planning Services Inc. lifted its holdings in shares of Salesforce by 0.8% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after buying an additional 38 shares during the period. Fulton Bank N.A. raised its holdings in Salesforce by 0.4% during the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after acquiring an additional 38 shares during the period. CRA Financial Services LLC boosted its position in shares of Salesforce by 3.4% during the third quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock worth $318,000 after acquiring an additional 38 shares during the last quarter. Finally, Boomfish Wealth Group LLC grew its holdings in Salesforce by 0.4% during the 3rd quarter. Boomfish Wealth Group LLC now owns 9,312 shares of the CRM provider’s stock valued at $2,549,000 after buying an additional 38 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Trading Down 0.4 %

Salesforce stock traded down $1.23 during mid-day trading on Wednesday, hitting $297.66. The company’s stock had a trading volume of 66,207 shares, compared to its average volume of 6,283,349. The stock’s fifty day moving average is $271.04 and its two-hundred day moving average is $262.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $284.56 billion, a PE ratio of 51.99, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1 year low of $198.66 and a 1 year high of $318.71.

Salesforce (NYSE:CRM) last issued its 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 business had revenue of $9.33 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the company earned $1.63 EPS. On average, analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 annualized dividend and a yield of 0.54%. Salesforce’s dividend payout ratio is presently 27.83%.

Insider Activity

In related news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the completion of the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Maynard G. Webb, Jr. sold 9,170 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the transaction, the director now owns 1,363 shares of the company’s stock, valued at approximately $376,624.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at $28,362,888.82. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,581 shares of company stock worth $22,616,017 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. UBS Group upped their price target on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 price objective on shares of Salesforce in a research note on Monday, August 26th. Piper Sandler downgraded Salesforce from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 10th. Loop Capital reiterated a “hold” rating and set a $270.00 price objective on shares of Salesforce in a research report on Thursday, September 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $313.37.

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.