Avitas Wealth Management LLC Reduces Holdings in Salesforce, Inc. (NYSE:CRM)

Avitas Wealth Management LLC decreased its holdings in Salesforce, Inc. (NYSE:CRM) by 7.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,651 shares of the CRM provider’s stock after selling 204 shares during the quarter. Avitas Wealth Management LLC’s holdings in Salesforce were worth $726,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Childress Capital Advisors LLC lifted its holdings in Salesforce by 6.4% during the third quarter. Childress Capital Advisors LLC now owns 2,382 shares of the CRM provider’s stock valued at $652,000 after purchasing an additional 143 shares in the last quarter. Jacobsen Capital Management lifted its holdings in Salesforce by 12.6% during the third quarter. Jacobsen Capital Management now owns 1,578 shares of the CRM provider’s stock valued at $432,000 after purchasing an additional 176 shares in the last quarter. Fidelis Capital Partners LLC lifted its holdings in Salesforce by 8.2% during the third quarter. Fidelis Capital Partners LLC now owns 10,322 shares of the CRM provider’s stock valued at $2,936,000 after purchasing an additional 779 shares in the last quarter. Valmark Advisers Inc. lifted its holdings in Salesforce by 14.2% during the third quarter. Valmark Advisers Inc. now owns 3,034 shares of the CRM provider’s stock valued at $830,000 after purchasing an additional 377 shares in the last quarter. Finally, Bay Rivers Group lifted its holdings in Salesforce by 2.2% during the third quarter. Bay Rivers Group now owns 7,599 shares of the CRM provider’s stock valued at $2,080,000 after purchasing an additional 166 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Stock Down 0.8 %

Shares of NYSE CRM opened at $296.62 on Thursday. The firm has a market capitalization of $283.57 billion, a price-to-earnings ratio of 51.59, a PEG ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 52-week low of $198.66 and a 52-week high of $318.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50 day moving average price of $271.75 and a 200 day moving average price of $263.02.

Salesforce (NYSE:CRM) last issued its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.63 earnings per share. Sell-side analysts expect that Salesforce, Inc. will post 7.55 earnings per share for the current year.

Salesforce Announces Dividend

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

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the transaction, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Sundeep G. Reddy sold 413 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at approximately $1,998,741.74. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 2,800 shares of the company’s stock in a transaction on 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 directly owns 117,581 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 148,303 shares of company stock valued at $42,024,385. Corporate insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on CRM shares. TD Cowen boosted their target price on shares of Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Robert W. Baird boosted their target price on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Piper Sandler downgraded shares of Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Citigroup boosted their target price on shares of Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Nine 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $313.37.

Salesforce Company 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.