Meitav Investment House Ltd. Sells 16,628 Shares of Salesforce, Inc. (NYSE:CRM)

Meitav Investment House Ltd. lowered its stake in shares of Salesforce, Inc. (NYSE:CRM) by 8.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 185,517 shares of the CRM provider’s stock after selling 16,628 shares during the period. Meitav Investment House Ltd.’s holdings in Salesforce were worth $50,712,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRM. Tempus Wealth Planning LLC boosted its holdings in Salesforce by 5.6% during the first quarter. Tempus Wealth Planning LLC now owns 937 shares of the CRM provider’s stock worth $282,000 after buying an additional 50 shares during the last quarter. Marshall Financial Group LLC bought a new position in Salesforce during the first quarter worth about $259,000. Veracity Capital LLC boosted its holdings in Salesforce by 33.1% during the first quarter. Veracity Capital LLC now owns 1,366 shares of the CRM provider’s stock worth $411,000 after buying an additional 340 shares during the last quarter. FORVIS Wealth Advisors LLC lifted its holdings in shares of Salesforce by 18.4% during the 1st quarter. FORVIS Wealth Advisors LLC now owns 1,650 shares of the CRM provider’s stock valued at $497,000 after purchasing an additional 257 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC lifted its holdings in shares of Salesforce by 39.9% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 12,979 shares of the CRM provider’s stock valued at $3,909,000 after purchasing an additional 3,704 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRM. Northland Capmk upgraded Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Piper Sandler cut Salesforce from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 10th. Raymond James lifted their price objective on Salesforce from $325.00 to $350.00 and gave the company a “strong-buy” rating in a report on Thursday, August 29th. Evercore ISI reiterated an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Thursday, September 19th. Nine investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given 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 $313.37.

Salesforce Stock Performance

NYSE:CRM opened at $294.45 on Thursday. The stock has a fifty day moving average price of $271.75 and a 200-day moving average price of $263.02. The company has a market cap of $281.49 billion, a price-to-earnings ratio of 51.59, a PEG ratio of 2.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. Salesforce, Inc. has a fifty-two week low of $198.66 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.20. The firm had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 EPS. As a group, equities 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 issued a dividend of $0.40 per share. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $298.04, for a total transaction of $1,251,768.00. Following the completion of the transaction, the insider now owns 119,402 shares of the company’s stock, valued at approximately $35,586,572.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $298.04, for a total transaction of $1,251,768.00. Following the completion of the transaction, the insider now owns 119,402 shares of the company’s stock, valued at approximately $35,586,572.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Brian Millham sold 60,522 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $300.00, for a total value of $18,156,600.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 148,303 shares of company stock valued at $42,024,385. Corporate insiders own 3.20% of the company’s stock.

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.