Elite Wealth Management Inc. Sells 428 Shares of Salesforce, Inc. (NYSE:CRM)

Elite Wealth Management Inc. reduced its position in Salesforce, Inc. (NYSE:CRM) by 2.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 21,441 shares of the CRM provider’s stock after selling 428 shares during the quarter. Salesforce accounts for approximately 0.3% of Elite Wealth Management Inc.’s holdings, making the stock its 12th biggest position. Elite Wealth Management Inc.’s holdings in Salesforce were worth $5,642,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Sfmg LLC boosted its stake in Salesforce by 1.8% during the 4th quarter. Sfmg LLC now owns 18,630 shares of the CRM provider’s stock valued at $4,902,000 after purchasing an additional 324 shares during the last quarter. Scissortail Wealth Management LLC bought a new position in shares of Salesforce in the fourth quarter valued at approximately $978,000. Tyche Wealth Partners LLC purchased a new position in shares of Salesforce during the fourth quarter valued at approximately $673,000. Arbor Trust Wealth Advisors LLC grew its holdings in Salesforce by 1.5% during the fourth quarter. Arbor Trust Wealth Advisors LLC now owns 6,292 shares of the CRM provider’s stock worth $1,656,000 after buying an additional 90 shares in the last quarter. Finally, Avior Wealth Management LLC raised its position in Salesforce by 2.5% in the 4th quarter. Avior Wealth Management LLC now owns 18,246 shares of the CRM provider’s stock valued at $4,801,000 after buying an additional 438 shares during the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.

Salesforce Price Performance

NYSE:CRM traded up $4.51 during mid-day trading on Wednesday, hitting $277.41. 7,624,347 shares of the stock traded hands, compared to its average volume of 4,686,930. Salesforce, Inc. has a 12-month low of $190.57 and a 12-month high of $318.71. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.14. The company has a market cap of $269.09 billion, a PE ratio of 66.05, a price-to-earnings-growth ratio of 2.10 and a beta of 1.28. The business’s 50-day moving average price is $298.35 and its 200 day moving average price is $260.79.

Salesforce (NYSE:CRM) last released its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.06. The firm had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The business’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.01 earnings per share. On average, analysts expect that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.58%. The ex-dividend date was Wednesday, March 13th. Salesforce’s payout ratio is 9.52%.

Insider Buying and Selling

In other news, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $284.11, for a total value of $2,841,100.00. Following the transaction, the insider now owns 60,976 shares of the company’s stock, valued at approximately $17,323,891.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $284.11, for a total value of $2,841,100.00. Following the completion of the sale, the insider now owns 60,976 shares in the company, valued at approximately $17,323,891.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sundeep G. Reddy sold 216 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the transaction, the chief accounting officer now owns 2,869 shares in the company, valued at $799,618.99. The disclosure for this sale can be found here. Over the last three months, insiders have sold 897,375 shares of company stock worth $260,206,096. Insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CRM shares. Robert W. Baird upped their target price on shares of Salesforce from $310.00 to $355.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Royal Bank of Canada restated an “outperform” rating and set a $350.00 price target (up from $325.00) on shares of Salesforce in a report on Friday, April 12th. Truist Financial reiterated a “buy” rating and issued a $360.00 price objective (up previously from $275.00) on shares of Salesforce in a research note on Thursday, February 29th. JPMorgan Chase & Co. boosted their target price on Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Finally, KeyCorp started coverage on Salesforce in a research report on Thursday, March 21st. They set a “sector weight” rating for the company. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $307.87.

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.