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

Robertson Stephens Wealth Management LLC cut its position in Salesforce, Inc. (NYSE:CRM) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,913 shares of the CRM provider’s stock after selling 44 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Salesforce were worth $1,819,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Marks Group Wealth Management Inc grew its stake in shares of Salesforce by 0.7% during the fourth quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock valued at $9,268,000 after acquiring an additional 257 shares in the last quarter. Roman Butler Fullerton & Co. grew its stake in Salesforce by 1.4% during the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock valued at $2,206,000 after purchasing an additional 105 shares in the last quarter. Pure Financial Advisors LLC purchased a new stake in Salesforce during the 4th quarter worth approximately $214,000. Lone Pine Capital LLC raised its position in shares of Salesforce by 47.5% in the 3rd quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock valued at $506,875,000 after purchasing an additional 804,634 shares in the last quarter. Finally, Blair William & Co. IL boosted its stake in shares of Salesforce by 0.8% during the 3rd quarter. Blair William & Co. IL now owns 821,761 shares of the CRM provider’s stock valued at $166,637,000 after buying an additional 6,888 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Salesforce from $260.00 to $310.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Mizuho restated a “buy” rating and issued a $345.00 target price (up previously from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. UBS Group lifted their price target on Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Oppenheimer upped their price objective on Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a research note on Monday, February 12th. Finally, Bank of America lifted their target price on Salesforce from $350.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $310.61.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 942 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $287,743.32. Following the sale, the chief financial officer now directly owns 39,416 shares in the company, valued at $12,040,011.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Amy E. Weaver sold 942 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $305.46, for a total transaction of $287,743.32. Following the completion of the sale, the chief financial officer now directly owns 39,416 shares in the company, valued at $12,040,011.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Brian Millham sold 1,679 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $305.46, for a total value of $512,867.34. Following the completion of the transaction, the chief operating officer now directly owns 1,663 shares in the company, valued at approximately $507,979.98. The disclosure for this sale can be found here. Insiders sold a total of 614,993 shares of company stock worth $180,212,524 over the last 90 days. 3.70% of the stock is currently owned by company insiders.

Salesforce Price Performance

CRM stock traded up $3.17 during trading on Thursday, hitting $271.86. The company had a trading volume of 1,066,729 shares, compared to its average volume of 5,555,111. The business has a 50 day moving average of $295.04 and a 200 day moving average of $265.67. The firm has a market capitalization of $263.70 billion, a price-to-earnings ratio of 64.47, a P/E/G ratio of 2.07 and a beta of 1.30. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a fifty-two week low of $190.76 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the prior year, the business posted $1.01 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts predict that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 14th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend was Wednesday, March 13th. Salesforce’s dividend payout ratio is presently 9.52%.

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.