Pinnacle Wealth Management LLC Acquires 365 Shares of Salesforce, Inc. (NYSE:CRM)

Pinnacle Wealth Management LLC lifted its holdings in Salesforce, Inc. (NYSE:CRM) by 3.8% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 10,092 shares of the CRM provider’s stock after acquiring an additional 365 shares during the quarter. Salesforce accounts for about 3.2% of Pinnacle Wealth Management LLC’s holdings, making the stock its 11th biggest holding. Pinnacle Wealth Management LLC’s holdings in Salesforce were worth $2,595,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRM. Signature Resources Capital Management LLC bought a new stake in Salesforce during the 4th quarter valued at $26,000. Ruedi Wealth Management Inc. raised its holdings in Salesforce by 186.7% during the 1st quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the last quarter. Piscataqua Savings Bank raised its holdings in Salesforce by 2,400.0% during the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after buying an additional 96 shares during the last quarter. Red Tortoise LLC bought a new stake in Salesforce during the 1st quarter valued at $33,000. Finally, Stephens Consulting LLC raised its holdings in Salesforce by 3,125.0% in the 2nd quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CRM shares. Phillip Securities restated an “accumulate” rating and issued a $305.00 price objective on shares of Salesforce in a report on Friday. Macquarie decreased their price objective on shares of Salesforce from $330.00 to $275.00 and set an “outperform” rating for the company in a report on Friday, May 31st. Stifel Nicolaus upped their price objective on shares of Salesforce from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group upped their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Robert W. Baird upped their price objective on shares of Salesforce from $295.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday. Nine investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $302.00.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total transaction of $105,637.14. Following the completion of the sale, the chief accounting officer now directly owns 6,431 shares of the company’s stock, valued at $1,644,921.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $255.78, for a total value of $105,637.14. Following the transaction, the chief accounting officer now owns 6,431 shares in the company, valued at approximately $1,644,921.18. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director G Mason Morfit purchased 428,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was acquired at an average price of $233.17 per share, for a total transaction of $99,796,760.00. Following the acquisition, the director now owns 3,914,309 shares in the company, valued at approximately $912,699,429.53. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 112,964 shares of company stock valued at $27,956,647. 3.20% of the stock is currently owned by insiders.

Salesforce Price Performance

Shares of CRM stock traded down $4.11 during mid-day trading on Friday, hitting $252.90. The company had a trading volume of 10,507,704 shares, compared to its average volume of 6,635,113. Salesforce, Inc. has a 52-week low of $193.68 and a 52-week high of $318.71. The stock’s 50 day moving average price is $254.28 and its 200-day moving average price is $271.44. The company has a market capitalization of $245.06 billion, a P/E ratio of 45.49, a P/E/G ratio of 2.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The company had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same period in the prior year, the firm earned $1.63 earnings per share. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. Equities research analysts forecast that Salesforce, Inc. will post 7.47 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Tuesday, July 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend was Tuesday, July 9th. Salesforce’s payout ratio is 28.78%.

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.