Obermeyer Wood Investment Counsel Lllp Sells 165,423 Shares of Salesforce, Inc. (NYSE:CRM)

Obermeyer Wood Investment Counsel Lllp trimmed its position in shares of Salesforce, Inc. (NYSE:CRM) by 96.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,713 shares of the CRM provider’s stock after selling 165,423 shares during the period. Obermeyer Wood Investment Counsel Lllp’s holdings in Salesforce were worth $1,469,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Norges Bank bought a new position in shares of Salesforce in the fourth quarter worth about $2,762,331,000. Capital International Investors grew its stake in Salesforce by 76.4% in the 4th quarter. Capital International Investors now owns 13,708,615 shares of the CRM provider’s stock worth $3,607,493,000 after acquiring an additional 5,935,973 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock valued at $4,329,925,000 after acquiring an additional 3,044,611 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Salesforce in the first quarter valued at approximately $910,220,000. Finally, Swedbank AB bought a new position in Salesforce in the first quarter worth approximately $874,748,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Salesforce Trading Down 1.6 %

NYSE:CRM traded down $4.11 on Friday, hitting $252.90. The stock had a trading volume of 10,507,704 shares, compared to its average volume of 5,508,211. The company has a fifty day moving average price of $254.44 and a two-hundred day moving average price of $271.13. The stock has a market cap of $245.06 billion, a price-to-earnings ratio of 45.49, a PEG ratio of 2.22 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 1-year low of $193.68 and a 1-year high of $318.71.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.63 earnings per share. Equities research analysts expect that Salesforce, Inc. will post 7.52 earnings per share for the current fiscal year.

Salesforce Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Citigroup upped their target price on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Piper Sandler increased their price objective on shares of Salesforce from $250.00 to $268.00 and gave the company a “neutral” rating in a research report on Thursday. Raymond James boosted their target price on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a research report on Thursday. TD Cowen raised their price objective on Salesforce from $285.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday. Finally, Morgan Stanley upped their target price on Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday. Nine equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $302.00.

Insiders Place Their Bets

In related news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total value of $1,104,180.00. Following the sale, the insider now owns 117,581 shares in the company, valued at approximately $30,912,044.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Salesforce news, insider Miguel Milano sold 2,934 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total transaction of $771,495.30. Following the sale, the insider now directly owns 3,716 shares in the company, valued at approximately $977,122.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Parker Harris sold 4,200 shares of the company’s stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $262.90, for a total value of $1,104,180.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $30,912,044.90. The disclosure for this sale can be found here. Insiders have sold 112,964 shares of company stock worth $27,956,647 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Salesforce 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.