Diversify Wealth Management LLC Cuts Position in Salesforce, Inc. (NYSE:CRM)

Diversify Wealth Management LLC reduced its position in shares of Salesforce, Inc. (NYSE:CRM) by 17.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,345 shares of the CRM provider’s stock after selling 3,488 shares during the period. Diversify Wealth Management LLC’s holdings in Salesforce were worth $4,649,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ruedi Wealth Management Inc. boosted its holdings in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 56 shares during the period. Piscataqua Savings Bank boosted its stake in shares of Salesforce by 2,400.0% in 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 period. Clear Investment Research LLC grew its position in shares of Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after buying an additional 98 shares in the last quarter. Godsey & Gibb Inc. increased its stake in shares of Salesforce by 300.0% during the third quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares during the period. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Salesforce in the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Northland Capmk upgraded shares of Salesforce from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. Stifel Nicolaus lifted their price target on Salesforce from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Monday. Oppenheimer reiterated an “outperform” rating and issued a $330.00 price objective (up previously from $300.00) on shares of Salesforce in a report on Thursday, October 24th. Citigroup boosted their target price on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Finally, Morgan Stanley increased their price target on shares of Salesforce from $320.00 to $330.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Nine investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and a consensus price target of $313.37.

Insider Activity

In related news, insider Parker Harris sold 2,800 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now directly owns 117,581 shares in the company, valued at $28,362,888.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the transaction, the insider now directly owns 117,581 shares in the company, valued at $28,362,888.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at approximately $376,624.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 83,581 shares of company stock worth $22,616,017 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Price Performance

Shares of NYSE:CRM traded down $0.20 on Wednesday, reaching $298.69. 947,182 shares of the company were exchanged, compared to its average volume of 6,287,544. The company has a 50-day moving average of $271.04 and a 200-day moving average of $262.78. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market cap of $285.55 billion, a price-to-earnings ratio of 52.03, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. Salesforce, Inc. has a 1-year low of $198.66 and a 1-year high of $318.71.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 15.44% and a return on equity of 12.01%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company posted $1.63 earnings per share. Equities analysts forecast that Salesforce, Inc. will post 7.55 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.54%. Salesforce’s payout ratio is 27.83%.

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.