Salesforce, Inc. (NYSE:CRM) Shares Sold by Wallace Advisory Group LLC

Wallace Advisory Group LLC lowered its position in shares of Salesforce, Inc. (NYSE:CRM) by 78.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 970 shares of the CRM provider’s stock after selling 3,556 shares during the quarter. Wallace Advisory Group LLC’s holdings in Salesforce were worth $324,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Salesforce by 1.8% during the third quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after purchasing an additional 864,193 shares during the period. Geode Capital Management LLC lifted its stake in Salesforce by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after acquiring an additional 257,501 shares during the period. Fisher Asset Management LLC lifted its stake in Salesforce by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 12,276,551 shares of the CRM provider’s stock valued at $3,360,215,000 after acquiring an additional 314,530 shares during the period. Legal & General Group Plc boosted its holdings in shares of Salesforce by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock valued at $2,141,562,000 after acquiring an additional 176,641 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Salesforce by 1.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,964,702 shares of the CRM provider’s stock worth $1,632,599,000 after purchasing an additional 57,825 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Ratings Changes

CRM has been the topic of several recent research reports. Cfra set a $343.00 price target on shares of Salesforce in a report on Thursday, October 17th. Piper Sandler restated an “overweight” rating and issued a $405.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. DA Davidson lifted their price target on Salesforce from $250.00 to $300.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 price objective on the stock in a research report on Friday, December 13th. Finally, Wedbush reaffirmed an “outperform” rating and set a $425.00 target price on shares of Salesforce in a report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $376.05.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the transaction, the chief executive officer now directly owns 12,162,457 shares in the company, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director G Mason Morfit sold 722,300 shares of Salesforce stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total value of $249,995,253.00. Following the completion of the sale, the director now directly owns 3,192,009 shares of the company’s stock, valued at $1,104,786,234.99. The trade was a 18.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,177,617 shares of company stock valued at $403,542,975 over the last 90 days. 3.20% of the stock is owned by insiders.

Salesforce Stock Up 1.3 %

Shares of NYSE CRM opened at $323.31 on Wednesday. The company has a market capitalization of $309.41 billion, a P/E ratio of 53.18, a P/E/G ratio of 3.20 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a 50 day simple moving average of $336.76 and a 200-day simple moving average of $290.66. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The business had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same period last year, the business earned $1.62 EPS. Salesforce’s revenue was up 8.3% compared to the same quarter last year. On average, equities research analysts predict that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s dividend payout ratio (DPR) is currently 26.32%.

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.