New Wave Wealth Advisors LLC Has $339,000 Position in Salesforce, Inc. (NYSE:CRM)

New Wave Wealth Advisors LLC reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 14.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,015 shares of the CRM provider’s stock after selling 165 shares during the quarter. New Wave Wealth Advisors LLC’s holdings in Salesforce were worth $339,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Infrastructure Capital Advisors LLC acquired a new position in Salesforce during the third quarter worth $27,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Salesforce during the second quarter worth $33,000. Godsey & Gibb Inc. grew its holdings 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 purchasing an additional 90 shares during the last quarter. Annapolis Financial Services LLC grew its holdings in shares of Salesforce by 135.6% during the third quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock worth $38,000 after purchasing an additional 80 shares during the last quarter. Finally, FSA Wealth Management LLC bought a new stake in shares of Salesforce during the third quarter worth $53,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRM. KeyCorp upgraded Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a report on Friday, December 13th. Citigroup increased their target price on Salesforce from $368.00 to $390.00 and gave the stock a “neutral” rating in a report on Wednesday, December 4th. Oppenheimer reiterated an “outperform” rating and issued a $415.00 price target (up previously from $385.00) on shares of Salesforce in a report on Wednesday, December 4th. UBS Group raised their price target on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Finally, Needham & Company LLC raised their price target on Salesforce from $375.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $377.63.

Salesforce Price Performance

Salesforce stock opened at $343.51 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.11 and a current ratio of 1.11. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00. The stock has a market capitalization of $328.74 billion, a P/E ratio of 56.50, a price-to-earnings-growth ratio of 3.20 and a beta of 1.30. The stock has a fifty day moving average of $338.68 and a 200-day moving average of $296.75.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates 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 firm posted $1.62 EPS. Salesforce’s quarterly revenue was up 8.3% on a year-over-year basis. On average, sell-side analysts expect that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.47%. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

Insider Buying and Selling at Salesforce

In related news, COO Brian Millham sold 708 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total transaction of $235,254.24. Following the sale, the chief operating officer now owns 1,239 shares in the company, valued at $411,694.92. This represents a 36.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Sundeep G. Reddy sold 436 shares of the company’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now owns 7,057 shares in the company, valued at approximately $2,344,899.96. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,108,669 shares of company stock worth $383,286,905. Insiders own 3.20% of the company’s stock.

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.