New Millennium Group LLC Has $1.14 Million Stock Position in Salesforce, Inc. (NYSE:CRM)

New Millennium Group LLC raised its position in shares of Salesforce, Inc. (NYSE:CRM) by 5.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,404 shares of the CRM provider’s stock after purchasing an additional 171 shares during the quarter. New Millennium Group LLC’s holdings in Salesforce were worth $1,138,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in Salesforce in the second quarter valued at $33,000. Anchor Investment Management LLC raised its position in shares of Salesforce by 5.5% in the 2nd quarter. Anchor Investment Management LLC now owns 3,709 shares of the CRM provider’s stock worth $954,000 after acquiring an additional 195 shares in the last quarter. Abacus Planning Group Inc. lifted its stake in shares of Salesforce by 28.6% in the 3rd quarter. Abacus Planning Group Inc. now owns 1,044 shares of the CRM provider’s stock valued at $286,000 after purchasing an additional 232 shares during the period. Czech National Bank boosted its position in shares of Salesforce by 6.7% during the 3rd quarter. Czech National Bank now owns 197,395 shares of the CRM provider’s stock valued at $54,029,000 after purchasing an additional 12,314 shares in the last quarter. Finally, Unique Wealth LLC grew its stake in Salesforce by 12.9% during the third quarter. Unique Wealth LLC now owns 6,972 shares of the CRM provider’s stock worth $1,908,000 after purchasing an additional 798 shares during the period. Institutional investors own 80.43% of the company’s stock.

Insider Transactions at Salesforce

In related news, Director G Mason Morfit sold 722,300 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the transaction, the director now directly owns 3,192,009 shares in the company, valued at approximately $1,104,786,234.99. This represents a 18.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Parker Harris sold 3,970 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the sale, the insider now directly owns 119,402 shares in the company, valued at $35,431,349.48. This trade represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,108,669 shares of company stock valued at $383,286,905 over the last 90 days. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Down 0.5 %

Shares of NYSE:CRM opened at $341.80 on Friday. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $338.68 and a two-hundred day simple moving average of $296.75. The stock has a market capitalization of $327.10 billion, a price-to-earnings ratio of 56.22, a PEG ratio of 3.20 and a beta of 1.30.

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

Salesforce Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have issued reports on CRM. UBS Group boosted their price target on Salesforce from $275.00 to $360.00 and gave the company a “neutral” rating in a research note on Friday, November 22nd. Robert W. Baird raised their target price on Salesforce from $340.00 to $430.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Oppenheimer reaffirmed an “outperform” rating and set a $415.00 price target (up from $385.00) on shares of Salesforce in a research note on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and issued a $400.00 target price (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Finally, TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and increased their price target for the company from $380.00 to $400.00 in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $377.63.

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.