Kingsview Wealth Management LLC Has $44.84 Million Stake in Salesforce, Inc. (NYSE:CRM)

Kingsview Wealth Management LLC boosted its position in Salesforce, Inc. (NYSE:CRM) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 134,117 shares of the CRM provider’s stock after acquiring an additional 2,892 shares during the period. Salesforce accounts for about 0.9% of Kingsview Wealth Management LLC’s holdings, making the stock its 24th biggest position. Kingsview Wealth Management LLC’s holdings in Salesforce were worth $44,839,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Infrastructure Capital Advisors LLC bought a new stake in shares of Salesforce in the 3rd quarter worth $27,000. Godsey & Gibb Inc. grew its position in Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Annapolis Financial Services LLC lifted its position in shares of Salesforce by 135.6% during the 3rd quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock worth $38,000 after buying an additional 80 shares in the last quarter. FSA Wealth Management LLC purchased a new position in shares of Salesforce in the 3rd quarter worth approximately $53,000. Finally, Friedenthal Financial bought a new position in shares of Salesforce in the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In other news, CAO Sundeep G. Reddy sold 436 shares of Salesforce stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at approximately $2,344,899.96. This trade represents a 5.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amy E. Weaver sold 6,221 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $343.00, for a total value of $2,133,803.00. Following the completion of the sale, the chief financial officer now directly owns 53,861 shares of the company’s stock, valued at $18,474,323. The trade was a 10.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,111,420 shares of company stock valued at $384,366,700 in the last quarter. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of Salesforce stock opened at $325.81 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 company has a fifty day moving average of $339.05 and a 200-day moving average of $299.87. The stock has a market capitalization of $311.80 billion, a price-to-earnings ratio of 53.59, a price-to-earnings-growth ratio of 3.09 and a beta of 1.31.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). The company 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%. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the business posted $1.62 earnings per share. Equities research analysts expect that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Investors 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 0.49%. Salesforce’s dividend payout ratio is currently 26.32%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CRM shares. Macquarie reissued a “neutral” rating and issued a $370.00 price objective on shares of Salesforce in a research report on Wednesday, December 18th. Barclays increased their price target on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Citigroup boosted their target price on shares of Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and set a $405.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. Finally, DA Davidson upped their price objective on Salesforce from $250.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. One 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 given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.