Modera Wealth Management LLC Raises Stake in Salesforce, Inc. (NYSE:CRM)

Modera Wealth Management LLC boosted its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 61.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 21,033 shares of the CRM provider’s stock after purchasing an additional 8,040 shares during the period. Modera Wealth Management LLC’s holdings in Salesforce were worth $5,408,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of CRM. Bank OZK boosted its holdings in shares of Salesforce by 6.0% in the second quarter. Bank OZK now owns 4,711 shares of the CRM provider’s stock valued at $1,211,000 after acquiring an additional 266 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Salesforce by 7.0% in the second quarter. Crossmark Global Holdings Inc. now owns 99,998 shares of the CRM provider’s stock valued at $25,710,000 after acquiring an additional 6,534 shares in the last quarter. Callahan Advisors LLC boosted its holdings in shares of Salesforce by 19.3% in the second quarter. Callahan Advisors LLC now owns 28,080 shares of the CRM provider’s stock valued at $7,219,000 after acquiring an additional 4,538 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Salesforce by 3.1% in the second quarter. Nations Financial Group Inc. IA ADV now owns 6,646 shares of the CRM provider’s stock valued at $1,709,000 after acquiring an additional 197 shares in the last quarter. Finally, Scott & Selber Inc. boosted its holdings in shares of Salesforce by 1.7% in the second quarter. Scott & Selber Inc. now owns 5,956 shares of the CRM provider’s stock valued at $1,531,000 after acquiring an additional 97 shares in the last quarter. 80.43% of the stock is owned by hedge funds and other institutional investors.

Salesforce Trading Down 1.6 %

Shares of NYSE:CRM traded down $4.11 during trading on Friday, reaching $252.90. The stock had a trading volume of 10,391,372 shares, compared to its average volume of 6,635,113. The business has a fifty day moving average price of $254.28 and a 200-day moving average price of $271.44. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a market cap of $245.06 billion, a P/E ratio of 45.49, a PEG ratio of 2.22 and a beta of 1.29. Salesforce, Inc. has a fifty-two week low of $193.68 and a fifty-two week high of $318.71.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping the consensus estimate of $2.36 by $0.20. Salesforce had a net margin of 15.30% and a return on equity of 11.57%. The firm had revenue of $9.33 billion during the quarter, compared to analyst estimates of $9.22 billion. During the same quarter in the prior year, the business posted $1.63 earnings per share. Salesforce’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, analysts anticipate that Salesforce, Inc. will post 7.47 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Tuesday, July 9th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.63%. The ex-dividend date was Tuesday, July 9th. Salesforce’s dividend payout ratio (DPR) is 28.78%.

Insider Buying and Selling

In related news, Director G Mason Morfit purchased 428,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the completion of the transaction, the director now owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director G Mason Morfit purchased 428,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was purchased at an average price of $233.17 per share, with a total value of $99,796,760.00. Following the completion of the transaction, the director now owns 3,914,309 shares of the company’s stock, valued at approximately $912,699,429.53. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $235.71, for a total transaction of $3,535,650.00. Following the sale, the chief executive officer now owns 12,362,327 shares of the company’s stock, valued at $2,913,924,097.17. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,964 shares of company stock valued at $27,956,647. Insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on CRM shares. Loop Capital lifted their target price on shares of Salesforce from $240.00 to $270.00 and gave the company a “hold” rating in a report on Thursday. Raymond James boosted their price objective on shares of Salesforce from $325.00 to $350.00 and gave the stock a “strong-buy” rating in a report on Thursday. Needham & Company LLC reissued a “buy” rating and set a $345.00 price objective on shares of Salesforce in a report on Thursday. Sanford C. Bernstein boosted their price objective on shares of Salesforce from $234.00 to $236.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, UBS Group boosted their price objective on shares of Salesforce from $250.00 to $275.00 and gave the stock a “neutral” rating in a report on Thursday. Nine equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $302.00.

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.