Palacios Wealth Management LLC Purchases New Position in Salesforce, Inc. (NYSE:CRM)

Palacios Wealth Management LLC purchased a new stake in shares of Salesforce, Inc. (NYSE:CRM) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 5,346 shares of the CRM provider’s stock, valued at approximately $1,731,000. Salesforce comprises about 1.9% of Palacios Wealth Management LLC’s investment portfolio, making the stock its 12th biggest position.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Infrastructure Capital Advisors LLC bought a new stake in shares of Salesforce during the 3rd quarter valued at approximately $27,000. Arlington Trust Co LLC boosted its position in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after buying an additional 40 shares during the period. Compass Financial Services Inc acquired a new stake in Salesforce during the 4th quarter worth approximately $30,000. Collier Financial acquired a new stake in Salesforce during the 4th quarter worth approximately $32,000. Finally, Godsey & Gibb Inc. boosted its position in Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after buying an additional 90 shares during the period. 80.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on CRM shares. Barclays lifted their target price on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Loop Capital lifted their target price on shares of Salesforce from $340.00 to $360.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Truist Financial reiterated a “buy” rating and set a $400.00 target price (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and set a $405.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Cfra set a $343.00 price target on shares of Salesforce in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have issued a buy rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $377.63.

Salesforce Stock Performance

Shares of CRM stock opened at $330.19 on Friday. The firm has a market capitalization of $315.99 billion, a PE ratio of 54.31, a price-to-earnings-growth ratio of 2.66 and a beta of 1.31. The firm has a fifty day simple moving average of $337.91 and a two-hundred day simple moving average of $302.13. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00.

Salesforce (NYSE:CRM) last announced 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). The business 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 business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.62 EPS. Analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. Salesforce’s payout ratio is 26.32%.

Insider Transactions at Salesforce

In other news, COO Brian Millham sold 14,808 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $338.95, for a total value of $5,019,171.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $2,089,882.74. Following the transaction, the chief financial officer now owns 46,750 shares of the company’s stock, valued at approximately $15,705,195. The trade was a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,111,420 shares of company stock worth $384,366,700 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

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.