Strategic Wealth Investment Group LLC Cuts Stock Position in Salesforce, Inc. (NYSE:CRM)

29 Oct 2024, 11:20 by Jessica Moore · The Cerbat Gem

Strategic Wealth Investment Group LLC trimmed its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 9.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,862 shares of the CRM provider’s stock after selling 5,079 shares during the period. Salesforce makes up about 1.5% of Strategic Wealth Investment Group LLC’s holdings, making the stock its 19th biggest position. Strategic Wealth Investment Group LLC’s holdings in Salesforce were worth $13,777,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Prentice Wealth Management LLC boosted its holdings in shares of Salesforce by 1.5% in the 3rd quarter. Prentice Wealth Management LLC now owns 2,506 shares of the CRM provider’s stock valued at $686,000 after buying an additional 37 shares during the period. Pinnacle Wealth Planning Services Inc. boosted its stake in Salesforce by 0.8% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,946 shares of the CRM provider’s stock valued at $1,490,000 after acquiring an additional 38 shares during the period. Fulton Bank N.A. grew its holdings in shares of Salesforce by 0.4% during the third quarter. Fulton Bank N.A. now owns 9,269 shares of the CRM provider’s stock valued at $2,537,000 after purchasing an additional 38 shares during the last quarter. CRA Financial Services LLC raised its position in shares of Salesforce by 3.4% during the 3rd quarter. CRA Financial Services LLC now owns 1,160 shares of the CRM provider’s stock worth $318,000 after purchasing an additional 38 shares during the period. Finally, Boomfish Wealth Group LLC lifted its holdings in shares of Salesforce by 0.4% in the 3rd quarter. Boomfish Wealth Group LLC now owns 9,312 shares of the CRM provider’s stock worth $2,549,000 after purchasing an additional 38 shares during the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRM has been the topic of several analyst reports. Evercore ISI reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Salesforce in a research report on Monday, August 26th. Stifel Nicolaus lifted their price objective on shares of Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a research report on Monday. Truist Financial restated a “buy” rating and issued a $315.00 price target (up previously from $300.00) on shares of Salesforce in a research note on Thursday, September 19th. BMO Capital Markets boosted their price objective on Salesforce from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, BNP Paribas upgraded Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $313.37.

Read Our Latest Research Report on CRM

Insider Buying and Selling at Salesforce

In related news, insider Parker Harris sold 2,800 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total transaction of $675,416.00. Following the completion of the sale, the insider now directly owns 117,581 shares in the company, valued at approximately $28,362,888.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Parker Harris sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $241.22, for a total transaction of $675,416.00. Following the transaction, the insider now owns 117,581 shares of the company’s stock, valued at approximately $28,362,888.82. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the sale, the chief accounting officer now directly owns 7,006 shares of the company’s stock, valued at $1,998,741.74. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 83,581 shares of company stock valued at $22,616,017 in the last quarter. Company insiders own 3.20% of the company’s stock.

Salesforce Stock Performance

Shares of Salesforce stock opened at $293.81 on Tuesday. Salesforce, Inc. has a 12 month low of $197.08 and a 12 month high of $318.71. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. The stock has a market cap of $284.70 billion, a PE ratio of 52.84, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The business has a fifty day simple moving average of $270.30 and a 200-day simple moving average of $262.75.

Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.63 EPS. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.54%. Salesforce’s payout ratio is 28.78%.

Salesforce Profile

(Free Report)

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.