FOCUS Wealth Advisors LLC Sells 64 Shares of Salesforce, Inc. (NYSE:CRM)

13 Oct 2024, 22:48 by Danessa Lincoln · The Markets Daily

FOCUS Wealth Advisors LLC lessened its holdings in shares of Salesforce, Inc. (NYSE:CRM – Free Report) by 0.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 8,208 shares of the CRM provider’s stock after selling 64 shares during the period. Salesforce accounts for about 1.1% of FOCUS Wealth Advisors LLC’s portfolio, making the stock its 24th largest position. FOCUS Wealth Advisors LLC’s holdings in Salesforce were worth $2,247,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ruedi Wealth Management Inc. lifted its holdings in Salesforce by 186.7% in the first quarter. Ruedi Wealth Management Inc. now owns 86 shares of the CRM provider’s stock valued at $26,000 after buying an additional 56 shares during the period. Piscataqua Savings Bank raised its position in shares of Salesforce by 2,400.0% in the 2nd quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after acquiring an additional 96 shares during the period. Clear Investment Research LLC boosted its stake in Salesforce by 816.7% during the 2nd quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares during the last quarter. Red Tortoise LLC acquired a new position in Salesforce during the first quarter valued at approximately $33,000. Finally, Stephens Consulting LLC raised its holdings in Salesforce by 3,125.0% in the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Oppenheimer increased their price target on Salesforce from $280.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Bank of America reaffirmed a “buy” rating and issued a $325.00 price target on shares of Salesforce in a research note on Friday, September 6th. Truist Financial reissued a “buy” rating and set a $315.00 price objective (up previously from $300.00) on shares of Salesforce in a research report on Thursday, September 19th. UBS Group boosted their price objective on shares of Salesforce from $250.00 to $275.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $345.00 target price on shares of Salesforce in a report on Friday, September 20th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $310.74.

Read Our Latest Stock Analysis on CRM

Insider Activity

In other news, Director Maynard G. Webb, Jr. sold 9,170 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $276.32, for a total value of $2,533,854.40. Following the transaction, the director now directly owns 1,363 shares of the company’s stock, valued at $376,624.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $288.42, for a total transaction of $1,211,364.00. Following the transaction, the insider now owns 118,514 shares of the company’s stock, valued at $34,181,807.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Maynard G. Webb, Jr. sold 9,170 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $276.32, for a total value of $2,533,854.40. Following the completion of the sale, the director now directly owns 1,363 shares of the company’s stock, valued at $376,624.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,612 shares of company stock valued at $21,283,087. 3.20% of the stock is currently owned by insiders.

Salesforce Stock Performance

Shares of CRM stock opened at $288.10 on Friday. The business’s 50-day moving average price is $261.93 and its 200-day moving average price is $263.88. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $275.42 billion, a price-to-earnings ratio of 50.10, a PEG ratio of 2.61 and a beta of 1.30.

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

Salesforce Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.56%. Salesforce’s dividend payout ratio (DPR) is currently 27.83%.

About Salesforce

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