Evermay Wealth Management LLC Reduces Stock Position in Salesforce, Inc. (NYSE:CRM)

30 Oct 2024, 20:58 by Sarita Garza · The Markets Daily

Evermay Wealth Management LLC trimmed its position in Salesforce, Inc. (NYSE:CRM – Free Report) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,713 shares of the CRM provider’s stock after selling 66 shares during the quarter. Evermay Wealth Management LLC’s holdings in Salesforce were worth $743,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRM. XN LP lifted its position in Salesforce by 24.2% during the second quarter. XN LP now owns 464,489 shares of the CRM provider’s stock valued at $119,420,000 after purchasing an additional 90,616 shares during the period. Atomi Financial Group Inc. lifted its holdings in shares of Salesforce by 27.5% in the 3rd quarter. Atomi Financial Group Inc. now owns 11,999 shares of the CRM provider’s stock valued at $3,284,000 after buying an additional 2,589 shares during the period. M&G Plc purchased a new stake in shares of Salesforce in the first quarter worth about $2,178,000. First Foundation Advisors grew its holdings in Salesforce by 38.0% during the first quarter. First Foundation Advisors now owns 828 shares of the CRM provider’s stock worth $249,000 after acquiring an additional 228 shares during the period. Finally, Elevated Capital Advisors LLC purchased a new position in Salesforce during the third quarter valued at approximately $523,000. Institutional investors and hedge funds own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CRM shares. Loop Capital reiterated a “hold” rating and issued a $270.00 target price on shares of Salesforce in a research note on Thursday, September 19th. JMP Securities reissued a “market outperform” rating and set a $342.00 target price on shares of Salesforce in a research note on Wednesday, August 28th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $300.00 price target on shares of Salesforce in a report on Thursday, September 19th. Bank of America reissued a “buy” rating and issued a $325.00 price objective on shares of Salesforce in a report on Friday, September 6th. Finally, BNP Paribas raised Salesforce to a “strong-buy” rating in a research note on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $313.37.

Check Out Our Latest Report on Salesforce

Insider Transactions at Salesforce

In other news, insider Parker Harris sold 2,800 shares of the company’s 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Maynard G. Webb, Jr. sold 9,170 shares of the company’s stock in a transaction on 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 owns 1,363 shares in the company, valued at $376,624.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Parker Harris sold 2,800 shares of Salesforce stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $241.22, for a total value of $675,416.00. Following the sale, the insider now owns 117,581 shares in the company, valued at $28,362,888.82. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 83,581 shares of company stock worth $22,616,017. Company insiders own 3.20% of the company’s stock.

Salesforce Price Performance

NYSE:CRM traded up $0.16 on Wednesday, reaching $299.05. The stock had a trading volume of 527,011 shares, compared to its average volume of 6,285,232. The company has a market capitalization of $285.89 billion, a P/E ratio of 51.99, a price-to-earnings-growth ratio of 2.61 and a beta of 1.30. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 1-year low of $198.66 and a 1-year high of $318.71. The stock has a fifty day moving average price of $271.04 and a 200-day moving average price of $262.78.

Salesforce (NYSE:CRM – Get Free Report) last released its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, beating the consensus estimate of $2.36 by $0.20. The company had revenue of $9.33 billion during 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 period last year, the firm earned $1.63 EPS. Research analysts forecast that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Stockholders of record on Wednesday, September 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio is presently 27.83%.

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