Abacus Planning Group Inc. Boosts Holdings in Salesforce, Inc. (NYSE:CRM)

Abacus Planning Group Inc. raised its position in Salesforce, Inc. (NYSE:CRMFree Report) by 12.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,353 shares of the CRM provider’s stock after purchasing an additional 154 shares during the period. Abacus Planning Group Inc.’s holdings in Salesforce were worth $356,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRM. Prentice Wealth Management LLC lifted its position in Salesforce by 1.7% during the fourth quarter. Prentice Wealth Management LLC now owns 2,294 shares of the CRM provider’s stock valued at $604,000 after purchasing an additional 38 shares during the last quarter. Legal Advantage Investments Inc. grew its position in Salesforce by 0.7% in the fourth quarter. Legal Advantage Investments Inc. now owns 5,571 shares of the CRM provider’s stock worth $1,466,000 after acquiring an additional 40 shares in the last quarter. Westside Investment Management Inc. increased its stake in Salesforce by 0.9% in the fourth quarter. Westside Investment Management Inc. now owns 4,712 shares of the CRM provider’s stock valued at $1,240,000 after acquiring an additional 42 shares during the last quarter. Enterprise Bank & Trust Co raised its position in Salesforce by 0.4% during the fourth quarter. Enterprise Bank & Trust Co now owns 12,133 shares of the CRM provider’s stock valued at $3,193,000 after purchasing an additional 44 shares in the last quarter. Finally, Fort Point Capital Partners LLC lifted its stake in Salesforce by 1.5% during the third quarter. Fort Point Capital Partners LLC now owns 3,298 shares of the CRM provider’s stock worth $669,000 after purchasing an additional 49 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 293,965 shares of the firm’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $280.00, for a total transaction of $82,310,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Brian Millham sold 293,965 shares of the stock in a transaction on Friday, January 19th. The stock was sold at an average price of $280.00, for a total value of $82,310,200.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $251.61, for a total value of $3,774,150.00. Following the transaction, the chief executive officer now owns 13,896,166 shares of the company’s stock, valued at $3,496,414,327.26. The disclosure for this sale can be found here. Insiders have sold 901,258 shares of company stock valued at $256,569,563 over the last quarter. Corporate insiders own 3.70% of the company’s stock.

Salesforce Stock Performance

Salesforce stock opened at $301.18 on Friday. Salesforce, Inc. has a fifty-two week low of $187.31 and a fifty-two week high of $318.71. The stock’s 50 day simple moving average is $295.12 and its two-hundred day simple moving average is $252.97. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $292.14 billion, a price-to-earnings ratio of 71.71, a PEG ratio of 2.32 and a beta of 1.28.

Salesforce (NYSE:CRMGet Free Report) last released its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. The company had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. The firm’s revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.01 earnings per share. As a group, analysts expect that Salesforce, Inc. will post 7.45 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Thursday, March 14th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.53%. Salesforce’s payout ratio is 9.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CRM shares. JPMorgan Chase & Co. raised their price objective on Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. UBS Group increased their target price on shares of Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Friday, February 16th. BMO Capital Markets boosted their price target on shares of Salesforce from $325.00 to $335.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Wedbush raised their price objective on Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, Argus boosted their target price on Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average target price of $304.32.

Read Our Latest Analysis on Salesforce

Salesforce Company 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.

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Institutional Ownership by Quarter for Salesforce (NYSE:CRM)

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