Diversify Wealth Management LLC Acquires Shares of 19,833 Salesforce, Inc. (NYSE:CRM)

Diversify Wealth Management LLC acquired a new stake in shares of Salesforce, Inc. (NYSE:CRM) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 19,833 shares of the CRM provider’s stock, valued at approximately $4,740,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Lyell Wealth Management LP lifted its position in Salesforce by 6.8% during the second quarter. Lyell Wealth Management LP now owns 64,280 shares of the CRM provider’s stock valued at $16,526,000 after buying an additional 4,110 shares during the period. Prosperity Consulting Group LLC lifted its position in Salesforce by 12.0% during the second quarter. Prosperity Consulting Group LLC now owns 2,238 shares of the CRM provider’s stock valued at $575,000 after buying an additional 239 shares during the period. OV Management LLC lifted its position in Salesforce by 1.0% during the second quarter. OV Management LLC now owns 10,746 shares of the CRM provider’s stock valued at $2,763,000 after buying an additional 102 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Salesforce by 7.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 1,706,289 shares of the CRM provider’s stock worth $438,687,000 after purchasing an additional 112,690 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Salesforce by 10.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 208,709 shares of the CRM provider’s stock worth $53,659,000 after purchasing an additional 19,302 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

CRM has been the subject of several recent analyst reports. Truist Financial reaffirmed a “buy” rating and issued a $300.00 price target on shares of Salesforce in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their price target on Salesforce from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Citigroup lifted their price target on Salesforce from $260.00 to $290.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Deutsche Bank Aktiengesellschaft lowered their price target on Salesforce from $350.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, May 30th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $335.00 price target on shares of Salesforce in a research report on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $304.41.

Insider Buying and Selling

In other news, insider Sabastian Niles sold 2,484 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now directly owns 828 shares of the company’s stock, valued at approximately $202,702.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Salesforce news, insider Parker Harris sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at $30,920,275.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the sale, the insider now directly owns 828 shares of the company’s stock, valued at $202,702.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 62,376 shares of company stock valued at $15,878,005. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Up 0.5 %

NYSE CRM opened at $254.57 on Friday. The stock’s 50 day moving average is $253.56 and its 200 day moving average is $268.14. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. Salesforce, Inc. has a 12 month low of $193.68 and a 12 month high of $318.71. The stock has a market cap of $246.68 billion, a PE ratio of 45.79, a P/E/G ratio of 2.26 and a beta of 1.29.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, August 28th. The CRM provider reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The company had revenue of $9.33 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the firm earned $1.63 EPS. The firm’s revenue was up 8.5% compared to the same quarter last year. Research analysts predict that Salesforce, Inc. will post 7.55 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, September 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.63%. Salesforce’s dividend payout ratio is presently 28.78%.

Salesforce Profile

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.