Main Street Financial Solutions LLC Has $344,000 Stock Position in Salesforce, Inc. (NYSE:CRM)

Main Street Financial Solutions LLC lessened its position in shares of Salesforce, Inc. (NYSE:CRM) by 73.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,255 shares of the CRM provider’s stock after selling 3,446 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Salesforce were worth $344,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CRM. Vanguard Group Inc. grew its holdings in shares of Salesforce by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 84,635,254 shares of the CRM provider’s stock worth $25,490,446,000 after purchasing an additional 1,008,841 shares during the last quarter. Capital Research Global Investors grew its stake in Salesforce by 26.9% during the first quarter. Capital Research Global Investors now owns 14,376,536 shares of the CRM provider’s stock worth $4,329,925,000 after buying an additional 3,044,611 shares during the last quarter. Capital International Investors increased its holdings in shares of Salesforce by 3.0% during the first quarter. Capital International Investors now owns 14,116,449 shares of the CRM provider’s stock worth $4,251,592,000 after buying an additional 407,834 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Salesforce by 2.2% in the 2nd quarter. Legal & General Group Plc now owns 8,329,687 shares of the CRM provider’s stock worth $2,141,562,000 after acquiring an additional 176,641 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Salesforce by 48.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock worth $1,518,658,000 after acquiring an additional 1,922,674 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 3.0 %

Shares of CRM opened at $331.56 on Friday. The firm’s 50-day simple moving average is $283.28 and its 200 day simple moving average is $265.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $316.97 billion, a P/E ratio of 57.66, a price-to-earnings-growth ratio of 3.09 and a beta of 1.29. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $348.86.

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

Salesforce Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 8th. Investors of record on Wednesday, September 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date was Wednesday, September 18th. Salesforce’s dividend payout ratio is 27.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Wedbush boosted their price objective on Salesforce from $315.00 to $325.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Phillip Securities reiterated an “accumulate” rating and set a $305.00 price target on shares of Salesforce in a research report on Friday, August 30th. BMO Capital Markets raised their price objective on shares of Salesforce from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Needham & Company LLC reiterated a “buy” rating and set a $345.00 target price on shares of Salesforce in a research report on Friday, September 20th. Finally, Stifel Nicolaus increased their price target on shares of Salesforce from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Nine 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $320.23.

Insiders Place Their Bets

In related news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total value of $255,905.13. Following the completion of the transaction, the chief financial officer now owns 52,930 shares of the company’s stock, valued at $15,100,399.70. The trade was a 1.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Sundeep G. Reddy sold 413 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the sale, the chief accounting officer now owns 7,006 shares in the company, valued at $1,998,741.74. The trade was a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 144,373 shares of company stock worth $41,250,680 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

About Salesforce

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.