1776 Wealth LLC Sells 198 Shares of Salesforce, Inc. (NYSE:CRM)

1776 Wealth LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 2.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,666 shares of the CRM provider’s stock after selling 198 shares during the period. Salesforce comprises approximately 0.8% of 1776 Wealth LLC’s investment portfolio, making the stock its 24th biggest position. 1776 Wealth LLC’s holdings in Salesforce were worth $1,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CRM. Piscataqua Savings Bank boosted its stake in shares of Salesforce by 2,400.0% during the second quarter. Piscataqua Savings Bank now owns 100 shares of the CRM provider’s stock valued at $26,000 after purchasing an additional 96 shares in the last quarter. Clear Investment Research LLC boosted its stake in Salesforce by 816.7% during the second quarter. Clear Investment Research LLC now owns 110 shares of the CRM provider’s stock worth $28,000 after acquiring an additional 98 shares in the last quarter. Stephens Consulting LLC raised its holdings in shares of Salesforce by 3,125.0% during the second quarter. Stephens Consulting LLC now owns 129 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 125 shares during the period. Strategic Investment Solutions Inc. IL bought a new position in shares of Salesforce during the 2nd quarter worth about $33,000. Finally, Godsey & Gibb Inc. grew its stake in shares of Salesforce by 300.0% in the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock valued at $33,000 after buying an additional 90 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Salesforce Stock Down 1.9 %

Shares of NYSE CRM traded down $6.39 during mid-day trading on Friday, hitting $325.26. 7,093,003 shares of the stock traded hands, compared to its average volume of 6,319,677. The company has a market cap of $310.95 billion, a price-to-earnings ratio of 56.57, a PEG ratio of 3.09 and a beta of 1.29. The stock has a fifty day moving average price of $286.61 and a 200-day moving average price of $266.64. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $348.86. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04.

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

Salesforce Dividend Announcement

The business 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 0.49%. Salesforce’s dividend payout ratio is currently 27.83%.

Insider Activity at Salesforce

In other news, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the sale, the insider now owns 117,581 shares in the company, valued at $30,920,275.57. This represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Miguel Milano sold 2,934 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $262.95, for a total value of $771,495.30. Following the sale, the insider now owns 3,716 shares in the company, valued at approximately $977,122.20. This represents a 44.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 144,373 shares of company stock valued at $41,250,680 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on CRM shares. DA Davidson boosted their price target on shares of Salesforce from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a report on Thursday, August 29th. Northland Securities upgraded Salesforce from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $270.00 to $400.00 in a research note on Wednesday, October 2nd. Bank of America raised their target price on Salesforce from $325.00 to $390.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Cfra set a $343.00 price target on Salesforce in a research report on Thursday, October 17th. Nine research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $322.51.

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.