MAI Capital Management Has $10.85 Million Stock Holdings in Salesforce, Inc. (NYSE:CRM)

MAI Capital Management reduced its position in Salesforce, Inc. (NYSE:CRM) by 4.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 39,629 shares of the CRM provider’s stock after selling 1,903 shares during the period. MAI Capital Management’s holdings in Salesforce were worth $10,847,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bessemer Group Inc. lifted its stake in shares of Salesforce by 103.5% during the 1st quarter. Bessemer Group Inc. now owns 54,761 shares of the CRM provider’s stock worth $16,494,000 after buying an additional 27,850 shares during the last quarter. Vaughan David Investments LLC IL bought a new stake in shares of Salesforce during the first quarter worth approximately $324,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Salesforce by 31.0% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 81,100 shares of the CRM provider’s stock valued at $24,426,000 after purchasing an additional 19,200 shares during the last quarter. InterOcean Capital Group LLC increased its stake in shares of Salesforce by 18.0% during the first quarter. InterOcean Capital Group LLC now owns 4,062 shares of the CRM provider’s stock worth $1,223,000 after purchasing an additional 621 shares during the period. Finally, Evermay Wealth Management LLC boosted its stake in Salesforce by 5.1% in the 1st quarter. Evermay Wealth Management LLC now owns 1,879 shares of the CRM provider’s stock valued at $566,000 after purchasing an additional 91 shares during the period. Institutional investors own 80.43% of the company’s stock.

Insider Buying and Selling at Salesforce

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $255,905.13. Following the completion of the sale, the chief financial officer now owns 52,930 shares in the company, valued at approximately $15,100,399.70. The trade was a 1.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $285.29, for a total transaction of $117,824.77. Following the completion of the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,173 shares of company stock valued at $40,146,206. Corporate insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Loop Capital upped their price objective on Salesforce from $270.00 to $340.00 and gave the company a “hold” rating in a report on Thursday, November 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $300.00 price target on shares of Salesforce in a research report on Thursday, September 19th. Canaccord Genuity Group lifted their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Northland Securities raised shares of Salesforce from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $270.00 to $400.00 in a report on Wednesday, October 2nd. Finally, FBN Securities upgraded shares of Salesforce to a “strong-buy” rating in a research report on Thursday, August 29th. Nine research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $325.36.

Salesforce Stock Performance

Shares of Salesforce stock opened at $322.25 on Tuesday. The business has a 50-day moving average price of $288.14 and a two-hundred day moving average price of $266.96. Salesforce, Inc. has a 1-year low of $212.00 and a 1-year high of $348.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.15. The company has a market cap of $308.07 billion, a P/E ratio of 56.04, a PEG ratio of 2.94 and a beta of 1.29.

Salesforce (NYSE:CRM) last issued 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 business had revenue of $9.33 billion during the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a return on equity of 12.01% and a net margin of 15.44%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 earnings per share. As a group, 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. Shareholders of record on Wednesday, September 18th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s payout ratio is 27.83%.

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.