Red Door Wealth Management LLC Buys 1,451 Shares of Salesforce, Inc. (NYSE:CRM)

Red Door Wealth Management LLC raised its stake in Salesforce, Inc. (NYSE:CRM) by 7.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,680 shares of the CRM provider’s stock after buying an additional 1,451 shares during the period. Red Door Wealth Management LLC’s holdings in Salesforce were worth $6,914,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Donoghue Forlines LLC boosted its stake in shares of Salesforce by 35.2% during the fourth quarter. Donoghue Forlines LLC now owns 6,021 shares of the CRM provider’s stock valued at $2,013,000 after purchasing an additional 1,567 shares in the last quarter. Madrona Financial Services LLC boosted its position in Salesforce by 7.7% during the 4th quarter. Madrona Financial Services LLC now owns 995 shares of the CRM provider’s stock worth $333,000 after buying an additional 71 shares during the period. Whalen Wealth Management Inc. bought a new stake in Salesforce during the 4th quarter worth approximately $453,000. Bill Few Associates Inc. acquired a new position in Salesforce in the 4th quarter valued at approximately $209,000. Finally, MinichMacGregor Wealth Management LLC acquired a new position in Salesforce in the 4th quarter valued at approximately $240,000. Institutional investors own 80.43% of the company’s stock.

Salesforce Price Performance

CRM opened at $334.75 on Friday. The company has a market capitalization of $320.36 billion, a price-to-earnings ratio of 55.06, a PEG ratio of 2.95 and a beta of 1.30. The firm has a 50-day moving average price of $336.50 and a 200-day moving average price of $293.20. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14.

Salesforce (NYSE:CRM) last issued its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.35 billion. During the same quarter in the prior year, the business earned $1.62 EPS. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. Equities analysts expect that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 9th. Stockholders of record on Wednesday, December 18th were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 annualized dividend and a dividend yield of 0.48%. Salesforce’s payout ratio is currently 26.32%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRM. Wedbush reissued an “outperform” rating and issued a $425.00 price objective on shares of Salesforce in a research note on Wednesday, December 18th. Erste Group Bank raised Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Morgan Stanley lifted their price objective on Salesforce from $330.00 to $405.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and set a $405.00 price target on shares of Salesforce in a research report on Wednesday, December 18th. Finally, Barclays raised their target price on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have assigned a buy rating and four have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and an average price target of $377.63.

Insider Buying and Selling at Salesforce

In other Salesforce news, CAO Sundeep G. Reddy sold 500 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $290.23, for a total transaction of $145,115.00. Following the sale, the chief accounting officer now owns 6,506 shares in the company, valued at $1,888,236.38. This trade represents a 7.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Parker Harris sold 652 shares of the stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $332.28, for a total transaction of $216,646.56. Following the transaction, the insider now owns 121,467 shares in the company, valued at $40,361,054.76. The trade was a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,173,891 shares of company stock valued at $402,840,388 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Salesforce Company 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.