Hartline Investment Corp Makes New Investment in Salesforce, Inc. (NYSE:CRM)

Hartline Investment Corp bought a new stake in Salesforce, Inc. (NYSE:CRM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 33,071 shares of the CRM provider’s stock, valued at approximately $11,057,000. Salesforce accounts for approximately 1.3% of Hartline Investment Corp’s portfolio, making the stock its 20th biggest position.

Other institutional investors have also modified their holdings of the company. RBA Wealth Management LLC boosted its position in shares of Salesforce by 3.7% in the 3rd quarter. RBA Wealth Management LLC now owns 16,172 shares of the CRM provider’s stock worth $4,426,000 after buying an additional 574 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of Salesforce by 20.3% in the 3rd quarter. Sound Income Strategies LLC now owns 639 shares of the CRM provider’s stock worth $175,000 after buying an additional 108 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its position in shares of Salesforce by 155.4% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 116,004 shares of the CRM provider’s stock worth $31,751,000 after buying an additional 70,580 shares in the last quarter. Thomasville National Bank boosted its position in shares of Salesforce by 1.4% in the 3rd quarter. Thomasville National Bank now owns 101,071 shares of the CRM provider’s stock worth $27,664,000 after buying an additional 1,347 shares in the last quarter. Finally, Paladin Wealth LLC purchased a new stake in shares of Salesforce in the 3rd quarter worth about $159,000. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Salesforce news, COO Brian Millham sold 14,808 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $338.95, for a total value of $5,019,171.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Sundeep G. Reddy sold 436 shares of the stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $144,874.08. Following the completion of the sale, the chief accounting officer now directly owns 7,057 shares in the company, valued at $2,344,899.96. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,111,420 shares of company stock worth $384,366,700 over the last ninety days. 3.20% of the stock is owned by insiders.

Salesforce Stock Performance

Salesforce stock opened at $326.95 on Tuesday. The stock has a market cap of $312.89 billion, a P/E ratio of 53.77, a price-to-earnings-growth ratio of 2.66 and a beta of 1.31. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $338.97 and a 200-day moving average of $301.03. Salesforce, Inc. has a 52 week low of $212.00 and a 52 week high of $369.00.

Salesforce (NYSE:CRM) last released 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). The business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.62 earnings per share. On average, analysts expect that Salesforce, Inc. will post 7.48 EPS for the current fiscal year.

Salesforce Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.49%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio (DPR) is presently 26.32%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Barclays boosted their target price on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Canaccord Genuity Group boosted their target price on shares of Salesforce from $315.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Truist Financial reissued a “buy” rating and issued a $400.00 target price (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. DA Davidson boosted their target price on shares of Salesforce from $250.00 to $300.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $377.63.

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.