Elmwood Wealth Management Inc. Acquires 1,539 Shares of Salesforce, Inc. (NYSE:CRM)

Elmwood Wealth Management Inc. grew its holdings in Salesforce, Inc. (NYSE:CRM) by 23.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,162 shares of the CRM provider’s stock after purchasing an additional 1,539 shares during the quarter. Elmwood Wealth Management Inc.’s holdings in Salesforce were worth $2,729,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CRM. Veritas Asset Management LLP bought a new position in Salesforce during the 3rd quarter worth approximately $733,805,000. Massachusetts Financial Services Co. MA lifted its stake in Salesforce by 48.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 5,906,877 shares of the CRM provider’s stock valued at $1,518,658,000 after buying an additional 1,922,674 shares in the last quarter. KBC Group NV lifted its stake in Salesforce by 171.2% in the third quarter. KBC Group NV now owns 1,634,834 shares of the CRM provider’s stock valued at $447,470,000 after buying an additional 1,032,068 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Salesforce by 23,664.2% in the third quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock valued at $274,490,000 after buying an additional 998,628 shares in the last quarter. Finally, Farallon Capital Management LLC lifted its stake in Salesforce by 51.0% in the second quarter. Farallon Capital Management LLC now owns 2,946,838 shares of the CRM provider’s stock valued at $757,632,000 after buying an additional 994,670 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Canaccord Genuity Group lifted their price target 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. Macquarie reaffirmed a “neutral” rating and issued a $370.00 price target on shares of Salesforce in a research note on Wednesday, December 18th. Truist Financial reiterated a “buy” rating and issued a $400.00 price objective (up from $380.00) on shares of Salesforce in a report on Wednesday, December 4th. Royal Bank of Canada lifted their price objective on shares of Salesforce from $300.00 to $420.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Cfra set a $343.00 price objective on shares of Salesforce in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have given a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Salesforce currently has a consensus rating of “Moderate Buy” and an average price target of $376.05.

Insider Activity

In other Salesforce news, CFO Amy E. Weaver sold 897 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $15,100,399.70. This represents a 1.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Parker Harris sold 4,200 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $289.87, for a total value of $1,217,454.00. Following the transaction, the insider now owns 118,514 shares in the company, valued at $34,353,653.18. The trade was a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,181,817 shares of company stock valued at $404,760,429 over the last quarter. 3.20% of the stock is owned by company insiders.

Salesforce Price Performance

Shares of CRM stock traded up $0.40 on Monday, reaching $318.25. The company had a trading volume of 2,455,322 shares, compared to its average volume of 4,569,899. The stock has a market capitalization of $304.57 billion, a PE ratio of 52.34, a price-to-earnings-growth ratio of 3.21 and a beta of 1.30. 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, Inc. has a one year low of $212.00 and a one year high of $369.00. The business’s 50-day moving average is $335.82 and its 200 day moving average is $289.73.

Salesforce (NYSE:CRM) last released its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The firm had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same period in the prior year, the company earned $1.62 EPS. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. Equities research analysts forecast 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. Stockholders of record on Wednesday, December 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Wednesday, December 18th. Salesforce’s dividend payout ratio is currently 26.32%.

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.