Newbridge Financial Services Group Inc. Acquires 1,079 Shares of Salesforce, Inc. (NYSE:CRM)

Newbridge Financial Services Group Inc. grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 7.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,621 shares of the CRM provider’s stock after purchasing an additional 1,079 shares during the period. Salesforce comprises 1.3% of Newbridge Financial Services Group Inc.’s holdings, making the stock its 18th largest holding. Newbridge Financial Services Group Inc.’s holdings in Salesforce were worth $5,223,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Nvest Financial LLC increased its position in Salesforce by 1.1% in the 4th quarter. Nvest Financial LLC now owns 2,806 shares of the CRM provider’s stock valued at $938,000 after acquiring an additional 31 shares during the period. Sachetta LLC grew its stake in shares of Salesforce by 0.3% in the fourth quarter. Sachetta LLC now owns 11,018 shares of the CRM provider’s stock worth $3,684,000 after purchasing an additional 32 shares during the last quarter. Aviance Capital Partners LLC increased its holdings in Salesforce by 0.5% in the third quarter. Aviance Capital Partners LLC now owns 6,797 shares of the CRM provider’s stock valued at $1,860,000 after purchasing an additional 33 shares during the period. EWA LLC raised its position in Salesforce by 1.7% during the 3rd quarter. EWA LLC now owns 2,001 shares of the CRM provider’s stock worth $548,000 after purchasing an additional 33 shares during the last quarter. Finally, Muirfield Wealth Advisors LLC lifted its holdings in Salesforce by 2.3% during the 4th quarter. Muirfield Wealth Advisors LLC now owns 1,457 shares of the CRM provider’s stock worth $487,000 after buying an additional 33 shares during the period. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Piper Sandler reissued an “overweight” rating and set a $405.00 target price on shares of Salesforce in a research report on Wednesday, December 18th. Canaccord Genuity Group lifted their target price on Salesforce from $315.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Citigroup boosted their price target on Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Barclays increased their target price on shares of Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, Truist Financial reiterated a “buy” rating and set a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a report 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus price target of $377.63.

Insider Transactions at Salesforce

In related news, CEO Marc Benioff sold 317,105 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $346.78, for a total transaction of $109,965,671.90. Following the sale, the chief executive officer now directly owns 12,162,457 shares in the company, valued at approximately $4,217,696,838.46. The trade was a 2.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Sundeep G. Reddy sold 436 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 7,057 shares of the company’s stock, valued at approximately $2,344,899.96. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,111,420 shares of company stock worth $384,366,700 over the last quarter. Corporate insiders own 3.20% of the company’s stock.

Salesforce Stock Down 1.5 %

Shares of NYSE:CRM opened at $325.81 on Friday. The business has a fifty day moving average price of $338.97 and a two-hundred day moving average price of $300.36. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $311.80 billion, a PE ratio of 53.59, a price-to-earnings-growth ratio of 2.66 and a beta of 1.31. Salesforce, Inc. has a 1 year low of $212.00 and a 1 year high of $369.00.

Salesforce (NYSE:CRM) last posted its quarterly earnings data 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 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 analysts’ expectations of $9.35 billion. During the same quarter in the previous year, the company posted $1.62 EPS. Salesforce’s revenue for the quarter was up 8.3% on a year-over-year basis. Analysts forecast that Salesforce, Inc. will post 7.48 earnings per share for the current year.

Salesforce Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $1.60 dividend on an annualized basis and a yield of 0.49%. Salesforce’s dividend payout ratio is presently 26.32%.

About Salesforce

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.