Well Done LLC Cuts Holdings in Salesforce, Inc. (NYSE:CRM)

Well Done LLC cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,322 shares of the CRM provider’s stock after selling 40 shares during the quarter. Well Done LLC’s holdings in Salesforce were worth $348,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRM. State Street Corp increased its position in shares of Salesforce by 0.3% in the 2nd quarter. State Street Corp now owns 45,653,307 shares of the CRM provider’s stock valued at $9,644,718,000 after purchasing an additional 143,962 shares during the last quarter. Morgan Stanley lifted its stake in shares of Salesforce by 0.8% in the 4th quarter. Morgan Stanley now owns 19,003,836 shares of the CRM provider’s stock worth $2,519,719,000 after acquiring an additional 149,012 shares during the period. Northern Trust Corp increased its holdings in shares of Salesforce by 1.1% in the 3rd quarter. Northern Trust Corp now owns 11,195,108 shares of the CRM provider’s stock valued at $2,270,144,000 after purchasing an additional 121,436 shares in the last quarter. Norges Bank purchased a new position in shares of Salesforce in the 4th quarter valued at about $1,420,381,000. Finally, Moneta Group Investment Advisors LLC increased its holdings in Salesforce by 125,717.4% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock valued at $1,360,428,000 after acquiring an additional 10,252,257 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CRM shares. Wolfe Research upgraded shares of Salesforce from a “peer perform” rating to an “outperform” rating and set a $315.00 price target for the company in a report on Monday, December 18th. Piper Sandler reissued a “neutral” rating and issued a $285.00 target price on shares of Salesforce in a research report on Wednesday, February 28th. Raymond James raised their target price on shares of Salesforce from $280.00 to $300.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 30th. JMP Securities lifted their price target on shares of Salesforce from $293.00 to $342.00 and gave the company a “market outperform” rating in a research report on Thursday, February 29th. Finally, Evercore ISI upped their target price on shares of Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $304.32.

Salesforce Stock Performance

Shares of Salesforce stock traded down $5.06 during midday trading on Wednesday, hitting $300.77. The company had a trading volume of 2,533,540 shares, compared to its average volume of 5,755,529. The business’s 50 day simple moving average is $292.85 and its two-hundred day simple moving average is $251.18. The stock has a market cap of $291.75 billion, a PE ratio of 71.68, a P/E/G ratio of 2.35 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09. Salesforce, Inc. has a 1-year low of $187.31 and a 1-year high of $318.71.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.06. The business had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.22 billion. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. Salesforce’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter last year, the company posted $1.01 earnings per share. As a group, equities analysts predict that Salesforce, Inc. will post 7.45 EPS for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.53%. Salesforce’s dividend payout ratio is currently 9.52%.

Insiders Place Their Bets

In other Salesforce news, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction on Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at $799,618.99. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Sundeep G. Reddy sold 216 shares of Salesforce stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total value of $60,201.36. Following the completion of the transaction, the chief accounting officer now directly owns 2,869 shares of the company’s stock, valued at $799,618.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Srinivas Tallapragada sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $258.58, for a total value of $2,585,800.00. Following the transaction, the insider now owns 59,861 shares of the company’s stock, valued at $15,478,857.38. The disclosure for this sale can be found here. Insiders have sold 1,159,307 shares of company stock worth $324,535,513 over the last 90 days. Corporate insiders own 3.70% of the company’s stock.

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.