Elite Wealth Management Inc. Sells 428 Shares of Salesforce, Inc. (NYSE:CRM)

Elite Wealth Management Inc. reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 2.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,441 shares of the CRM provider’s stock after selling 428 shares during the period. Salesforce makes up about 0.3% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 12th largest position. Elite Wealth Management Inc.’s holdings in Salesforce were worth $5,642,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in CRM. Bear Mountain Capital Inc. acquired a new stake in Salesforce during the fourth quarter worth about $26,000. BKM Wealth Management LLC acquired a new stake in shares of Salesforce during the 4th quarter worth approximately $34,000. Pacifica Partners Inc. increased its position in shares of Salesforce by 333.3% during the fourth quarter. Pacifica Partners Inc. now owns 130 shares of the CRM provider’s stock valued at $33,000 after purchasing an additional 100 shares during the period. AlphaMark Advisors LLC lifted its position in Salesforce by 892.9% in the fourth quarter. AlphaMark Advisors LLC now owns 139 shares of the CRM provider’s stock worth $37,000 after purchasing an additional 125 shares during the period. Finally, Glass Jacobson Investment Advisors llc acquired a new stake in Salesforce during the fourth quarter worth $37,000. 80.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $295.74, for a total transaction of $4,436,100.00. Following the sale, the chief executive officer now directly owns 12,928,721 shares of the company’s stock, valued at $3,823,539,948.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Salesforce news, insider Srinivas Tallapragada sold 10,000 shares of the stock in a transaction on Monday, January 22nd. The stock was sold at an average price of $284.11, for a total transaction of $2,841,100.00. Following the transaction, the insider now owns 60,976 shares in the company, valued at approximately $17,323,891.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Benioff sold 15,000 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $295.74, for a total transaction of $4,436,100.00. Following the completion of the sale, the chief executive officer now directly owns 12,928,721 shares of the company’s stock, valued at approximately $3,823,539,948.54. The disclosure for this sale can be found here. Insiders sold a total of 897,375 shares of company stock worth $260,206,096 over the last ninety days. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CRM shares. Argus lifted their target price on shares of Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Mizuho reaffirmed a “buy” rating and issued a $345.00 price target (up previously from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. Oppenheimer lifted their price objective on Salesforce from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Monday, February 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $350.00 target price (up previously from $325.00) on shares of Salesforce in a research report on Friday, April 12th. Finally, Wedbush upped their price objective on shares of Salesforce from $280.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $307.87.

Salesforce Stock Up 1.7 %

Shares of NYSE CRM traded up $4.51 during mid-day trading on Wednesday, reaching $277.41. 7,624,347 shares of the company’s stock were exchanged, compared to its average volume of 4,686,930. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $298.35 and a 200 day simple moving average of $260.79. Salesforce, Inc. has a twelve month low of $190.57 and a twelve month high of $318.71. The firm has a market capitalization of $269.09 billion, a price-to-earnings ratio of 66.05, a PEG ratio of 2.10 and a beta of 1.28.

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

Salesforce Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.58%. Salesforce’s dividend payout ratio (DPR) is presently 9.52%.

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.