Perigon Wealth Management LLC Purchases 123 Shares of Salesforce, Inc. (NYSE:CRM)

Perigon Wealth Management LLC grew its position in Salesforce, Inc. (NYSE:CRM) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 47,537 shares of the CRM provider’s stock after acquiring an additional 123 shares during the period. Perigon Wealth Management LLC’s holdings in Salesforce were worth $15,212,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Veritas Asset Management LLP bought a new position in Salesforce in the 3rd quarter valued at $733,805,000. KBC Group NV raised its holdings in shares of 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 during the last quarter. International Assets Investment Management LLC lifted its position in Salesforce by 23,664.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,002,848 shares of the CRM provider’s stock worth $274,490,000 after buying an additional 998,628 shares in the last quarter. State Street Corp grew its holdings in Salesforce by 1.8% during the 3rd quarter. State Street Corp now owns 49,007,404 shares of the CRM provider’s stock worth $13,432,855,000 after acquiring an additional 864,193 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in Salesforce by 95.7% in the 3rd quarter. Van ECK Associates Corp now owns 1,624,520 shares of the CRM provider’s stock valued at $462,063,000 after acquiring an additional 794,506 shares in the last quarter. 80.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Salesforce

In other news, COO Brian Millham sold 708 shares of the stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $332.28, for a total value of $235,254.24. Following the completion of the sale, the chief operating officer now owns 1,239 shares of the company’s stock, valued at approximately $411,694.92. This represents a 36.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 3,970 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $296.74, for a total transaction of $1,178,057.80. Following the completion of the transaction, the insider now directly owns 119,402 shares of the company’s stock, valued at $35,431,349.48. This represents a 3.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,109,169 shares of company stock worth $383,432,020 in the last three months. Insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRM. Truist Financial reiterated a “buy” rating and set a $400.00 target price (up from $380.00) on shares of Salesforce in a research report on Wednesday, December 4th. TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and upped their price objective for the stock from $380.00 to $400.00 in a report on Friday, January 17th. KeyCorp raised Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price for the company in a research note on Friday, December 13th. Canaccord Genuity Group raised their price target on Salesforce from $315.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, DA Davidson lifted their price objective on Salesforce from $250.00 to $300.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. One equities 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 given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $377.63.

Salesforce Stock Up 4.0 %

CRM stock opened at $347.26 on Tuesday. The business has a 50-day moving average of $336.73 and a 200-day moving average of $294.60. Salesforce, Inc. has a fifty-two week low of $212.00 and a fifty-two week high of $369.00. The stock has a market capitalization of $332.33 billion, a P/E ratio of 57.12, a P/E/G ratio of 3.01 and a beta of 1.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.11 and a quick ratio of 1.11.

Salesforce (NYSE:CRM) last issued its quarterly earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 earnings per share 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 the consensus estimate of $9.35 billion. Salesforce had a return on equity of 12.34% and a net margin of 15.96%. Salesforce’s revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.62 earnings per share. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The firm also recently declared 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 was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.46%. Salesforce’s dividend payout ratio (DPR) 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.