Palumbo Wealth Management LLC Acquires 266 Shares of Salesforce, Inc. (NYSE:CRM)

Palumbo Wealth Management LLC grew its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 7.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,945 shares of the CRM provider’s stock after purchasing an additional 266 shares during the period. Palumbo Wealth Management LLC’s holdings in Salesforce were worth $1,319,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Arlington Trust Co LLC raised its holdings in Salesforce by 85.1% during the fourth quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock worth $29,000 after acquiring an additional 40 shares in the last quarter. Compass Financial Services Inc acquired a new position in shares of Salesforce during the 4th quarter worth approximately $30,000. Asset Planning Inc bought a new stake in shares of Salesforce during the 4th quarter worth approximately $31,000. Collier Financial acquired a new stake in shares of Salesforce in the 4th quarter valued at approximately $32,000. Finally, Infrastructure Capital Advisors LLC bought a new position in shares of Salesforce in the third quarter valued at $27,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Citigroup increased their price target on shares of Salesforce from $368.00 to $390.00 and gave the company a “neutral” rating in a research note on Wednesday, December 4th. Stifel Nicolaus raised their target price on shares of Salesforce from $390.00 to $425.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. TD Cowen raised Salesforce from a “hold” rating to a “buy” rating and boosted their price target for the stock from $380.00 to $400.00 in a research report on Friday, January 17th. Wells Fargo & Company raised their price objective on Salesforce from $275.00 to $330.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 12th. Finally, UBS Group lifted their target price on Salesforce from $275.00 to $360.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirty-one have given a buy rating and four have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Salesforce has an average rating of “Moderate Buy” and an average price target of $377.63.

Insiders Place Their Bets

In related news, CAO Sundeep G. Reddy sold 500 shares of Salesforce stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $335.94, for a total transaction of $167,970.00. Following the completion of the transaction, the chief accounting officer now owns 6,557 shares of the company’s stock, valued at $2,202,758.58. This trade represents a 7.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Brian Millham sold 14,808 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $338.95, for a total transaction of $5,019,171.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,111,420 shares of company stock worth $384,366,700. 3.20% of the stock is currently owned by insiders.

Salesforce Price Performance

Shares of CRM opened at $325.49 on Friday. The business has a 50-day simple moving average of $336.56 and a two-hundred day simple moving average of $302.79. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The stock has a market cap of $311.49 billion, a PE ratio of 53.53, a PEG ratio of 2.66 and a beta of 1.31. 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 (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. Analysts anticipate that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Dividend Announcement

The company 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. This represents a $1.60 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Wednesday, December 18th. 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.