Legacy Capital Wealth Partners LLC Cuts Stock Position in Salesforce, Inc. (NYSE:CRM)

Legacy Capital Wealth Partners LLC lowered its position in Salesforce, Inc. (NYSE:CRM) by 45.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,396 shares of the CRM provider’s stock after selling 1,140 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in Salesforce were worth $467,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. RBA Wealth Management LLC boosted its stake in Salesforce by 3.7% in the 3rd quarter. RBA Wealth Management LLC now owns 16,172 shares of the CRM provider’s stock worth $4,426,000 after purchasing an additional 574 shares in the last quarter. Creative Planning boosted its stake in Salesforce by 8.0% in the 3rd quarter. Creative Planning now owns 233,743 shares of the CRM provider’s stock worth $63,978,000 after purchasing an additional 17,350 shares in the last quarter. Net Worth Advisory Group acquired a new stake in Salesforce in the 3rd quarter worth approximately $340,000. Embree Financial Group boosted its stake in Salesforce by 6.5% in the 3rd quarter. Embree Financial Group now owns 4,478 shares of the CRM provider’s stock worth $1,226,000 after purchasing an additional 272 shares in the last quarter. Finally, AA Financial Advisors LLC boosted its stake in Salesforce by 8.0% in the 3rd quarter. AA Financial Advisors LLC now owns 6,265 shares of the CRM provider’s stock worth $1,715,000 after purchasing an additional 466 shares in the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CRM shares. DA Davidson lifted their target price on shares of Salesforce from $250.00 to $300.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Loop Capital lifted their price objective on shares of Salesforce from $340.00 to $360.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Barclays lifted their price objective on shares of Salesforce from $415.00 to $425.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Needham & Company LLC restated a “buy” rating and set a $400.00 price objective on shares of Salesforce in a research note on Thursday, February 6th. Finally, Oppenheimer restated an “outperform” rating and set a $415.00 price objective (up from $385.00) on shares of Salesforce in a research note on Wednesday, December 4th. One research 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $377.63.

Insider Buying and Selling at Salesforce

In other Salesforce news, CEO Marc Benioff sold 317,105 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $346.78, for a total value of $109,965,671.90. Following the transaction, the chief executive officer now owns 12,162,457 shares of the company’s stock, valued at $4,217,696,838.46. This represents a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director G Mason Morfit sold 722,300 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $346.11, for a total transaction of $249,995,253.00. Following the sale, the director now directly owns 3,192,009 shares in the company, valued at $1,104,786,234.99. This represents a 18.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,111,420 shares of company stock valued at $384,366,700 over the last 90 days. 3.20% of the stock is owned by insiders.

Salesforce Trading Down 1.3 %

Shares of CRM opened at $325.49 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.14. Salesforce, Inc. has a 12-month low of $212.00 and a 12-month high of $369.00. The firm has a 50-day moving average price of $336.56 and a 200 day moving average price of $303.11. The firm has a market capitalization of $311.49 billion, a P/E ratio of 53.53, a P/E/G ratio of 2.66 and a beta of 1.31.

Salesforce (NYSE:CRM) last posted its earnings results on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.03). Salesforce had a net margin of 15.96% and a return on equity of 12.34%. The company had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.35 billion. During the same period in the previous year, the company earned $1.62 EPS. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. Sell-side analysts forecast that Salesforce, Inc. will post 7.48 EPS for the current year.

Salesforce Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were given a $0.40 dividend. 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 payout ratio is currently 26.32%.

Salesforce Company 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.