Legacy Capital Group California Inc. Sells 1,160 Shares of Salesforce, Inc. (NYSE:CRM)

Legacy Capital Group California Inc. reduced its stake in shares of Salesforce, Inc. (NYSE:CRM) by 32.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,459 shares of the CRM provider’s stock after selling 1,160 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Salesforce were worth $822,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRM. JMP Securities reissued a “market outperform” rating and issued a $450.00 target price on shares of Salesforce in a research note on Wednesday, December 18th. Erste Group Bank raised Salesforce from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Scotiabank raised their target price on Salesforce from $425.00 to $440.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Oppenheimer restated an “outperform” rating and issued a $415.00 price objective (up from $385.00) on shares of Salesforce in a report on Wednesday, December 4th. Finally, Jefferies Financial Group raised their price objective on shares of Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirty-two have assigned a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $376.84.

Insider Buying and Selling at Salesforce

In related news, insider Miguel Milano sold 719 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $342.81, for a total transaction of $246,480.39. Following the transaction, the insider now directly owns 4,659 shares in the company, valued at approximately $1,597,151.79. The trade was a 13.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Parker Harris sold 942 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $339.78, for a total transaction of $320,072.76. Following the transaction, the insider now owns 120,333 shares in the company, valued at $40,886,746.74. The trade was a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,102,833 shares of company stock valued at $381,389,136. Corporate insiders own 3.20% of the company’s stock.

Salesforce Price Performance

Shares of CRM opened at $318.76 on Friday. The company has a market cap of $305.06 billion, a price-to-earnings ratio of 52.43, a price-to-earnings-growth ratio of 2.64 and a beta of 1.31. Salesforce, Inc. has a twelve month low of $212.00 and a twelve month high of $369.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average of $334.23 and a two-hundred day moving average of $304.76.

Salesforce (NYSE:CRM) last posted its quarterly earnings data on Tuesday, December 3rd. The CRM provider reported $2.41 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.03). Salesforce had a return on equity of 12.34% and a net margin of 15.96%. The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The company’s quarterly revenue was up 8.3% on a year-over-year basis. As a group, analysts predict that Salesforce, Inc. will post 7.46 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Shareholders of record on Wednesday, December 18th were issued 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 0.50%. Salesforce’s payout ratio is 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.