Joseph Group Capital Management Sells 891 Shares of Salesforce, Inc. (NYSE:CRM)

Joseph Group Capital Management cut its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 9.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,805 shares of the CRM provider’s stock after selling 891 shares during the quarter. Salesforce makes up 1.2% of Joseph Group Capital Management’s portfolio, making the stock its 28th largest position. Joseph Group Capital Management’s holdings in Salesforce were worth $2,944,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Arlington Trust Co LLC lifted its holdings in Salesforce by 85.1% during the 4th quarter. Arlington Trust Co LLC now owns 87 shares of the CRM provider’s stock valued at $29,000 after purchasing an additional 40 shares during the last quarter. Compass Financial Services Inc bought a new position in shares of Salesforce in the fourth quarter valued at about $30,000. Asset Planning Inc acquired a new stake in shares of Salesforce during the 4th quarter worth about $31,000. Collier Financial bought a new stake in shares of Salesforce during the 4th quarter worth about $32,000. Finally, Halbert Hargrove Global Advisors LLC acquired a new position in Salesforce in the 4th quarter valued at about $35,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CRM shares. Stephens started coverage on Salesforce in a report on Wednesday, March 19th. They set an “equal weight” rating and a $311.00 price objective for the company. Jefferies Financial Group increased their price objective on Salesforce from $400.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Robert W. Baird reduced their target price on shares of Salesforce from $430.00 to $400.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Truist Financial reiterated a “buy” rating and issued a $400.00 price objective (up previously from $380.00) on shares of Salesforce in a research note on Wednesday, December 4th. Finally, Royal Bank of Canada increased their target price on shares of Salesforce from $300.00 to $420.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Salesforce has an average rating of “Moderate Buy” and a consensus price target of $362.74.

Salesforce Price Performance

Shares of NYSE CRM opened at $270.04 on Friday. The firm has a market cap of $259.51 billion, a price-to-earnings ratio of 44.42, a price-to-earnings-growth ratio of 2.58 and a beta of 1.35. The stock has a fifty day simple moving average of $309.39 and a two-hundred day simple moving average of $311.13. 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 1-year low of $212.00 and a 1-year high of $369.00.

Salesforce Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 24th. Stockholders of record on Thursday, April 10th will be issued a $0.42 dividend. This is a positive change from Salesforce’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Thursday, April 10th. Salesforce’s dividend payout ratio (DPR) is presently 26.10%.

Insiders Place Their Bets

In other news, insider Parker Harris sold 3,273 shares of Salesforce stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $284.58, for a total value of $931,430.34. Following the transaction, the insider now owns 125,146 shares in the company, valued at approximately $35,614,048.68. The trade was a 2.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Amy E. Weaver sold 6,221 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $277.37, for a total value of $1,725,518.77. Following the sale, the chief financial officer now directly owns 46,750 shares of the company’s stock, valued at approximately $12,967,047.50. This trade represents a 11.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,660 shares of company stock worth $14,095,336 in the last quarter. 3.20% of the stock is owned by company insiders.

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.