Platform Technology Partners Has $1.60 Million Position in Salesforce, Inc. (NYSE:CRM)

Platform Technology Partners reduced its holdings in Salesforce, Inc. (NYSE:CRM) by 4.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 5,843 shares of the CRM provider’s stock after selling 259 shares during the quarter. Platform Technology Partners’ holdings in Salesforce were worth $1,599,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Sheets Smith Wealth Management raised its holdings in Salesforce by 35.1% in the first quarter. Sheets Smith Wealth Management now owns 3,351 shares of the CRM provider’s stock worth $1,009,000 after purchasing an additional 871 shares during the period. TD Asset Management Inc raised its holdings in Salesforce by 2.3% in the first quarter. TD Asset Management Inc now owns 807,993 shares of the CRM provider’s stock worth $243,351,000 after purchasing an additional 18,468 shares during the period. Eagle Bay Advisors LLC raised its holdings in Salesforce by 136.3% in the first quarter. Eagle Bay Advisors LLC now owns 1,021 shares of the CRM provider’s stock worth $308,000 after purchasing an additional 589 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Salesforce by 5.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 1,050,700 shares of the CRM provider’s stock worth $316,450,000 after purchasing an additional 54,184 shares during the period. Finally, Angeles Wealth Management LLC raised its holdings in Salesforce by 14.3% in the first quarter. Angeles Wealth Management LLC now owns 4,238 shares of the CRM provider’s stock worth $1,276,000 after purchasing an additional 530 shares during the period. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $244.81, for a total value of $608,108.04. Following the completion of the transaction, the insider now directly owns 828 shares in the company, valued at approximately $202,702.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Parker Harris sold 4,200 shares of Salesforce stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $262.97, for a total transaction of $1,104,474.00. Following the sale, the insider now directly owns 117,581 shares of the company’s stock, valued at approximately $30,920,275.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sabastian Niles sold 2,484 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $244.81, for a total transaction of $608,108.04. Following the sale, the insider now directly owns 828 shares in the company, valued at $202,702.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 144,373 shares of company stock worth $41,250,680. 3.20% of the stock is currently owned by corporate insiders.

Salesforce Stock Performance

NYSE CRM opened at $341.74 on Tuesday. The firm has a 50-day moving average of $279.53 and a 200-day moving average of $264.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $326.70 billion, a PE ratio of 59.43, a P/E/G ratio of 2.91 and a beta of 1.29. Salesforce, Inc. has a 52-week low of $211.76 and a 52-week high of $344.88.

Salesforce (NYSE:CRM) last posted its earnings results on Wednesday, August 28th. The CRM provider reported $2.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.20. Salesforce had a net margin of 15.44% and a return on equity of 12.01%. The company had revenue of $9.33 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter last year, the company posted $1.63 EPS. Salesforce’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Salesforce, Inc. will post 7.55 EPS for the current year.

Salesforce Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 8th. Shareholders of record on Wednesday, September 18th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Wednesday, September 18th. Salesforce’s dividend payout ratio (DPR) is 27.83%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRM. DA Davidson increased their target price on shares of Salesforce from $230.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Canaccord Genuity Group raised their price objective on shares of Salesforce from $300.00 to $315.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Evercore ISI restated an “outperform” rating and set a $300.00 price objective on shares of Salesforce in a report on Monday, August 26th. Jefferies Financial Group raised their price objective on shares of Salesforce from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Monday. Finally, Truist Financial restated a “buy” rating and set a $315.00 price objective (up from $300.00) on shares of Salesforce in a report on Thursday, September 19th. Nine analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Salesforce currently has an average rating of “Moderate Buy” and a consensus price target of $314.80.

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.