Selective Wealth Management Inc. Cuts Position in Salesforce, Inc. (NYSE:CRM)

Selective Wealth Management Inc. lowered its stake in Salesforce, Inc. (NYSE:CRM) by 5.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,944 shares of the CRM provider’s stock after selling 1,472 shares during the quarter. Salesforce accounts for approximately 3.1% of Selective Wealth Management Inc.’s portfolio, making the stock its 6th largest position. Selective Wealth Management Inc.’s holdings in Salesforce were worth $7,747,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Nabity Jensen Investment Management Inc acquired a new stake in Salesforce in the 3rd quarter valued at $1,215,000. Prime Capital Investment Advisors LLC grew its holdings in shares of Salesforce by 13.6% during the third quarter. Prime Capital Investment Advisors LLC now owns 58,036 shares of the CRM provider’s stock valued at $15,885,000 after buying an additional 6,938 shares during the last quarter. Aljian Capital Management LLC increased its position in shares of Salesforce by 16.1% during the third quarter. Aljian Capital Management LLC now owns 13,258 shares of the CRM provider’s stock worth $3,629,000 after acquiring an additional 1,834 shares in the last quarter. AIA Group Ltd raised its holdings in shares of Salesforce by 8.9% in the 3rd quarter. AIA Group Ltd now owns 24,028 shares of the CRM provider’s stock worth $6,577,000 after acquiring an additional 1,962 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Salesforce by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 19,780,318 shares of the CRM provider’s stock valued at $5,395,132,000 after acquiring an additional 257,501 shares in the last quarter. 80.43% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 413 shares of the firm’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $285.29, for a total transaction of $117,824.77. Following the transaction, the chief accounting officer now directly owns 7,006 shares in the company, valued at $1,998,741.74. This trade represents a 5.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R David Schmaier sold 1,785 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $344.00, for a total value of $614,040.00. Following the completion of the sale, the insider now owns 19,116 shares of the company’s stock, valued at $6,575,904. The trade was a 8.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,183,838 shares of company stock valued at $405,595,158. 3.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRM. Cfra set a $343.00 target price on shares of Salesforce in a research note on Thursday, October 17th. Bank of America increased their price objective on shares of Salesforce from $390.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $405.00 target price on shares of Salesforce in a report on Wednesday, December 18th. Barclays lifted their price target on Salesforce from $415.00 to $425.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group upped their price objective on Salesforce from $315.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirty-one have given a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, Salesforce has a consensus rating of “Moderate Buy” and a consensus target price of $377.63.

Salesforce Price Performance

Shares of Salesforce stock opened at $324.77 on Friday. The business’s 50-day moving average price is $337.25 and its 200-day moving average price is $291.08. The firm has a market capitalization of $310.81 billion, a PE ratio of 53.42, a price-to-earnings-growth ratio of 2.87 and a beta of 1.30. Salesforce, Inc. has a 12 month low of $212.00 and a 12 month high of $369.00. 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 (NYSE:CRM) last posted its quarterly earnings results 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 business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.35 billion. During the same period last year, the business posted $1.62 earnings per share. The company’s 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 fiscal year.

Salesforce Announces Dividend

The firm also recently declared 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. The ex-dividend date was Wednesday, December 18th. This represents a $1.60 annualized dividend and a yield of 0.49%. Salesforce’s payout ratio is 26.32%.

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.