Cordant Inc. Makes New $64,000 Investment in Salesforce, Inc. (NYSE:CRM)

Cordant Inc. bought a new position in shares of Salesforce, Inc. (NYSE:CRM) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 190 shares of the CRM provider’s stock, valued at approximately $64,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Infrastructure Capital Advisors LLC acquired a new stake in Salesforce in the 3rd quarter valued at about $27,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Salesforce in the second quarter valued at approximately $33,000. Godsey & Gibb Inc. increased its stake in shares of Salesforce by 300.0% during the 3rd quarter. Godsey & Gibb Inc. now owns 120 shares of the CRM provider’s stock worth $33,000 after purchasing an additional 90 shares in the last quarter. Annapolis Financial Services LLC lifted its stake in Salesforce by 135.6% in the 3rd quarter. Annapolis Financial Services LLC now owns 139 shares of the CRM provider’s stock valued at $38,000 after buying an additional 80 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new position in Salesforce during the third quarter worth $53,000. 80.43% of the stock is currently owned by institutional investors and hedge funds.

Salesforce Stock Performance

Shares of NYSE CRM opened at $322.40 on Thursday. Salesforce, Inc. has a 52-week low of $212.00 and a 52-week 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 stock has a market capitalization of $308.54 billion, a price-to-earnings ratio of 53.03, a PEG ratio of 2.87 and a beta of 1.30. The stock’s fifty day simple moving average is $336.76 and its 200 day simple moving average is $290.66.

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 company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.35 billion. During the same quarter in the prior year, the business posted $1.62 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Salesforce, Inc. will post 7.48 earnings per share for the current fiscal year.

Salesforce Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 9th. Investors of record on Wednesday, December 18th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Wednesday, December 18th. Salesforce’s payout ratio is 26.32%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Salesforce from $340.00 to $380.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Wells Fargo & Company boosted their price objective on shares of Salesforce from $275.00 to $330.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 12th. KeyCorp raised shares of Salesforce from a “sector weight” rating to an “overweight” rating and set a $440.00 target price on the stock in a research note on Friday, December 13th. Needham & Company LLC upped their price target on shares of Salesforce from $375.00 to $400.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $405.00 price target on shares of Salesforce in a report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $376.05.

Insider Buying and Selling

In related news, CAO Sundeep G. Reddy sold 413 shares of the business’s stock in a transaction dated 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. The trade was a 5.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Amy E. Weaver sold 897 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 value of $255,905.13. Following the completion of the sale, the chief financial officer now owns 52,930 shares of the company’s stock, valued at $15,100,399.70. This represents a 1.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,177,617 shares of company stock worth $403,542,975 in the last quarter. 3.20% of the stock is currently owned by company insiders.

About Salesforce

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.