High Note Wealth LLC Acquires 311 Shares of Salesforce, Inc. (NYSE:CRM)

High Note Wealth LLC raised its holdings in shares of Salesforce, Inc. (NYSE:CRM) by 20.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,800 shares of the CRM provider’s stock after purchasing an additional 311 shares during the period. High Note Wealth LLC’s holdings in Salesforce were worth $474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in shares of Salesforce in the 4th quarter worth approximately $1,420,381,000. Moneta Group Investment Advisors LLC raised its position in shares of Salesforce by 125,717.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 10,260,412 shares of the CRM provider’s stock worth $1,360,428,000 after acquiring an additional 10,252,257 shares in the last quarter. Starboard Value LP bought a new position in shares of Salesforce in the 4th quarter worth approximately $401,215,000. Ontario Teachers Pension Plan Board bought a new position in shares of Salesforce in the 2nd quarter worth approximately $352,498,000. Finally, Barclays PLC raised its position in shares of Salesforce by 99.7% in the 2nd quarter. Barclays PLC now owns 3,196,861 shares of the CRM provider’s stock worth $675,370,000 after acquiring an additional 1,595,733 shares in the last quarter. Institutional investors own 80.43% of the company’s stock.

Salesforce Stock Down 1.4 %

CRM stock opened at $301.41 on Thursday. Salesforce, Inc. has a one year low of $187.31 and a one year high of $318.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The firm’s 50 day moving average price is $293.59 and its 200-day moving average price is $251.75. The firm has a market cap of $292.37 billion, a PE ratio of 71.76, a PEG ratio of 2.35 and a beta of 1.28.

Salesforce (NYSE:CRM) last announced its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Salesforce had a net margin of 11.87% and a return on equity of 10.42%. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the company earned $1.01 earnings per share. Salesforce’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, equities research analysts anticipate that Salesforce, Inc. will post 7.45 EPS for the current year.

Salesforce Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.53%. Salesforce’s payout ratio is currently 9.52%.

Insider Activity

In related news, CAO Sundeep G. Reddy sold 216 shares of the company’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $278.71, for a total transaction of $60,201.36. Following the transaction, the chief accounting officer now owns 2,869 shares of the company’s stock, valued at $799,618.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Amy E. Weaver sold 12,249 shares of the company’s stock in a transaction dated Friday, December 29th. The shares were sold at an average price of $264.94, for a total value of $3,245,250.06. Following the sale, the chief financial officer now owns 37,979 shares of the company’s stock, valued at approximately $10,062,156.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Sundeep G. Reddy sold 216 shares of the company’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $278.71, for a total transaction of $60,201.36. Following the completion of the sale, the chief accounting officer now directly owns 2,869 shares in the company, valued at approximately $799,618.99. The disclosure for this sale can be found here. Insiders have sold 898,507 shares of company stock worth $255,293,063 over the last ninety days. 3.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CRM has been the topic of several recent research reports. Raymond James upped their price target on Salesforce from $280.00 to $300.00 and gave the stock a “strong-buy” rating in a research note on Thursday, November 30th. BMO Capital Markets upped their price target on Salesforce from $325.00 to $335.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Mizuho restated a “buy” rating and issued a $345.00 price target (up previously from $325.00) on shares of Salesforce in a research note on Thursday, February 29th. Wolfe Research upgraded Salesforce from a “peer perform” rating to an “outperform” rating and set a $315.00 target price on the stock in a research note on Monday, December 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $350.00 target price on shares of Salesforce in a research note on Thursday, March 7th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Salesforce currently has a consensus rating of “Moderate Buy” and a consensus price target of $304.32.

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.