Institute for Wealth Management LLC. Sells 663 Shares of Salesforce, Inc. (NYSE:CRM)

Institute for Wealth Management LLC. cut its stake in Salesforce, Inc. (NYSE:CRM) by 6.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,988 shares of the CRM provider’s stock after selling 663 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Salesforce were worth $2,365,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Walkner Condon Financial Advisors LLC raised its holdings in Salesforce by 2.9% in the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 2,633 shares of the CRM provider’s stock worth $534,000 after purchasing an additional 74 shares in the last quarter. Roman Butler Fullerton & Co. grew its position in shares of Salesforce by 1.4% in the 4th quarter. Roman Butler Fullerton & Co. now owns 7,881 shares of the CRM provider’s stock worth $2,206,000 after buying an additional 105 shares during the period. Pure Financial Advisors LLC purchased a new stake in shares of Salesforce in the 4th quarter worth about $214,000. Riversedge Advisors LLC grew its position in shares of Salesforce by 21.7% in the 3rd quarter. Riversedge Advisors LLC now owns 2,353 shares of the CRM provider’s stock worth $477,000 after buying an additional 420 shares during the period. Finally, CHURCHILL MANAGEMENT Corp purchased a new stake in shares of Salesforce in the 3rd quarter worth about $2,499,000. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRM has been the topic of a number of recent research reports. Evercore ISI upped their target price on shares of Salesforce from $290.00 to $330.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. UBS Group increased their price objective on shares of Salesforce from $285.00 to $310.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Stifel Nicolaus reissued a “buy” rating and set a $350.00 price objective on shares of Salesforce in a research report on Wednesday, April 3rd. JMP Securities reissued a “market outperform” rating and set a $342.00 price objective on shares of Salesforce in a research report on Monday. Finally, JPMorgan Chase & Co. raised their price target on shares of Salesforce from $260.00 to $310.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $307.87.

Salesforce Stock Down 0.8 %

Shares of CRM stock traded down $2.16 during trading hours on Friday, reaching $269.76. 2,979,271 shares of the company’s stock were exchanged, compared to its average volume of 5,672,500. Salesforce, Inc. has a 1 year low of $190.57 and a 1 year high of $318.71. The stock has a market cap of $261.67 billion, a PE ratio of 64.71, a PEG ratio of 2.13 and a beta of 1.28. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average price is $297.70 and its two-hundred day moving average price is $260.97.

Salesforce (NYSE:CRM) last issued its earnings results on Wednesday, February 28th. The CRM provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.22 billion. Salesforce had a return on equity of 10.42% and a net margin of 11.87%. Salesforce’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Research analysts predict that Salesforce, Inc. will post 7.45 EPS for the current year.

Salesforce Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th were given a $0.40 dividend. The ex-dividend date was Wednesday, March 13th. This represents a $1.60 annualized dividend and a yield of 0.59%. Salesforce’s dividend payout ratio is presently 9.52%.

Insiders Place Their Bets

In other news, COO Brian Millham sold 24,453 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $302.08, for a total transaction of $7,386,762.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Salesforce news, insider R David Schmaier sold 3,910 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $274.77, for a total value of $1,074,350.70. Following the completion of the sale, the insider now directly owns 19,463 shares of the company’s stock, valued at approximately $5,347,848.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Brian Millham sold 24,453 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $302.08, for a total value of $7,386,762.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 628,184 shares of company stock worth $184,794,698. Corporate insiders own 3.70% of the company’s stock.

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.