Naviter Wealth LLC Acquires 738 Shares of Salesforce, Inc. (NYSE:CRM)

Naviter Wealth LLC boosted its stake in Salesforce, Inc. (NYSE:CRM) by 14.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,932 shares of the CRM provider’s stock after acquiring an additional 738 shares during the period. Naviter Wealth LLC’s holdings in Salesforce were worth $1,561,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Marks Group Wealth Management Inc grew its holdings in shares of Salesforce by 0.7% during the 4th quarter. Marks Group Wealth Management Inc now owns 35,220 shares of the CRM provider’s stock worth $9,268,000 after acquiring an additional 257 shares during the period. Roman Butler Fullerton & Co. increased its stake 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 acquiring an additional 105 shares in the last quarter. Pure Financial Advisors LLC purchased a new position in Salesforce during the 4th quarter valued at about $214,000. Lone Pine Capital LLC grew its stake in shares of Salesforce by 47.5% in the 3rd quarter. Lone Pine Capital LLC now owns 2,499,630 shares of the CRM provider’s stock worth $506,875,000 after buying an additional 804,634 shares during the last quarter. Finally, Vicus Capital boosted its holdings in Salesforce by 153.2% in the third quarter. Vicus Capital now owns 2,575 shares of the CRM provider’s stock worth $522,000 after acquiring an additional 1,558 shares in the last quarter. 80.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Robert W. Baird increased their price objective on shares of Salesforce from $310.00 to $355.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Wedbush raised their price target on shares of Salesforce from $280.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Truist Financial reaffirmed a “buy” rating and issued a $360.00 price objective (up previously from $275.00) on shares of Salesforce in a report on Thursday, February 29th. Evercore ISI increased their target price on Salesforce from $290.00 to $330.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $350.00 price target (up from $325.00) on shares of Salesforce in a research note on Friday, April 12th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $310.61.

Salesforce Trading Down 0.7 %

NYSE CRM opened at $273.86 on Tuesday. Salesforce, Inc. has a 12 month low of $190.76 and a 12 month high of $318.71. The company’s 50-day moving average price is $295.69 and its 200-day moving average price is $265.20. The stock has a market cap of $265.64 billion, a PE ratio of 65.68, a PEG ratio of 2.11 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.

Salesforce (NYSE:CRM) last posted its quarterly earnings results on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $9.22 billion. The company’s revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. Equities research analysts forecast that Salesforce, Inc. will post 7.45 earnings per share for the current year.

Salesforce Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Thursday, March 14th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.58%. Salesforce’s payout ratio is 9.52%.

Insiders Place Their Bets

In other Salesforce news, CEO Marc Benioff sold 15,000 shares of the stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $275.07, for a total value of $4,126,050.00. Following the completion of the sale, the chief executive officer now directly owns 12,752,327 shares in the company, valued at $3,507,782,587.89. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Marc Benioff sold 15,000 shares of Salesforce stock in a transaction on Friday, April 26th. The shares were sold at an average price of $275.07, for a total transaction of $4,126,050.00. Following the completion of the sale, the chief executive officer now directly owns 12,752,327 shares in the company, valued at $3,507,782,587.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Srinivas Tallapragada sold 10,000 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $285.20, for a total value of $2,852,000.00. Following the completion of the transaction, the insider now directly owns 60,416 shares in the company, valued at $17,230,643.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 610,793 shares of company stock valued at $179,197,018. 3.70% of the stock is currently owned by 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.