Ocean Capital Management LLC Buys 560 Shares of Salesforce, Inc. (NYSE:CRM)

Ocean Capital Management LLC boosted its stake in shares of Salesforce, Inc. (NYSE:CRM) by 4.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,455 shares of the CRM provider’s stock after purchasing an additional 560 shares during the quarter. Salesforce comprises 1.3% of Ocean Capital Management LLC’s holdings, making the stock its 18th largest holding. Ocean Capital Management LLC’s holdings in Salesforce were worth $3,277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Osterweis Capital Management Inc. raised its stake in Salesforce by 463.1% in the second quarter. Osterweis Capital Management Inc. now owns 3,283 shares of the CRM provider’s stock valued at $694,000 after buying an additional 2,700 shares during the last quarter. Pointe Capital Management LLC boosted its stake in Salesforce by 370.0% in the 2nd quarter. Pointe Capital Management LLC now owns 1,551 shares of the CRM provider’s stock worth $328,000 after purchasing an additional 1,221 shares in the last quarter. Walkner Condon Financial Advisors LLC grew its position in Salesforce by 2.9% during 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 during the last quarter. Procyon Advisors LLC increased its stake in Salesforce by 72.3% during the 3rd quarter. Procyon Advisors LLC now owns 29,481 shares of the CRM provider’s stock valued at $5,978,000 after purchasing an additional 12,371 shares in the last quarter. Finally, BlueCrest Capital Management Ltd purchased a new position in shares of Salesforce in the second quarter worth $341,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CRM shares. Argus boosted their price objective on shares of Salesforce from $290.00 to $354.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. KeyCorp started coverage on Salesforce in a research note on Thursday, March 21st. They set a “sector weight” rating on the stock. Piper Sandler restated a “neutral” rating and issued a $285.00 price objective on shares of Salesforce in a research note on Wednesday, February 28th. BMO Capital Markets upped their target price on Salesforce from $325.00 to $335.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Finally, UBS Group raised their price target on shares of Salesforce from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Nine analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Salesforce presently has an average rating of “Moderate Buy” and an average price target of $304.32.

Insiders Place Their Bets

In other news, CEO Marc Benioff sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $315.54, for a total value of $4,733,100.00. Following the completion of the sale, the chief executive officer now directly owns 13,311,166 shares of the company’s stock, valued at approximately $4,200,205,319.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Marc Benioff sold 15,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $315.54, for a total transaction of $4,733,100.00. Following the transaction, the chief executive officer now directly owns 13,311,166 shares of the company’s stock, valued at approximately $4,200,205,319.64. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Amy E. Weaver sold 2,536 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $260.54, for a total transaction of $660,729.44. Following the completion of the sale, the chief financial officer now owns 37,979 shares of the company’s stock, valued at approximately $9,895,048.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 901,258 shares of company stock worth $256,569,563. Company insiders own 3.70% of the company’s stock.

Salesforce Trading Down 0.1 %

NYSE:CRM opened at $301.18 on Friday. 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 50 day simple moving average is $294.19 and its 200-day simple moving average is $252.10. Salesforce, Inc. has a 12-month low of $187.31 and a 12-month high of $318.71. The firm has a market cap of $292.14 billion, a P/E ratio of 71.71, a PEG ratio of 2.32 and a beta of 1.28.

Salesforce (NYSE:CRM) last announced its quarterly earnings data on Wednesday, February 28th. The CRM provider reported $1.78 earnings per share (EPS) 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 company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same period in the previous year, the company posted $1.01 EPS. Salesforce’s revenue was up 10.8% compared to the same quarter last year. Equities analysts anticipate that Salesforce, Inc. will post 7.45 EPS for the current year.

Salesforce Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Thursday, March 14th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Wednesday, March 13th. Salesforce’s dividend payout ratio is presently 9.52%.

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.